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New York Film Academy
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New York Film Academy Financial Aid

Federal Loans

All staff members of the Office of Financial Aid at New York Film Academy adhere to 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 Lending Code of Conduct that applies to all New York Film Academy locations.

FEDERAL EDUCATION LOANS
New York Film Academy participates in the Federal Direct student loan program .The federal loan programs offer a secure, government-regulated and reasonably affordable way to invest in yourself and your goal of a higher education.

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 students – 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 Stafford Loan Program
  • Federal Direct PLUS Loan Program
  • Federal Direct Graduate PLUS Program

FEDERAL DIRECT LOAN PROGRAM
The Federal Direct Stafford Loan program provides lending 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 and repayment options, and are financed directly by the U.S. Department of Education so there's no need to choose a lender. 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 subsidized loan is awarded on the basis of financial need to undergraduate students only. The U.S. government pays (or subsidizes) the interest on this loan while you are enrolled at least half-time, and until the end of the six-month grace period. The interest rate for the 2016-2017 federal fiscal year is a fixed interest rate of 3.76% for the life of the loan.

LOAN ORIGINATION FEE
The US Department of Education charges a 1.069% Origination fee to process the Subsidized and Unsubsidized Stafford Loans.

UNSUBSIDIZED STAFFORD LOANS
An Unsubsidized Stafford Loan is awarded regardless of need. You are charged interest on the amount disbursed from the date of disbursement and you may either make – or defer – interest payments while you are in school and during the six-month grace period. If you defer your interest payments, the accumulated interest 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 2016-2017 federal fiscal year is 3.76% for undergraduate borrowers and 5.31% for 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, 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.
To remain eligible for a Federal Direct Stafford Loan:
  • Complete the Free Application for Federal Student Aid (FAFSA) for all subsequent award years
  • 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.
FEDERAL DIRECT PLUS LOAN PROGRAM
The Direct PLUS Loan is a credit based government-insured 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 minus any other financial assistance (including scholarships, work-study awards, and the Federal Stafford Loan). PLUS Loans do not have an interest subsidy – interest begins 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 Direct PLUS Loan has a fixed interest rate of 6.31% for the life of the loan.

Loan Fee:
There is a 4.276% Origination fee on the PLUS Loan

PARENT (PLUS) FOR PARENTS OF DEPENDENT UNDERGRADUATE STUDENTS
Parents of dependent undergraduate students can take out a Parent PLUS Loan to supplement their student's aid package. 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 can 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
This program is only for those students in graduate or doctorate level programs, and is meant to supplement the funding from the Stafford Loan program. You must be enrolled at least half-time in a degree-granting program and taking courses that lead to your degree. Students will receive an automatic deferment on the principal amount of the loan while enrolled at least half-time. You are charged interest from the time the loan is disbursed and may either make or defer interest payments while you are in school and during periods of deferment. If you defer your interest payments, the accumulated interest 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.

Unlike the Stafford Loan, there is no grace period for the Graduate PLUS Loan; you will enter repayment immediately after you graduate, withdraw, 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)
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