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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.
Verification
Verification is a process by which a school collects required information to ensure that the FAFSA has been completed correctly. The Central Processing System (CPS) of the Department of Education selects which applicants must be verified.
If a student’s application is selected for verification, either by the CPS or by the institution, verification is required to be performed by the school. Each year, the Department of Education will determine which items on the FAFSA must be verified.
For the 2022–2023 academic year, students who are selected for verification will be placed in one of the following three verification groups. Students who are selected for verification will be placed in one of the following groups to determine which FAFSA information must be verified.
V1—Standard Verification Group. Students in this group must verify the following if they are tax filers:
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Adjusted gross income
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U.S. income tax paid
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Untaxed portions of IRA distributions
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Untaxed portions of pensions
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IRA deductions and payments
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Tax-exempt interest income
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Education credits
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Household size
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Number in college
Students who are not tax filers must verify the following:
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Income earned from work
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Household size
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Number in college
V4—Custom Verification Group. Students must verify identity/statement of educational purpose (SEP).
V5—Aggregate Verification Group. Students must verify identity/SEP in addition to the items in the Standard Verification Group (V1).
Applicants selected for verification will be notified on the Student Aid Report (SAR). In addition, the Office of Financial Aid will contact a student regarding missing information.
The verification results of identity and high school completion status for students whose 2022–2023 ISIR had a Verification Tracking Group of V4 or V5 must be reported to the Department of Education in a timely manner. As such, students whose 2022–2023 FAFSA has been selected for V4 or V5 verification must submit the required documents to the Office of Financial Aid within 14 days of the request for information. Students unable to submit the required documents in person should contact the Financial Aid office for assistance.
In accordance with federal guidelines, verification must be completed no later than 120 days after the last day of the student’s enrollment. Students may receive an estimated financial aid package prior to the completion of the verification process. New York Academy of Art does not disburse any federal financial aid funds until the verification process is completed. Students who fail to submit the required verification documents will not receive federal aid.
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 StudentLoans.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 StudentLoans.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).To complete an MPN online, you will be required to use your Department of Education-issued PIN. If you do not have a PIN, you may request one from the official PIN site. An endorser borrower must also request a PIN number from the PIN site to use when completing a PLUS MPN.
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
https://studentaid.gov/app/counselingInstructions.action?counselingType=entrance
Exit Interview
During your last semester before graduation, you will need to complete the Exit Interview. https://studentaid.gov/app/counselingInstructions.action?counselingType=exit
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Federal Student Financial Aid Penalties for Drug Law Violations
Federal Student Financial Aid Penalties for Drug Law Violations
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Under the Higher Education Opportunity Act (HEOA) of 2008, a student is convicted of a drug offense after receiving Federal Student Aid (FSA) funds must notify the Office of Financial Aid immediately. The student will become ineligible for further federal aid and be required to pay back any and all aid received after the conviction. After receiving a conviction, the student can enroll in a rehabilitation program that may reinstate their federal financial aid eligibility. Students Convicted of Possession or Sale of Drugs Policy The chart below illustrates the period of ineligibility for FSA funds, depending on whether the conviction was for sale or possession and whether the student had previous offenses. (A conviction for sale of drugs includes convictions for conspiring to sell drugs.)
If the student was convicted of both possessing and selling illegal drugs, and the periods of ineligibility are different, the student will be ineligible for the longer period. A student regains eligibility the day after the period of ineligibility ends or when he successfully completes a qualified drug rehabilitation program. Further drug convictions will make him ineligible again. It is the student’s responsibility to certify to that s/he has successfully completed the rehabilitation program. |
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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 review the handbook and email fa@nyaa.edu with questions about eligibility.
2022 – 2023 FWS
Please see the Federal Work-study Handbook for more details on eligibility and requirements as well as job descriptions.
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Financial Literacy
Tax Resources
Almost every student is eligible for tax benefits due to tuition costs, loans, and scholarships. And with tax season underway, many college students will turn to online tax filing as it has become more thorough, convenient, and safe, but with so many online tax filing options, determining which tax filing service is the best for them can be daunting. Below is a free and comprehensive guide features expert reviews, detailed comparisons, and data-driven ratings.
Creating a Personal Budget
- Calculating pay after taxes
- Free Personal Finance Software: www.mint.com & www.feedthepig.org
- Software: Quicken
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Forms
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International Student Loans
The following list of resources is provided to assist international students in their loan research. Loans for international students require a US citizen co-signor. Please consult with your financial advisor for advice on private loans.
- internationalstudentloan.com provides general information about international student loans as well as the list of available private loan services.
- salliemae.com
- collegeavestudentloans.com
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Loan Servicers
Visit My Federal Student Aid or National Student Loan Data System (NSLDS®) to view information about all of the federal student loans you have received and to find contact information for the loan servicer or lender for your loans.
The following are loan servicers for federally held loans made through the William D. Ford Federal Direct Loan (Direct Loan) Program.
| Loan Servicer | Contact |
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| CornerStone | 1-800-663-1662 |
| FedLoan Servicing (PHEAA) | 1-800-699-2908 |
| Granite State – GSMR | 1-888-556-0022 |
| Great Lakes Educational Loan Services, Inc. | 1-800-236-4300 |
| HESC/Edfinancial | 1-855-337-6884 |
| MOHELA | 1-888-866-4352 |
| Navient | 1-800-722-1300 |
| Nelnet | 1-888-486-4722 |
| OSLA Servicing | 1-866-264-9762 |
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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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Repayment
Your student loan is a debt you owe for your education, and you should treat your loan as you would any other kind of debt – for example, a loan used to buy a car or a house. As with any debt, you are responsible for repaying your loan – in full – even if you did not:
- complete school
- cannot find a job in your field of study, or
- feel you did not receive the educational or other services you purchased.
Repay your Unsubsidized Federal Stafford and Direct Graduate Plus Loans
- After you stop attending school at least half time, you have 6 months to start repaying your loans back.
- You may prepay your loan at any time without penalty. Prepayment may substantially reduce your interest costs.
Repayment Plans
| Repayment Plan | Eligible Loans | Monthly Payment and Time Frame | Eligibility and Other Information |
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| Standard Repayment Plan
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Payments are a fixed amount.
Up to 10 years (up to 30 years for Consolidation Loans).
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All borrowers are eligible for this plan.
You’ll pay less over time than under other plans. |
| Graduated Repayment Plan
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Payments are lower at first and then increase, usually every two years.
Up to 10 years (up to 30 years for Consolidation Loans). |
All borrowers are eligible for this plan.
You’ll pay more over time than under the 10-year Standard Plan. |
| Extended Repayment Plan
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Payments may be fixed or graduated.
Up to 25 years.
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| Revised Pay As You Earn Repayment Plan (REPAYE) |
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| Pay As You Earn Repayment Plan (PAYE) |
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| Income-Based Repayment Plan (IBR)
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| Income-Contingent Repayment Plan (ICR) |
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| Income-Sensitive Repayment Plan |
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Your monthly payment is based on annual income.
Up to 15 years. |
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Loan consolidation can greatly simplify loan repayment by centralizing your loans to one bill and can lower monthly payments.
However, if you increase the length of your repayment period, you’ll also make more payments and pay more in interest. Be sure to compare your current monthly payments to what monthly payments would be if you consolidated your loans.
Borrower benefits from your original loan, which may include interest rate discounts, principal rebates, or some loan cancellation benefits, can significantly reduce the cost of repaying your loans. You might lose those benefits if you consolidate. Most federal student loans are eligible for consolidation, but private education loans are not.
Generally, you are eligible to consolidate after you graduate, leave school, or drop below half-time enrollment. Repayment of a Direct Consolidation Loan can begin 60 days after the loan is disbursed, or sooner.
More information about loan consolidation
Loan Deferment
Situations when you may apply for deferment include:
- At least half-time enrollment in college.
- Period of study in approved graduate programs.
More information about loan deferment
Loan Forbearance
What is forbearance?
If you can’t make your scheduled loan payments, but don’t qualify for a deferment, your loan servicer may be able to grant you a forbearance. With forbearance, you may be able to stop making payments or reduce your monthly payment for up to 12 months. Interest will continue to accrue on your subsidized and unsubsidized loans (including all PLUS loans).
There are two types of forbearances:
- Discretionary
- Mandatory
Discretionary Forbearance
For discretionary forbearances, your lender decides whether to grant forbearance or not.
You can request a discretionary forbearance for the following reasons:
- Financial hardship
- Illness
Mandatory Forbearance
For mandatory forbearances, if you meet the eligibility criteria for the forbearance, your lender is required to grant the forbearance.
You can request a mandatory forbearance for the following reasons:
- You are serving in a medical or dental internship or residency program, and you meet specific requirements.
- The total amount you owe each month for all the student loans you received is 20 percent or more of your total monthly gross income (additional conditions apply).
- You are serving in a national service position for which you received a national service award.
- You are performing teaching service that would qualify for teacher loan forgiveness.
- You qualify for partial repayment of your loans under the U.S. Department of Defense Student Loan Repayment Program.
- You are a member of the National Guard and have been activated by a governor, but you are not eligible for a military deferment.
More information about loan forbearance
Other Strategies
- Pay off variable private loans first. The interest rates on variable private loans (given by banks and credit unions) are currently lower than the fixed rates on federally backed and private loans. But historically this situation is unusual, and if the economy improves, interest hikes are probable in the near future. That’s why it’s wise to unload these balances as soon as possible. If you can, pay twice the required amount until you have eliminated this debt and make only the minimum monthly contribution toward your fixed-rate federal loans, since those rates cannot increase.
- Biweekly Payments. First, you are paying less in interest because there is less time between payments for interest to accumulate. Second, you will end up making an extra month’s worth of payments every year. This is because paying every other week equals 26 annual payments. It’s a relatively painless way to reduce the cost of borrowing and pay off your loans faster. If you get paid biweekly, the payment feels the same on your wallet because you are taking half of a payment from each paycheck.
- Adding small amounts each month. You may not be able to afford an extra payment a year, but you can afford to send in an extra $5 a month or $25 every other month. Every dollar you pay toward your student loans can save you up to 200% of the extra payment you sent.
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Repayment Calculator
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Student Loan Forgiveness
If you are employed by a government or not-for-profit organization, you may be able to receive loan forgiveness under the Public Service Loan Forgiveness Program .
Contact your servicer to apply for student loan forgiveness, and more.
Public Service Loan Forgiveness Program (PSLF)
The PSLF Program is intended to encourage individuals to enter and continue to work full-time in public service jobs.
Requirements:
- Borrowers may qualify for forgiveness of the remaining balance of their Direct Loans after they have made 120 qualifying payments on those loans while employed full time by certain public service employers.
- You must make 120 on-time, full, scheduled, monthly payments on your Direct Loans.
- You must make those payments under a qualifying repayment plan. When you make each of those payments, you must be working full-time at a qualifying public service organization.
Qualifying employment:
- Federal, state, local, or tribal government organizations.
- A 501(c)3 nonprofit.
- A not-for-profit that’s not 501(c)3 designated but meets other requirements related to public service.
- AmeriCorps, in a full-time capacity, or the Peace Corps.