Efforts to support students and increase access to higher education are key highlights of the New York State budget for fiscal year 2025. Increases in minimum award amounts, increased capital funding, and significant funding to support the operations of public universities are expected to pave the way for more students to earn in-state degrees.
Record investments in state operating funds for higher education institutions
Another significant increase in state operating funding for higher education will “expand access to higher education and ensure all students have the opportunities they deserve,” according to an announcement earlier this week from Governor Hochul’s office. It is said that
Record investments in the fiscal year 2025 budget show $7.58 billion in state operating funding plans for next year. This increase is consistent with the past few budget cycles, which also included more than $1 billion in higher education funding.
In addition to the increased funding, the 2025 Budget also increases the minimum stipend for the Tuition Assistance Program, commonly known as TAP, from $500 to $1,000. TAP eligibility has also increased overall, meaning 48,000 more students now qualify for aid that was previously unavailable due to income guidelines.
Universal FAFSA for New York State
If you know anything about federal aid, you've probably heard all about the problems people are facing these days when going through the FAFSA application process. The Free Application for Federal Student Aid (FAFSA, also known as the New York State Dream Act) is also a requirement from the Governor's Office, and all high school seniors are required to fill out the application.
Hochul's budget report states, “Students who choose not to fill out an application must sign a waiver form indicating that they are aware of available financial aid but choose not to pursue it.'' “There is.”
Unprecedented SUNY & CUNY Support
Another noteworthy aspect of the 2025 budget is the “unprecedented level of support” for both the State University of New York and the State University of New York. The funding increase primarily targets enrollment and retention rates and includes $396 million in new state operational support.
Additionally, $1.13 billion was allocated to the State University of New York and State University of New York campuses to focus on capital projects for both existing and new facilities.
New York Governor Kathy Hochul keeps up-to-date on COVID-19
Learn more about the full scope of the 2025 budget announced by Governor Hochul. Click here for official press release.
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