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New York Film Academy Financial Aid

Understanding Your Financial Aid Award Letter

Financial Aid Award Letter
Your Financial Aid Award Letter lists the financial aid assistance you have been offered toward payment of your tuition, fees, and living expenses. Several factors determine the amount and type of financial aid you are offered, including your financial need and availability of funds. The starting point for aid is always Financial Need. Financial Aid is 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, room 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, miscellaneous living expenses, and off-campus room and board).

Expected Family Contribution (EFC)
When your FAFSA is analyzed by the Central Processing System of the U.S. Department of Education, a formula is applied to the information you provided. The FAFSA analysis takes into account yours and your family's (or spouse's) income and some types of assets, and indicates 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 "Expected Family Contribution," or EFC. The EFC determines the types and amounts of federal aid for which you qualify.

If you are a dependent student, your EFC may be based on:
  • your and your parent(s)' taxable and non-taxable income
  • your and your parent(s)' assets
  • the age of your older parent living in your household
  • the number of family members living in your household
  • the number of family members (other than your parents) in college during the upcoming academic year
If you are an independent student, your EFC will be based on:
  • your taxable and non-taxable income and your assets (as well as your spouse's, if you are married)
  • the number of children and other dependents in your household
  • the number of family members 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 EFC. Your award letter may include a variety of award types, including need and non-need based aid from The Federal Student Aid Programs. Your award letter 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 818-333-3563 or email us at financialaid@nyfa.edu


New York Film Academy Disclaimer
New York Film Academy Disclaimer