Financial Aid Funds Disbursed For NYFA Students
How are Financial Aid Funds Disbursed?
Once the student has signed the College Finance Plan and returned any required paperwork, the Financial Aid Office begins preparing funds for disbursement. All funds in excess of any charges, such as tuition and fees, are delivered to the student via Electronic Funds Transfer (EFT).
Grants and Scholarships
Grant funds are credited directly to a student’s NYFA tuition account. If excess funds remain after deducting any outstanding charges, the excess funds will be automatically issued via EFT and made payable to the student or the student’s parent depending on the sources of funding received.
Federal Direct Stafford Loans
Federal Direct Stafford Loans are disbursed in two equal amounts, usually at the beginning of the semester – with one disbursement occurring per semester. Students will qualify for loan disbursements when the following steps have been completed:
- Returned all requested documents to the Financial Aid Office.
- Accepted the Subsidized/Unsubsidized Loan offer on the college finance plan.
- Completed the Direct Loan Master Promissory Note (MPN).
- Completed the Online Entrance Counseling
- Maintaining Satisfactory Academic Progress in the program of study
Once all of the above requirements have been met, the loans will disburse and be credited towards any outstanding Academy-related charges.
Who Can Answer Further Questions About Financial Aid?
For specific questions about your financial aid visit the Financial Aid Office, call 818-333-3558, or contact us via email at financialaid@nyfa.edu. The financial aid office is open from 9:00 AM to 6:00 PM Monday through Friday.
When Are Funds Processed?
In general, funds are disbursed in the second week of each semester if the student has met the priority deadline date. It is important that all paperwork has been completed, signed, and returned to the Financial Aid Office no later than 30 days prior to the start of the semester.
Living expense reimbursements will be issued via EFT through the Academy’s Bursar’s Office within 14 days of a credit created on the tuition account or the first day of the semester, whichever is later.
What Delays Disbursement of Funds?
The following are reasons why the student ‘s funds may not be available on the first day of classes:
- Missing documents; call (818) 333-3558 for information on what’s missing.
- Not promptly accepting the college finance plan
- Not completing a Direct Loan MPN.
- Not completing the Online Entrance Counseling for Direct Loan borrowers.
Who Can Answer Further Questions About Refunds?
For specific questions about refund disbursements visit the Bursars’ Office.