New York Film Academy
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New York Film Academy Financial Aid

Disbursement of Funds

How are financial aid funds disbursed?
Once the student has accepted the award 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 refunded to the student via check.

Grants and Scholarships
Grant funds are credited directly to a student's NYFA account. If excess funds remain after deducting any outstanding charges, a refund will be automatically issued via check.

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. In order for your Direct Stafford Loan to disburse, you must first have done the following:
  • Returned all requested documents to the Financial Aid Office.
  • Accepted the Subsidized/Unsubsidized Loan offer on the award letter.
  • Completed the Direct Loan Master Promissory Note (MPN).
  • Completed the Online Entrance Counseling
  • Be making Satisfactory Academic Progress on your degree or certificate.
Once all of the above requirements have been met, the loans will disburse and be credited towards any outstanding Academy-related charges (the earliest date of disbursement is 3 weeks after the beginning of classes). If there is any amount remaining

Who can answer further questions about Financial Aid?
For specific questions about your financial aid visit the Financial Aid Office, call 818-333-3563 or contact us via email at

When are funds processed?
In general, funds are disbursed at the start of each semester. It is important that you complete all paperwork and return any requested documents to the Financial Aid Office prior to the start of the semester to ensure that funds will be available.

Your financial aid refund will be issued via check through the Academy's Bursar's Office approximately 3 weeks after the beginning of the semester. Students that have never borrowed from the Federal Direct Loan program are subject to a 30 day delay of their initial loan disbursements.

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) 333-3563 for information on what's missing.
  • Not promptly accepting the financial aid award.
  • Not completing a Direct Loan MPN.
  • Not completing the Online Entrance Counseling for Direct Loan borrowers.
  • Not making Satisfactory Academic Progress towards your degree or certificate.
  • Being in default on a student loan or owing a repayment to any Title IV financial aid program.
Who can answer further questions about refunds?
For specific questions about refund disbursements visit the Bursars' Office.

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