New York Gov. Kathy Hochul said the state needs to invest in young people in order to invest in its future.
The minimum award for New York's Tuition Assistance Program has been $500 for roughly 25 years. Hochul said an increase was long overdue.
"This program started in 1974. It has helped millions attend college, but does anybody think the cost of college has stayed the same since 1974?" she asked.
In this year's budget, the state is doubling the minimum TAP award to $1,000. It also increases the income eligibility cap for dependent students from $80,000 to $125,000.
Independent married students' cap goes from $40,000 to $60,000 and independent single student from $10,000 to $30,000. The state estimates 93,000 students in public and private colleges and universities will benefit, including 48,000 newly eligible.
"This all needs to be adjusted. Otherwise that ladder of opportunity comes crashing down. We have to build that ladder back up," Hochul said.
The governor said while the federal government also needs to take steps to make college more affordable, many students aren't taking advantage of what is already available. She said year over year, FAFSA submissions are down 24% and more than $225 million in federal Pell Grant funds went unclaimed last year.
"We're going to tell every high school, ‘you owe one more thing to these students before they pass through your doors. You must make sure they fill out their application,’" Hochul said.
Students can opt out of filling out the FAFSA form, but must sign a waiver indicating they are aware of the aid they are potentially forfeiting.