Higher Education Services Corporation, New York State
skip breadcrumbsAgency Web Site: https://www.hesc.ny.gov/
Mission
The Higher Education Services Corporation (HESC) provides centralized processing of student financial aid programs. HESC administers the State’s Tuition Assistance Program (TAP), the Federal Family Education Loan Program and other State and Federal aid programs.
Budget Highlights
The FY 2017 Executive Budget recommends $1.20 billion in All Funds support for HESC ($1.13 billion in General Fund support for student financial aid programs, $60.4 million in self-generated revenue generated through its capacity as a Federal Guarantee Agency and $3.5 million in federal program funds). The FY 2017 funding level represents a $4.2 million decrease from the prior year primarily associated with the end of the Federal College Access Challenge Grant program.
The FY 2017 Executive Budget supports for the advancement of undocumented immigrants by enabling them to apply for state financial assistance under a DREAM Act.
The FY 2017 Executive Budget continues funding for the Get On Your Feet Loan Forgiveness Program, which provides federal student loan relief to New York residents who graduate from college and continue to live in the State for the first two years out of school if their income is not high enough to cover their student debt burden without significant financial hardship.
The Executive Budget recommends a workforce of 250 FTEs for HESC, consistent with FY 2016 levels. Due to changes in Federal law, HESC is no longer securing new loans within the Federal Family Education Loan Program; as a result, HESC's workforce level has decreased through attrition to adjust to its reduced loan portfolio.
For more information on this agency's budget recommendations located in the Executive Budget Briefing Book, click on the following link:
Briefing Book – Higher Education (PDF)
| Category | Available 2015-16 |
Appropriations Recommended 2016-17 |
Change From 2015-16 |
Reappropriations Recommended 2016-17 |
|---|---|---|---|---|
| State Operations | 73,151,000 | 63,888,000 | (9,263,000) | 10,147,000 |
| Aid To Localities | 1,130,339,000 | 1,135,426,000 | 5,087,000 | 4,664,000 |
| Total | 1,203,490,000 | 1,199,314,000 | (4,176,000) | 14,811,000 |
| Program | 2015-16 Estimated FTEs 03/31/16 |
2016-17 Estimated FTEs 03/31/17 |
FTE Change |
|---|---|---|---|
| Administration | |||
| Special Revenue Funds - Other | 250 | 250 | 0 |
| Total | 250 | 250 | 0 |
Note: Most recent estimates as of 01/13/2016