Over 90% of The Academy’s Full-Time Students Receive Financial Assistance
The Academy is committed to preparing dedicated 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.
More than ninety percent of The Academy's full-time students receive some type of financial assistance, and many receive multiple different forms of assistance. Our financial aid advisors will walk students through the process and make sure they receive as much merit-based and need-based aid for which they are eligible.
All prospective students who are U.S. citizens or permanent residents are strongly encouraged to complete the FAFSA (Free Application for Federal Student Aid) as soon as possible.
- Complete the FAFSA at fafsa.ed.gov. The Academy's SCHOOL CODE: 007465
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.
Ways to Receive Financial Assistance
Academy scholarships are Academy-funded awards that do not need to be repaid. All students accepted to The Academy are automatically considered for merit-based scholarships and will have the opportunity to apply for need-based awards.
- Merit-Based Academy Scholarships are awarded based on the applicant's audition.
- Need-Based Academy Scholarships are awarded through the financial aid process.
Accepted students who want to be considered for a need-based scholarship should apply immediately after being notified of acceptance to the Full-Time Program. The Academy will respond within two weeks from the receipt of the scholarship application.
See the list of Academy Endowed and Annual Scholarships.
All students must re-apply for scholarships 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.
Grants and scholarships are awards that do not need to be repaid. Students should apply to their local community for privately funded scholarships during their junior and senior years of high school. High school guidance counselors can provide information regarding application procedures. Visit the U.S. Federal Student Aid website to view federal grants and more information about scholarships.
U.S. Federal and State Grants
The U.S. Federal Government awards the following grants based on the FAFSA application.
Federal Pell Grants are awarded to undergraduate students who demonstrate exceptional need.
Federal Supplemental Educational Opportunity Grants (FSEOG) are for undergraduates with exceptional financial need. Priority consideration is given to Federal Pell Grant recipients.
New York Tuition Assistance Program (TAP) is a grant for which New York State residents can apply for first year state assistance. Click here to learn more.
Qualifications for Application: U.S. federal and state financial aid programs are limited to U.S. citizens and permanent residents who have completed all of the required financial aid paperwork. All students must reapply for financial aid every year.
In addition to filing a FAFSA application, The Academy asks 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 condition.
Financial aid eligibility is determined using the federal need analysis formula provided by the federal government. 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).
Credit of State and Federal Awards: All funds are credited to the student's account in two installments: the first installment at the beginning of the academic year, the second at the mid-point of the academic year. Second disbursements of financial aid will not be made to students failing to attain a minimum 2.0 Grade Point Average (GPA). Failure to raise a GPA within five weeks will result in the return of funds to federal and state agencies and banks. The student is solely responsible for any outstanding balances due to agencies, banks and The Academy.
Loans are a type of funding that must be repaid. There are two categories of educational loans available.
- Need-Based (Subsidized Federal Direct Stafford Loans)
- Non-Need-Based (Unsubsidized Federal Direct Stafford Loans, U.S. Federal Direct Parent Loans for Undergraduate Students and other alternative loans for students or parents)
U.S. Federal Direct Loans
These types of loans are limited to U.S. citizens and permanent residents who have completed all of the required financial aid paperwork. All students must reapply for financial aid every year. Students may apply for federal loans as part of their FAFSA.
Subsidized Federal Direct Stafford Loans are need-based. Interest does not accrue while students are in school and during a six-month grace period.
Unsubsidized Federal Direct 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.
U.S. Federal Direct Parent Loans for Undergraduate Students (PLUS) are for parents of dependent financial aid applicants. They may borrow from this program up to the cost of attendance, minus all other student aid.
Both parents and students can apply for a privately funded loan. Alternative loans (private loans) usually carry a higher interest rate than federal loans. Students are advised to consider them only after traditional sources of financial aid have been secured. Please contact Financial Aid for approved lenders.
International Student Loans
For more information, visit our page for International Students, or visit the links to Sallie Mae and Citizens Bank, which offer loans to international students who have a U.S. co-signer.
Listed below are additional options to help pay for education at The Academy.
U.S. Veterans Benefits
The Academy participates in the Veterans Educational Assistance Program. Veterans and dependents should contact Financial Aid for details.
Federal Work-Study (FWS) Program
The FWS 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 educational expenses. Students may apply for this aid as part of their FAFSA.
There are a limited number of on-campus jobs offered by The Academy. Following registration, students may apply for a variety of Academy departments, such as Admissions, Production, Costumes, and the library, among others.
Other Important Information
Submit Your Financial Aid Applications Early
Many funding sources are limited and available on a first come first serve basis. Financial aid is available to those who qualify. 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 our International Students page.
Satisfactory Academic Progress
Federal regulations require schools to monitor student academic progress for financial aid purposes. Click here to learn more.