College Finance Plan For NYFA Students
College Finance Plan
Your College Finance Plan lists the financial resources you have been offered toward payment of your tuition, fees, and living expenses. Several factors determine the amount and type of financial assistance you are offered, including your financial need and availability of funds. The starting point for assistance is always Financial Need. Need based programs may not exceed the difference between your program’s Cost of Attendance and your Expected Family Contribution (EFC).
Cost of Attendance (COA)
Your Cost of Attendance, also known as the student budget, is based on the estimated cost of a typical student ‘s registration fees, books and supplies, housing and board, transportation, and personal expenses (for a 9-month academic).These budgets include direct NYFA charges (tuition and fees) and estimates of indirect expenses (transportation, books and supplies, child care expenses, miscellaneous living expenses, and off-campus room and board).
Student Aid Index (SAI)
The Central Processing System of the U.S. Department of Education evaluates all information included on the FAFSA and applies a formula to determine a families ability to contribute to educational costs.
The FAFSA analysis takes considers all sources of income and some types of assets, indicating how much money you and your family (or spouse) are expected to contribute toward your cost of attendance for the academic year. This amount is referred to as the Student Aid Index (SAI) or SAI. The SAI determines the types and amounts of federal aid for which you qualify.
Dependent applicants or students SAI may be based on:
- Applicant and parent(s)’ taxable and non-taxable income
- Applicant and parent(s)’ assets
- the age of your older parent living in your household
- the number of family members living in your household
Independent applicant’s or student’s SAI may be based on:
- The applicants taxable and non-taxable income and your (as well a spouse’s, income if married)
- The number of children and other dependents supported by the applicant in the household
- The number of family members supported by the applicant in college during the academic year
Financial Need
Financial need is the difference between the standard Cost of Attendance calculated for the academic year and your SAI. Your College Finance Plan may include a variety of funding sources, including need and non-need-based assistance from The Federal Student Aid Programs. Your College Finance Plan may also include other financial assistance offered by the Academy such as Grants and Scholarships.
Please note that it is your responsibility to keep the Office of Financial Aid informed of any awards or sources of aid you anticipate receiving that are not listed on your award letter. This will help ensure that you are not in an over award situation – where you are receiving more funds than what your cost of attendance permits. We may adjust other awards if necessary to avoid an over award.
If you have any additional questions, please call us at 818-333-3558 or email us at financialaid@nyfa.edu.