Students can pursue federal financial aid to help fund further their education. NYFA advises applicants seeking NYFA federal financial aid and assistance to work with the financial aid office. It has been our experience that applicants and families who take the time to understand the financial aid process benefit by receiving the maximum amount of financial aid for which they are eligible.
Federal Loans
Federal loan programs are an affordable way for students to pursue higher education. The Financial Aid staff at New York Film Academy follow the guidelines restricting activity that could lead to a conflict of interest in the area of student lending.
For detailed information please refer to the Student Loan Lending Code of Conduct that applies to all New York Film Academy locations.
Types of Federal Education Loans
Any form of student loans are financial obligations that must be repaid. While some loans are based on financial need, there are loan programs available to all federally-eligible applicants – regardless of income. Keep in mind that you should not borrow more than you need or can comfortably repay after leaving school. We recommend using the Loan Repayment Calculator as a guide as to what your monthly payments will be once you enter repayment.
Federal Direct Loan Program
The Federal Direct Student and Parent loan programs offer a secure, government-regulated and reasonably affordable way to invest in yourself and your goal of a higher education. The Federal Direct Stafford Loan program provides borrowing options for students as well as supplemental PLUS loans for graduate students or parents of dependent undergraduate students. Direct loans offer a variety of deferment, forbearance and repayment options designed to protect in the event of unemployment and financial hardship. The income-based repayment options are unique to most loans and allow for very low payments that match the student’s ability to pay based on their annual income.
- Federal Direct Stafford Loan Program
- Federal Direct Parent PLUS Loan Program
- Federal Direct Graduate PLUS Program
Please refer to the Annual Loan Limit Chart for the maximum amount students may borrow in Federal Stafford Loans per academic year.
Subsidized Stafford Loans
A federally subsidized loan is awarded based on financial need to undergraduate students that have not earned a bachelors or professional degree. The interest on this loan is paid by the US Government while you are enrolled at least half-time, and until the end of the six-month grace period.
Unsubsidized Stafford Loans
An Unsubsidized Stafford Loan is awarded regardless of need. Interest charges begin to accrue on the amount disbursed from the date of disbursement and interest payments may be deferred while you are in school and during the six-month grace period. Deferred interest payments will be capitalized, or added, to the principal of your loan when you enter repayment. All future interest charges are then based on the new, higher principal amount.
To apply for a Federal Direct Stafford Loan:
- Complete the Free Application for Federal Student Aid (FAFSA)
- Submit any documentation requested by the Office of Financial Aid.
- When the student’s financial aid file is complete, a college finance plan will be generated, and sent to your home address.
- To accept the loan offer on your college finance plan (you may accept a lesser amount than what is offered):
- Return a signed copy of the college finance plan to the Financial Aid Office
- Complete the Master Promissory Note (MPN) for Direct Stafford Loans.
- Complete the Online Entrance Counseling.
- Complete the Annual Student Loan Acknowledgment
To remain eligible for a Federal Direct Stafford Loan:
- Complete the Free Application for Federal Student Aid (FAFSA) for all subsequent award years
- Return a signed copy of the college finance plan to the Financial Aid Office
- Submit any documentation requested by the Office of Financial Aid.
- Avoid bankruptcy
- Maintain Satisfactory Academic Progress
- Remain in satisfactory repayment status on prior loans
- Complete Online or In Person Exit Counseling 30 days prior to completing your program of study. Students are notified of this requirement with follow up reminder communications to ensure completion of the Exit Counseling requirement.
- For more information on student loan programs please visit the following website www.studentaid.gov.
Federal Direct Plus Loan Program
The Direct PLUS Loan is a credit-based government funded loan made to graduate students or parents of dependent undergraduate students. The PLUS loan is a non-need-based loan, and eligibility is based on the credit history of the borrower. The maximum amount borrowed cannot exceed the student ‘s cost of education less any other financial assistance (including grants, scholarships, work-study awards, and the Federal Stafford Loan). Interest charges on the PLUS loan begin accruing on the amount disbursed, from the date of disbursement. PLUS loans are offered to the parents of dependent undergraduate students through the Parent PLUS program. Graduate students may apply for a Graduate PLUS loan using the Graduate PLUS program.
The interest rates for all Federal Loans change annually. Please visit https://studentaid.gov for the most recent interest rates offered for the Federal loan programs..
The US Department of Education charges an Origination fee to process the Federal loans. Please visit https://studentaid.gov for the most recent interest origination rates charged for the Federal loan programs.
Parent (Plus) for Parents of Dependent Undergraduate Students
Parents of dependent undergraduate students may apply for a Parent PLUS Loan to supplement their student ‘s total funding. Parents may choose to defer payments on a PLUS Loan until six months after the date the student ceases to be enrolled at least half-time and to pay the accruing interest monthly or quarterly, or to defer interest payments and allow interest to be capitalized quarterly. A parent also has the option to choose not to defer payment, and may begin repaying both principal and interest while the student is in school.
For more information on the Parent PLUS Loan and credit worthiness please visit the following website: https://studentaid.gov.
Graduate Plus Loan for Graduate Students
The Graduate PLUS loan is limited to students enrolled in graduate or doctorate level programs, and is meant to supplement the funding from the Stafford Unsubsidized Loan program. Students must be enrolled at least half-time in a degree-granting program and taking courses that lead to a graduate degree. Students will receive an automatic deferment on the principal amount of the loan while enrolled at least half-time. Students are charged interest from the time the loan is disbursed and may either make or defer interest payments while in school and during periods of deferment. If interest payments are deferred, the accumulated interest will be capitalized, or added, to the principal of the loan when you enter repayment. All future interest charges are then based on the new, higher principal amount.
Like the Stafford Loan, there is a six month grace period for the Graduate PLUS Loan; repayment begins six months after graduation, withdrawal, or drop to less than half-time enrollment.
For more information on the Graduate PLUS Loan and credit worthiness please visit the following website: https://studentaid.gov.
To apply for a Federal Direct Parent PLUS or Graduate PLUS Loan:
- Complete the Free Application for Federal Student Aid (FAFSA)
- Submit any documentation requested by the Office of Financial Aid.
- When the student’s financial aid file is complete, an award package will be generated, and sent to your home address.
- To accept the loan offer on your award package (you may accept a lesser amount than what is offered):
- Complete the Master Promissory Note (MPN) for Direct Stafford Loans.
- Complete the Online Entrance Counseling.(graduate borrowers only)
Federal Pell Grant
The Federal Pell Grant is awarded to eligible undergraduate applicants or students who have not earned a bachelor’s or professional degree. Award amounts are based on the applicant’s level of need and enrollment status.
To learn more about the Federal Pell Grant, please visit NYFA’s scholarship and grants page.
Additional Funding Methods
Scholarships and Grants
Students can apply for scholarships, which are another form of institutional financial aid. Scholarships are directly applied to college cost and do not need to be repaid. To learn more, visit NYFA’s scholarship and grants page.
Private Student Loans
There are a variety of lenders that offer non-federal, or private, education loans. These loans are typically borrowed by students who are not eligible or do not qualify for federal loans or who have exhausted their federal loan eligibility. Get more information about Private Student loans here.
GI Bill and Yellow Ribbon Program
Many of our programs have been approved for veterans education benefits. In addition, all those who are not fully covered by the Post-9/11 GI bill will receive a 15% discount on college. Please see www.gibill.va.gov or call 1-888-GIBILL-1 (1-888-442-4551) for information on your eligibility and how to obtain your certificate of eligibility.
Please contact our Office of Veterans Services, 818-333-3558 to confirm program approvals. To learn more, visit NYFA’s Veteran page.