Important Update: Changes to Federal Graduate Student Loans
Recent federal legislation will change the federal loan options available to graduate students beginning July 1, 2026.
Key Changes
Elimination of the Federal Direct Graduate PLUS Loan
The Federal Direct Graduate PLUS Loan will no longer be available for new graduate borrowers for loan periods beginning on or after July 1, 2026.
Federal Direct Unsubsidized Loan Limits
Graduate students may still borrow Federal Direct Unsubsidized Loans with the following limits:
- $20,500 per academic year
- $100,000 aggregate federal Direct Loan limit, including any federal loans borrowed for undergraduate study
Grandfathering Provision for Current Borrowers
Students who receive a Graduate PLUS Loan prior to July 1, 2026 and remain continuously enrolled in the same program of study may be able to continue borrowing under the current federal loan structure for a limited period, subject to federal eligibility requirements.
Because the elimination of the Graduate PLUS Loan may reduce the amount of federal funding available to graduate students, some students may need to consider additional financing options, including private education loans, to help cover educational expenses.
The New York Academy of Art (NYAA) Financial Aid Office will continue to provide guidance and updates as additional federal information becomes available.
For questions, please contact the NYAA Financial Aid Office at fa@nyaa.edu.
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Applying for Financial Aid
Federal Application Requirements and Procedures
Students (not international students) who wish to apply for Student Loans and Federal Work Study Program are required to complete the Free Application for Federal Student Aid (FAFSA). The college code for New York Academy of Art is 026001. The FAFSA is available online at studentaid.gov.
MFA and CFA students are considered independent for federal student aid purposes.
Requirements for Federal Student Aid
- Must be accepted into a New York Academy of Art MFA or CFA program.
- Must have a high school diploma or its recognized equivalent.
- Must be making satisfactory academic progress toward their degree.
- Must be enrolled at least half-time (six credits) to receive aid from Federal Direct Loan programs (unsubsidized, or PLUS).
- Must not be incarcerated.
- Must not be in default on a prior federal student loan.
- Must be a U.S. citizen or permanent resident or other eligible noncitizen.
- Must have a Social Security number.
If you intend on taking Federal Loans you will need to complete an Entrance Interview and a Master Promissory Note.
Complete the online Loan Entrance Interview- An Entrance Interview is a counseling session which is designed to help you better understand your obligation as a borrower and provides other useful information on the loan process. The Entrance Interviews are required. Please go to https://studentaid.gov/ website to complete your Entrance Interview.
Complete the online Master Promissory Note(s) – MPN (there is one promissory note for the Stafford loans and a separate promissory note for Graduate Plus). You can complete the MPN online at the https://studentaid.gov/ website. The MPN is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the Department of Education. It also explains the terms and conditions of your loan(s).
Please note that all Direct Plus Loan borrowers are subject to a credit check. Direct Plus Loan borrowers must have an acceptable credit history or an endorser (someone who agrees to repay the loan if you do not pay it) with an acceptable credit history.
Please email the Office of Financial Aid fa@nyaa.edu in case of any questions.
Loans
Academy students may apply for both Federal Stafford loans (Unsubsidized loans) & Graduate Plus Loans. Our direct lending code is G26001.
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| Federal Direct Student Loan (Unsubsidized Staffort Loan) | Amount: Up to $20,500/year | File FAFSA*, complete Master Promissory Note (MPN) and Entrance Loan Counseling. | ||
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| Federal Direct Graduate PLUS Loan |
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Entrance and Exit Counseling
Entrance and Exit Counseling
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Entrance Interview
Exit Interview
During your last semester before graduation, you will need to complete the Exit Interview. https://studentaid.gov/exit-counseling/
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Federal Work Study
Federal Work-Study (FWS) is a federally funded program by both the Department of Education and the New York Academy of Art. This program provides part-time jobs for eligible MFA and CFA students with significant financial need and is administered by an FWS Administrator, the FWS Committee and the Office of Financial Aid, in accordance with the law, federal regulations, and with instructions from the United States Department of Education. The program is open to students with US citizenship or US permanent resident status. Please email fa@nyaa.edu with questions about eligibility.
To review 2025-26 FWS Handbook please click here.
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Private Student Loans
Private student loans, also known as alternative education loans, can be a helpful resource for covering any remaining educational expenses after your personal contributions, family support, and available financial aid, including federal loans, have been applied. Offered by banks, credit unions, and other private lenders, these loans provide additional flexibility to help students fully finance their education and focus on their academic goals. Many lenders offer a range of competitive rates and repayment options, allowing borrowers to choose a solution that best fits their needs.
How to Choose a Private Student Loan:
- Determine how much you need to borrow.
Calculate the remaining balance after subtracting scholarships, grants, federal loans, and any personal or family contribution from your total cost of attendance. - Research multiple lenders.
Compare loans from several private lenders rather than applying with the first one you find. - Review interest rates.
Look at both fixed and variable rates and compare which option may work best for your budget. - Check repayment terms.
Review when repayment begins, monthly payment options, and the total length of repayment. - Look at borrower benefits.
Some lenders offer benefits such as autopay discounts, flexible repayment options, or co-signer release. - Consider whether a co-signer is needed.
Many students may qualify for better terms with a creditworthy co-signer. - Compare the total cost of the loan.
Do not focus only on the interest rate—review the estimated total amount you will repay over time. - Apply with the lender that best fits your needs.
Choose the loan that offers the best overall combination of rate, repayment flexibility, and borrower support.
Before exploring private loan options, we encourage you to review the New York Academy of Art’s Private Loan Policy NYAA Private Loan Policy
The Academy has partnered with ELM Resources to provide ELMSelect, a comparison tool for private education loan lenders. Students are not obligated to use any of the lenders on the list and may choose a lender that best suits their individual needs. We encourage students to explore and compare multiple lenders to identify the most favorable rates, terms, and services.
ELMSelect is an external platform that allows students to view suggested lender lists, compare loan options, and submit applications for private education loans in one convenient place. Please click here to access ELMSelect Tool
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Tuition Payment Plan
To review the Tuition Payment Plan for the MFA program, please click here
To review the Tuition Payment Plan for the CFA program, please click here
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Veteran's Benefits & Post 9/11 "GI Bill®"
“GI Bill®” is a registered trademark of the U.S. Department of Veterans Affairs (VA).
Various Department of Veterans Affairs (VA) programs provide educational benefits for spouses, sons, and daughters of deceased or permanently disabled veterans, as well as for veterans and in-service personnel, subject to certain restrictions. Students eligible to receive VA benefits do not pay tuition and fees at the time of registration, but will have anticipated aid placed onto the student account based on the estimated amount of coverage from the VA. This applies primarily to Chapter 31 and 33 benefit recipients. Veterans with service-connected disabilities may qualify for educational benefits under Chapter 31.
Basic Allowance for Housing (BAH) is usually sent directly to veterans by the VA. Students must be enrolled full-time to receive the full monthly BAH rate. Veterans and eligible dependents should contact the Registrar’s Office each term for which they desire certification of enrollment. Students eligible for BAH will only receive this benefit if their enrollment is certified with the VA each term. All veterans are expected to reach the objective (degree or certificate) authorized by the VA with the minimum number of points required. The Department of Veterans Affairs may not authorize allowance payments for points that are in excess of scholastic requirements. Applications and further information may be obtained from the student’s regional office of the Department of Veterans Affairs. Additional inquiries can be directed to the Director of Financial Aid fa@nyaa.edu. Since interpretation of regulations governing veterans’ benefits is subject to change, veterans should keep in touch with the Department of Veterans Affairs.
Important Benefit Information
- Veterans can apply for VA benefits online.
- Since interpretation of regulations governing veterans’ benefits is subject to change, veterans should refer regularly to the VA website at va.gov.
- After acceptance to the Academy, complete the paperwork through the VA. A Certificate of Eligibility Letter (COE) will be mailed to the student, indicating the chapter and eligible benefit(s). Chapter 31 veterans will receive an Authorization & Certification of Entrance or Reentrance into Rehabilitation & Certification of Status (22-1905).
- Upon receipt of your Certificate of Eligibility (COE) from VA, submit it to Director of Financial Aid fa@nyaa.edu. If you do not yet have a COE, attach a screenshot of your benefit information from the VA eBenefits website to the form, but you will still be required to send the COE to the Director of Financial Aid once you receive it.
- After registering for classes each term, notify the Director of Financial Aid that they need to certify your enrollment. Please be sure to redact your SSN on any attachment(s).
- More information about education benefits offered by VA is available at the official U.S. government website at benefits.va.gov/gibill.
Delayed Payments
The Academy recognizes there are times when veterans who rely on monetary benefits from the Department of Veteran’s Affairs and/or other external agencies are challenged by untimely payments. If you are an student who is a veteran or military connected student who is in such a situation, please contact the Financial Aid Office fa@nyaa.edu. The Academy will not impose any penalty, including the assessment of late fees, the denial of access to classes, libraries, or other institutional facilities, or to require that a covered individual borrow additional funds due to the individual’s inability to meet his or her financial obligations to the institution due to the delayed disbursement funding from the Department of Veterans Affairs. The Academy does not consider the following scenarios as a delayed payment:
- If we receive confirmation from the VA that the student is no longer eligible to receive the funds or have exhausted their eligibility (after submission of certification to the VA).
- If the student is not covered in full with their VA benefits. Students not eligible for enough VA benefits to cover their semester tuition in full are responsible for paying the balance.
- If the student fails to submit the Certificate of Eligibility (COE), and any other required information for certification.
In the scenarios listed above, the student may be subject to finance charges or registration holds if the balance is not paid by the student.
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Yellow Ribbon Program
Yellow Ribbon Program | Veterans Affairs
The Yellow Ribbon Program can help you pay for higher out-of-state, private school, foreign school, or graduate school tuition and fees that the Post-9/11 GI Bill doesn’t cover. Keep reading to find out if you’re eligible and if your school takes part in this program.
You must qualify for the Post-9/11 GI Bill at the 100% benefit level.
And at least one of these must be true:
- You served at least 36 months on active duty (either all at once or with breaks in service) and were honorably discharged, or
- You received a Purple Heart on or after September 11, 2001, and were honorably discharged after any amount of service, or
- You served at least 30 continuous days (all at once, without a break) on or after September 11, 2001, and were discharged or released from active duty for a service-connected disability, or
- You’re an active-duty service member who has served at least 36 months on active duty (either all at once or with breaks in service), or
- You’re a spouse using the transferred benefits of an active-duty service member who has served at least 36 months on active duty, or
- You’re a dependent child using benefits transferred by a Veteran, or
- You’re a Fry Scholar
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Repayment Plans
Federal Student Aid
No Description
You can pick from repayment plans that base your monthly payment on your income or that give you a fixed monthly payment over a set repayment period.
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Repayment Calculator
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Student Loan Forgiveness
Federal Student Aid
No Description
If you’re employed by a government or not-for-profit organization, you might be eligible for the PSLF Program. The PSLF Program forgives the remaining balance on your Direct Loans.