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New York Film Academy
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New York Film Academy Financial Aid

Withdrawing

What happens if I withdraw from the Academy?
If you received financial aid and withdraw from all of your classes within the first 60% of the term we must recalculate your financial aid eligibility according to a federally prescribed formula. Because funds are awarded based on your attending the entire term, we must recalculate your award based on the actual number of days you attended. This will determine if you received funds for which you are not eligible. You are required to notify the Registrar’s office if you intend to withdraw. Failure to attend classes for 2 subsequent scheduled class periods will result in an institutional withdrawal from student aid eligibility.

We recommend that you check with the financial aid office to find out if you will owe a repayment before withdrawing from all of your classes. We can advise you while you are considering withdrawing as to what will happen in your specific situation.

How do I notify Financial Aid that I am withdrawing?
You must officially withdraw from all your classes using the appropriate withdrawal procedures as listed in the student handbook. When you officially withdraw from all your classes our office is notified. If required, we will do the recalculation of aid for you.

What happens next?
We must recalculate your eligibility according to federal regulations for the aid you have received if you withdraw from all your classes within the first 60% of the term.

How do you determine the withdrawal date for purposes of recalculating Financial Aid?
Your last date of recorded attendance in class is used to calculate the percentage of attendance within the term.

We will determine this date using the earliest of the following:

The date you began the institution's withdrawal process or officially notified the Academy, verbally or in writing, of your intent to withdraw:
  • The date you provided official notification to the Academy by submitting an approved and completed notice of withdrawal form to Office of the Registrar.
  • The date you discontinued to attend scheduled classes.
  • In the event of a medical withdrawal, the withdrawal date is the date indicated by the physician that you were unable to participate in academic activities.
Remember that this date is only for the purposes of the Federal aid recalculation. If you provide notification of intent to withdraw, the date of the notification will not be used in possible fee refund determination or recorded as your official withdrawal date by the Academy.

What is the recalculation process?
The first step is to determine the date you began the withdrawal process. Based on available information, we use the last date of attendance, which is established as described above.

Based on the date you began the withdrawal process we then determine the percentage of the semester you attended. This percentage is then applied to the aid disbursed or that could have been disbursed to determine the amount you earned. If the amount disbursed to you is less than the amount you earned, we will notify you of your eligibility and give you the opportunity to receive that aid. If the amount disbursed to you is greater than the amount you earned, then unearned funds have to be returned. This may include a return of funds by the Academy and repayment by you.

Aid will be returned in the following order (as required under regulation):
  • Unsubsidized Federal Stafford Loan
  • Subsidized Federal Stafford Loan
  • Federal Perkins Loan
  • Federal PLUS Loan (Graduate Student)
  • Federal PLUS Loan (Parent)
  • Federal Pell Grant
  • Academic Competitiveness Grant
  • National SMART Grant
  • Federal Supplemental Educational Opportunity Grant (FSEOG)
The return of funds (grants and loans) by the Academy is paid from the Academy's resources, which may create an obligation from you to the Academy. Any return of loan funds required of you will be in accordance with the terms of the promissory note.

How will I know the results?
If you owe a repayment, you will receive a billing notice from the Bursar for the amount of funds for which you are not eligible. If you are eligible to receive additional funds, we will send you a notice explaining the process and your options.

What happens if I owe a repayment?
Until you pay the balance in full: you will not be eligible for further federal financial aid and not be allowed to enroll in any future semesters or access Academy services (transcripts, etc.).

NEW YORK REFUND POLICY
A. A student who cancels within 7 days of signing the enrollment agreement or before the first day of class receives all monies refunded with the exception of the non-refundable registration fee.

B. There after, a student will be liable for (after attending their first class):
  • the non-refundable registration fee plus
  • the cost of any text book or supplies accepted plus
  • tuition liability as of the student's last date of physical attendance.
Tuition liability is divided by the number of terms in the program. Total tuition liability is limited to the term during which the student withdrew or was terminated and any previous terms completed.

Term(s) Refund Policy
(a) First Term
If termination occurs: School may keep:
Prior to or during the first week 0%
During the second week 20%
During the third week 35%
During the fourth week 50%
During the fifth week 70%
After the fifth week 100%

(b) Subsequent Term
If termination occurs: School may keep:

During the first week 20%
During the second week 35%
During the third week 50%
During the fourth week 70%
After the fourth week 100%

LOS ANGELES REFUND POLICY
In compliance with California education law and BPPE regulations, the New York Film Academy advises each student of the following policies with regard to refunds of tuition and institutional charges:

BUYER'S RIGHT TO CANCEL. The student has a right to cancel this enrollment agreement and obtain a refund. A notice of cancellation or withdrawal must be made in writing. The written request must include the following information: specific timeframes, such as the date the course started and the date of cancellation or withdrawal. Notice of Withdrawal forms are available in the Office of the Registrar.

Any student who intends to cancel or withdraw must submit a signed and dated copy of the Notice of Withdrawal Form, or any other form of written notice that includes the required information to:

New York Film Academy
3300 Riverside Dr.
Burbank, CA 91505

REFUND INFORMATION: The student has a right to a full refund of all charges less the amount of $100.00 for the registration fee if he/she cancels this agreement prior to midnight following the first day of instruction. The amount retained for the registration fee may not exceed one hundred dollars ($100).

The New York Film Academy will refund 100% of the amount paid for institutional charges, less an administrative processing fee of $100.00 if notice of cancellation is made through attendance at the first class session, or the seventh class day after enrollment, whichever is later.

After the 100% refund period described above, a student may withdraw from a course after instruction has started and receive a pro rata refund (less a non-refundable administrative processing fee of $100.00) for the unused portion of the tuition and other refundable charges; if the student has completed 60% or less of the term's instruction. The amount of the refund is calculated based on the student's last day of attendance.

Refunds are disbursed within 30 days of the official withdrawal from the school. The withdrawal is dated on the day that the student gave written notice to the school.

The New York Film Academy shall refund any credit balance on the student's account within 30 days after the date of the student's completion of, or withdrawal from, the educational program in which the student was enrolled.


New York Film Academy Disclaimer
New York Film Academy Disclaimer