The One Big Beautiful Bill Act (OBBBA)
On July 4, 2025, Donald Trump signed the One Big Beautiful Bill Act into law. This legislation introduces significant changes to higher education policy, including updates to:
- Federal Direct Loans
- Repayment options for new and continuing students
- Pell Grant eligibility
We are actively monitoring federal legislation and guidance as it is released and will share updates as soon as they become available.
The information on this page is subject to change as new federal guidance is issued. We encourage all NYFA applicants and students to check their email regularly and carefully review communications from our office.
Undergraduate Students
Aggregate Loan Limit Update
A new lifetime borrowing limit of $257,500 will apply to all Direct Subsidized and Unsubsidized Loans. This includes all amounts borrowed at any level, including those that have been repaid, forgiven, canceled, or discharged.
New Borrowing Caps on Parent PLUS Loans
Starting July 1, 2026:
– Parents can only borrow up to $20,000 per year per dependent student through Parent PLUS, down from the current ability to borrow up to the full Cost of Attendance
– There will also be a lifetime cap of $65,000 per dependent student.
Institutions are required to prorate annual loan amounts in direct proportion to the student’s enrollment intensity relative to full-time status.
Graduate Students
Direct Unsubsidized Loans
– Up to $20,500 per year
– $100,000 lifetime borrowing limit (excluding undergraduate loans)
Professional Students
NYFA programs are not currently classified as professional degree programs.
Dependent Student
A dependent student is one under the age of 24 years old.
What this means for you as a dependent student:
EXAMPLE A
Below we are showing you a visual example of a BFA Filmmaking Dependent student. This example is showcasing applying for a maximum parent plus loan for the first 6 semesters.
Below we are showing you a visual example of a BFA Filmmaking Dependent student. This example is showcasing applying for enough parent plus loan per semester to last the entire length of the NYFA BFA Filmmaking program
Independent Student
An independent student is one of the following: at least 24 years old, married, a graduate or professional student, a veteran, a member of the armed forces, an orphan, a ward of the court, or someone with legal dependents other than a spouse, an emancipated minor or someone who is homeless or at risk of becoming homeless.
Please visit https://studentaid.gov/apply-for-aid/fafsa/filling-out/dependency regarding dependency status determination.
What this means for you as an independent student:
EXAMPLE A
Below we are showing you a visual example of a BFA Filmmaking Independent student federal aid scenario.
Graduate PLUS Loans will no longer be available for new borrowing after July 1, 2026.
Legacy Provision
Borrowers with an existing Graduate PLUS Loan disbursed prior to July 1, 2026, while enrolled in a program of study, may continue borrowing under the program for up to three academic years or the remainder of their expected time to credential, whichever is less.
Step 1: Ensure You Have Applied for All Institutional Scholarships
NYFA’s Need Based Scholarship is designed for students with financial need in order to help reduce the cost of education in New York Film Academy’s degree and conservatory programs
Step 2: Confirm and Secure Your Federal Financial Aid
– Log into your Campus Ivy account
– Sign your funding estimate
– Accept your financial aid awards
Step 3: Secure Additional Funding
– 529 plan
– Parent Plus loan (Undergraduate Dependent Students)
– Personal Loan
– Sponsor or Third Party
Talent-Based Scholarship
NYFA’s Talent-based scholarship is awarded based on your creative work, so instead of just telling us about your passion, you get to demonstrate it.
We’re looking for originality, storytelling ability, and most importantly, your unique voice.
This scholarship is partial and will be considered as soon as all of your application materials are submitted and your application is reviewed for acceptance.
How to apply: NYFA’s talent based scholarship will be considered in combination with any other additional scholarships you have received or applied for at NYFA.
Need Based Scholarship
We understand that pursuing your education is a big financial commitment. NYFA’s Need-based scholarship is designed to support students who demonstrate financial need.
This process is simple and straightforward, you’ll share information about your financial situation so we can better understand what level of support you may need.
Our goal is to help bridge the gap between your ambition and your resources, so you can focus on what really matters: your education and creative future.
How to apply: Log into your NYFA admissions portal and complete the questions under Optional Need Based Scholarship