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▶ Financial Aid Information For Full-Time Students

Financial Aid
The Academy is committed to preparing talented students for acting careers and helping them achieve their highest potential. For that reason, we try to make it possible for all admitted students to attend the school.

Over ninety percent of The Academy's admitted students receive some type of financial assistance. In addition to funding provided directly by The Academy, we participate in various federal and state financial aid programs and offer a choice of payment plans. All prospective domestic students are encouraged to apply for financial aid at the time of audition. Financial aid packages consist of a combination of grants, loans, scholarships and campus employment. It is to the student's advantage to submit early applications.

Academy and Other Scholarships

Academy Scholarships are Academy-funded. Scholarship funds do not have to be repaid. All students who have applied and been accepted to The Academy are considered for the following scholarships:

  • Merit Scholarships up to $8,000 determined by an Applicant's audition, may be awarded. Our Scholarship Procedures/Schedule provides information about deadlines for Merit Scholarship consideration. >> Scholarship Procedures/Schedule

  • Need-based Awards up to $6,000 may be awarded. They are assessed through the financial aid process.

All students must re-apply for financial aid every year. Second Year and Academy Company students apply for scholarships by submitting the application (provided by the school) to The Academy's Scholarship Committee.

Additionally, prospective students should apply to their local community for privately funded scholarships during their junior and senior year of high school. High school guidance counselors can provide information regarding application procedures.

For a list of Endowed and Annual Scholarships click here

While it is our priority to provide financial assistance to as many students as possible, funding is based upon availability; therefore, every student and his or her family should pay for their education to the extent of their ability.

For information about additional financial assistance for International Students please visit >>International Students/Financial Aid.


US Federal Financial Aid and State Grant Programs

Qualifications for Application: These financial aid programs are limited to US citizens and permanent residents who have completed all of the required financial aid paperwork.

All prospective students who are US citizens or permanent residents are strongly encouraged to complete the FAFSA (Free Application for Federal Student aid). Second year and company students should reapply for federal and state aid programs each year that they plan to attend. In addition to filing a FAFSA application, we ask students and their families to provide us with supplemental information they feel is important to provide a full picture and help us accurately assess a family's or individual's financial strength.

File the FAFSA at www.fafsa.ed.gov or click on the banner below. You will also need to enter The Academy's SCHOOL CODE: 007465

Early application is strongly advised for all financial aid.




The FAFSA4caster, which may be accessed on the banner provided below, provides students with an early estimate of their eligibility for federal student financial assistance.



Financial aid eligibility is determined using the federal need analysis formula. The formula uses the student and/or family's income and assets, and other factors, to calculate an Expected Family Contribution (EFC). Each year, The Academy estimates a cost of attendance (budget). The budget represents educational costs including tuition, fees, books, and living expenses for the student. The difference between the estimated budget and the EFC is the student's need. Financial aid may be awarded up to the student's cost of attendance (budget). >> Tuition & Costs

Upon submission of a completed application for admission, students will be sent a financial aid information packet. The packet contains information and forms that must be completed and returned to The Academy. Complete details are available through our Financial Aid Office at each of our campuses:

Call 800-463-8990 or email
rlopez@aada.edu for New York related questions or
kroumillat@aada.edu for Los Angeles related questions.



Types of US Federal and State Grant Programs

GRANTS: Grants do not have to be repaid. Visit Guide to Federal Student Aid from the US Department of Education.

Federal Pell Grants: Federal Pell Grants are awarded to undergraduate students who demonstrate exceptional need. The maximum award for the 2011-2012 academic year is $5,550.00.

Federal Supplemental Educational Opportunity Grants (FSEOG): The Federal Supplemental Educational Opportunity Grant (FSEOG) is for undergraduates with exceptional financial need. Priority consideration is given to Federal Pell Grant recipients.

Tuition Assistance Program (TAP): New York State residents only. First year students should apply immediately upon acceptance to The Academy. Awards range from $200 - $5,000 per academic year.

Veteran's Benefits: The Academy participates in the Veteran's Benefit educational funding program. Veterans and dependents should contact the Financial Aid Offices for details.

Call 800-463-8990 or email
rlopez@aada.edu for New York related questions or
kroumillat@aada.edu for Los Angeles related questions.



Work-Study

The Academy participates in the Federal Work-Study (FWS) program. The program at The Academy is federally and institutionally funded. It provides part-time, on-campus jobs for students with financial need, allowing them to earn money to help pay education expenses.



Loans

Subsidized Federal Direct Loans

Subsidized Federal Direct Loans are need based. Interest does not accrue while students are in school and during a six month grace period. The annual maximum for each class level are:
  • $3,500 for First Year students
  • $4,500 for Second Year students
  • $5,500 for Academy Company students

Unsubsidized Federal Stafford Loans

Unsubsidized Federal Stafford Loans are not need based. Interest accrues while students are in school and during the six month grace period. Annual maximums vary depending on whether the student is a dependent or independent financial aid applicant.

Dependent students may borrow $2,000 in unsubsidized direct loan for first, second years, and company years.

Independent students may borrow:
  • $6,000 for First and Second Year
  • $7,000 for Academy Company

Federal Direct Parent Loans for Undergraduate Students (PLUS)

Parents of dependent financial aid applicants may borrow from the Federal Direct Parent Loans for Undergraduate Students (PLUS) program. Parents may borrow up to the cost of attendance minus all other student aid.


Alternative Loans

Alternative Loans (private loans) usually carry a higher interest rate than federal loans. Students are advised to consider them only after borrowing from federal direct loan programs. US Citizens, eligible Permanent Residents and International Students who have a US credit-worthy co-signer may be offered lower interest rates. International students must have a US credit-worthy co-signer.


SimpleTuition®

The Academy is pleased to offer students and families the opportunity to compare private education loan programs by lender. SimpleTuition® is a comparison tool families may use to assist with their lender and private loan program selection. This service will also assist the student and family in better understanding the long term costs of the loan programs being considered.

Click Here to access The Academy's unique link to the SimpleTuition® website.

*Loans are based on the borrower's (and co-borrower's, if required) credit and financial history. While The Academy may recommend these programs, approval of any loan will be based on information each lender has obtained and their specific credit criteria.



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