REQUEST INFO APPLY
New York Film Academy
1-800-611-FILM  |  1-212-674-4300
New York Film Academy Financial Aid

Federal Loans

The Financial Aid 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.

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 on the basis of 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. The interest rate for the 2019-2020 federal fiscal year is a fixed interest rate of 4.53% for the life of the loan.

    LOAN ORIGINATION FEE
    The US Department of Education charges a 1.059% Origination fee to process the Subsidized and Unsubsidized Stafford Loans for loans disbursed after 10/01/2019 and before 10/01/2020.

    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. The interest rate for the 2019-2020 federal fiscal year is 4.53% for undergraduate borrowers and 6.08% for a student enrolled in a graduate program.

    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 tuition finance plan will be generated, and sent to your home address.
    • To accept the loan offer on your tuition finance plan (you may accept a lesser amount than what is offered):
      • Return a signed copy of the tuition 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 tuition 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.

    Interest Rate:
    The PLUS Loan has a fixed interest rate of 7.08% for the life of the loan for loans disbursed after 10/01/2019 and before 10/01/2020.

    Loan Fee:
    There is a 4.236% Origination fee on the PLUS Loan for loans disbursed after 10/01/2019 and before 10/01/2020.


    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: www.studentloans.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: www.studentloans.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)
    New York Film Academy Disclaimer
    New York Film Academy Disclaimer