Governor Kathy Hochul has announced the release of the New York State Higher Education Services Corporation’s (HESC) 2024-25 Annual Report, which details progress in making college more affordable and accessible across the state. The report highlights that $935 million in financial aid was distributed to over 294,000 students during the 2024-25 academic year, marking an increase from the previous year.
“New York continues to lead the nation in expanding access to higher education, and this year’s HESC Annual Report is further proof of our unwavering commitment to students,” Governor Hochul said. “By expanding financial aid, simplifying the path to college and removing long-standing barriers, we’re ensuring that every New Yorker has the opportunity to pursue their dreams. Together, we’re building a more affordable, smarter and more equitable New York — one where education remains the foundation of opportunity and progress for generations to come.”
HESC President Dr. Guillermo Linares stated, “2024 to 2025 marked a transformative year for HESC and for students across New York State. With Governor Hochul’s leadership and the steadfast support of the legislature, we’ve expanded financial aid and opened new pathways to higher education, making college more accessible and affordable to students across the state and reinforced our mission to help New Yorkers pay for college.”
Among key initiatives cited in the report are new avenues for student aid such as HESC’s Alternate Eligibility Application and collaborations with nearly 100 academic and community partners. Programs like College Application Month helped waive fees for over 300,000 applications in October 2024, resulting in estimated savings of $15 million for families statewide.
The Tuition Assistance Program (TAP) underwent significant changes: minimum awards doubled from $500 to $1,000; income limits were raised—up to $125,000 for dependent students—and part-time eligibility was expanded.
Other milestones include an increase in FAFSA completion rates that placed New York sixth nationally for submissions. More than 175,000 FAFSA forms were submitted along with 47,000 TAP applications after targeted outreach efforts.
SUNY Chancellor John B. King Jr. credited these developments with improving access: “Thanks to Governor Hochul’s leadership, and the support of the State Legislature, state financial aid programs like TAP and initiatives like the Governor’s Universal FAFSA law and Free Application Month have given SUNY students the opportunity to access the affordable, high-quality education of their dreams. We thank Governor Hochul and the State Legislature for their unwavering support of SUNY and the students we serve.”
CUNY Chancellor Felix V. Matos Rodriguez also acknowledged expanded supports: “The expansion of our state’s financial aid supports to benefit more students has helped keep higher education within reach for all New Yorkers. We are grateful to Dr. Linares for his leadership of HESC, and we thank Governor Hochul for her commitment to expand and strengthen the programs that help more students pursue their academic and career goals at CUNY.”
State Education Commissioner Betty A. Rosa emphasized reducing barriers: “Expanding access to financial aid is essential to ensuring that every student, regardless of background or circumstance, has the opportunity to pursue a college education. The Higher Education Services Corporation’s annual report underscores our commitment to removing barriers, strengthening support systems, and opening doors to higher education for students across New York State. By working together with our partners, institutions, and communities, we can continue to make significant progress for the students we serve.”
Commission on Independent Colleges and Universities President Lola W. Brabham commented on collaboration: “HESC’s work is essential to New York’s higher education ecosystem. By expanding access to financial aid and simplifying the path to college, HESC is helping students across the state turn aspiration into achievement. New York’s private, not-for-profit colleges and universities are proud to partner with HESC in this mission — together, we are ensuring that every student has the opportunity to foster personal and social growth while preparing to enter New York’s future workforce.”
Donna Stelling-Gurnett from New York’s Association of Private Colleges noted continued partnership: “The Association of Private Colleges is proud to partner with HESC, Governor Hochul, Legislative champions, and across all four sectors of higher education…We look forward to tackling issues impacting students in the year ahead.”
Assemblymember Alicia L. Hyndman addressed policy impact: “As Chair of the Higher Education Committee in the New York State Assembly…the expansion of financial aid…and improved FAFSA completion rates are meaningful steps toward making higher education more attainable…I remain committed…to ensure all New Yorkers have a fair route.”
HESC serves as New York’s agency responsible for administering need-based grants such as TAP as well as scholarships including Excelsior Scholarship.
For additional information about HESC programs visit hesc.ny.gov.
