Understanding College Costs and Financial Aid is About to Get Easier in New York

If you’ve been to college, chances are that you needed some type of student aid. When you applied for that financial aid, was everything spelled out clearly for you? In other words, did you feel that you had all the information you needed to make the best decision not only for your education but for your fiscal future as well? Chances are the answer is no.

That's about to change in New York. Today, New York Governor Andrew Cuomo announced that there are new regulations which require all higher education institutions and vocational schools to provide a Financial Aid Award Information Sheet to undergraduate students.

How does this help? It gives students, and their families, a much clearer picture of the costs associated with attending a particular school and what financial aid is available. As a result, students will now be able to compare this information in regards to every school they are interested in and make a better informed decision. In other words, you can decide how much debt you want to incur by attending a school, before you actually sign anything.

Here's an example of what this will look like and how easy it is to read. Students and families can get additional information and tips when applying for colleges at the Department of Financial Services Student Protection Unit's website.