How Long Island families can save thousands on college costs

Tara DeCola, 49, is not sure yet how her twins, seniors at North Babylon High School, will pay for college.

So she attended a state-led workshop at the high school recently to better understand the family's options, especially when it comes to federal aid.

"I just want to make sure that they’re on the right path," she said, not saddled with student loan debt as they start their adulthood.

Nearly 2.5 million New York residents have federal student loan debt, with an average balance of $40,666, according to the Education Data Initiative. Across the country, Americans owe more than $1.8 trillion in student loan debt, according to the research group. That’s the second largest consumer debt behind mortgages.

Now, with applications open for state and federal aid for the 2027-28 academic year, experts have a few tips on how to minimize student loan debt — starting with applying for funding early, even if you don’t think you’ll qualify.

There are several steps to take as you navigate the complex and sometimes stressful process of maximizing financial aid and scholarship. Here’s what experts had to say.

Filling out the FAFSA

New York students should fill out the Free Application for Federal Student Aid, also called the FAFSA, and apply for the New York State Tuition Assistance Program, known as TAP.

Submitting the FAFSA puts students into consideration for federal, state and school financial aid programs, including grants, scholarships, work-study funds and loans. Applying for TAP is a prerequisite for other state aid programs.

The FAFSA uses federal tax information to assess need for student aid and looks at data two years before the academic year. For example, 2027 high school graduates will be applying for financial aid using 2025 tax returns. When a student starts 10th grade is the best time for parents to look at their tax returns and find ways to minimize income or move money toward retirement accounts, financial aid strategist Vicki Vollweiler said. She is the founder and CEO of College Financial Prep, a company that helps families plan college applications and navigate the financial aid process.

Equity in a family’s primary residence and retirement funds do not need to be reported through the FAFSA, said Scott Ahrens, assistant deputy superintendent at the state Department of Financial Services. But equity in a rental property needs to be reported and business owners with more than 100 employees need to list the value of their business, including property and equipment.

If a parent has a 529 account for their child — tax-advantaged savings set aside for education — the parent would list it as an asset on the FAFSA, Ahrens said at the North Babylon workshop. Total child support received in a year would also be listed as an asset.

If a household’s income varies year to year, the student can provide colleges with updated financials, Ahrens said.

Apply for multiple schools

Also starting in 10th grade, families and students should put together a list of potential schools with cost and financial aid in mind, Vollweiler said.

Ahrens recommended applying to multiple schools, so students have more than one financial package to review. That provides room to negotiate — and remember to negotiate for all four years, he said.

"Tell every single one of them that you are my child’s first choice. But we are looking at other offers. Can they do better?" he said. "The first offer is not the best offer. You can even negotiate with a SUNY."

Parents can help with the negotiation process, but once a student puts a deposit down on the school, they will need to take charge of finances, he said.

When researching what colleges may cost, Vollweiler advised checking school websites for calculators that can help determine total expenses. Some competitive colleges, such as Harvard College, may offer free tuition and other assistance to students from households with income below $150,000 or $200,000.

"Apply to any institution that you're interested in," said Marguerite Lane, vice president for enrollment management at Molloy University. "Work with the admissions and financial aid offices to see if you can make it affordable." 

If students need help paying application fees, their guidance counselor can reach out to individual institutions to request a waiver, she said.

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Merit scholarships may be your best bet

If a student doesn’t qualify for need-based aid, their safety school — which may offer merit scholarships — might be their best financial option, Vollweiler said.

Students should also fill out the College Scholarship Service, or CSS, profile through the College Board, experts said. The application will take a detailed, longer-term look at a family’s finances, including retirement accounts and equity in their home.

Participating colleges and scholarship programs use the profile to award institutional aid, according to the College Board.

Ahrens also recommends that students check with their guidance office for local scholarship programs. There are many community organizations that want to help high school students attend college, and some parents may work for companies or unions that offer scholarships as well.

Check out online scholarship finders like Scholly Scholarships or FastWeb, he said, but avoid contests and sweepstakes, and don’t pay anyone to find scholarships for you.

Some colleges may ask students to report private scholarships, but Ahrens said they’re under no obligation to report those numbers.

The state may have programs to bridge the gap

Besides the FAFSA and CSS profile, students should also fill out applications for New York’s TAP and check if there are separate financial aid forms to fill out for the colleges to which they’ve applied, Vollweiler said.

Students from households with an annual income of $125,000 or less also may attend New York State-operated colleges in the SUNY and CUNY systems tuition-free through the Excelsior Scholarship Program.

Parents and students ranging from middle schoolers to college students can sign up for text alerts from the state about different financial aid programs and upcoming deadlines, said Doris González, acting president of the New York State Higher Education Services Corp.

She highlighted New York’s College Application Initiative, which waives application fees to participating colleges for high school seniors. The program runs through October, with some schools extending deadlines into early November.

The state Higher Education Services Corp. offers more than a dozen other aid programs, including initiatives granting funds to students graduating at the top of their class, the children of victims of the 9/11 attacks, and students pursuing nursing and teaching.

For students navigating loans, the state offers free counseling to New York residents through the Education Debt Consumer Assistance Program.

Long Island students with grandparents in Florida have another avenue to affordable education, Vollweiler said, highlighting the state’s Grandparent Waiver.

Out-of-state undergraduate students with qualifying test scores and grandparents living in Florida may be awarded a tuition and fee waiver for up to 110% of total degree hours at public four-year universities in the state.

Taking out loans

After grants, scholarships and work-study funding, students should consider federal loans before private loans, Ahrens said.

Federal loans usually have lower interest rates — although they range from 6.52% and 9.07% for the 2026-27 academic year — and usually don’t require a cosigner or credit check, he said.

Once students arrive on campus, it’s important that they remember that they’re broke, even if they have access to a lot of borrowed cash, Ahrens said.

A lot of college graduates have debt from spending money on non-educational expenses, like going out to eat or buying coffee, or even spring break, he said.

After completing their degree, graduates should aggressively pay off their loans as quickly as possible, Ahrens said.

At the end of Ahrens’ presentation, Michelle Thomas, 53, said the workshop changed how she plans to approach the financial aid process with her daughter, a senior at North Babylon High School who intends to study nursing.

The North Babylon resident said she plans to negotiate with schools. And, she added, she’ll be "a little bit more mindful about finances and how we spend."