FINANCIAL AID

Over 90% of Admitted Students Receive Some Type of 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. In addition to funding provided by The Academy, the school participates in various federal and state financial aid programs and offers a choice of payment plans.

The Academy requires that all U.S. citizens and permanent residents complete the FAFSA (Free Application for Federal Student Aid) to be considered for financial aid. In addition to filing a FAFSA, we ask that students and their families provide us with whatever supplemental documents they feel are important to provide a complete financial picture and help us accurately assess a family’s or individual’s financial condition.

All prospective students are encouraged to apply for financial aid during the application process. Financial aid packages may consist of a combination of grants, loans, scholarships and campus employment. It is to the student’s advantage to submit early applications to determine eligibility.

Ways to Receive Financial Assistance

1Academy Scholarships

Academy scholarships are a form of aid that does not need to be repaid. If you have been accepted to The Academy and want to be considered for a scholarship, you should apply immediately after being notified. You will receive a response from The Academy within two weeks of receipt of your scholarship application. In addition, prospective 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.

See the list of Academy Endowed and Annual Scholarships.

First Year:
All students who have applied and been accepted by The Academy are considered for scholarships. Merit scholarships are awarded based on an applicant’s audition. Need-based awards are assessed through the financial aid process.

Second Year and Academy Company:
Merit and need-based scholarships roll over for Second Year if GPA requirements are met. Need-based scholarship forms must be submitted for scholarship funds to roll over. All Company students must reapply for scholarships.

2U.S. Federal and State Grants

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 and states award the following grants based on the FAFSA (Free Application for Federal Student Aid) application.

Federal Pell Grants are awarded to undergraduate students who demonstrate exceptional need, have not reached their limit of lifetime eligibility and have no prior baccalaureate degree.

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 state assistance. Funds are determined by the Higher Education Services Corporation (HESC). Click here to learn more.

Qualifications for Application: These financial aid awards are limited to U.S. citizens and permanent residents who qualify and who have completed and submitted all the required financial aid paperwork.

The Academy requires that all U.S. citizens and permanent residents complete the FAFSA (Free Application for Federal Student Aid) to be considered for financial aid. In addition to filing a FAFSA, we ask that students and their families provide us with whatever supplemental documents they feel are important to provide a complete financial picture and help us accurately assess a family’s or individual’s financial condition.

Financial aid eligibility is determined by using a needs analysis formula provided by the federal government. In this formula, the student’s and/or family’s income and assets are weighed against allowances for basic living costs, number in the household, and resources for retirement to calculate an Expected Family Contribution (EFC). A cost of attendance budget is then constructed by The Academy that represents educational costs including tuition, fees, books and living expenses. The difference between the estimated budget and the EFC is the financial need of the student. The Academy will not award financial aid above the cost of tuition and living expenses.

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 suspension of all Title IV and private loans. The student is solely responsible for any outstanding balances due to agencies, banks and The Academy.

3Loans

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, 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 a student is in school, during a grace period or during in-school deferment.

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.

Parent Loans For Undergraduate Students (PLUS) are for parents of dependent financial aid applicants. The Parent PLUS Loan offers a fixed interest rate and a flexible loan limit that allows parents to borrow up to the cost of attendance, minus all other student aid.

Alternative Loans
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 assistance with identifying private lenders.

International Student Loans
For more information, visit our page for International Students, or visit the Financial Aid Office for assistance with private student loans and the requirements.

4Other Options to Help Pay for Your Education

Listed below are additional options to help pay for education at The Academy.

Academy Payment Plans
The Academy offers various payment plans. Visit our Tuition & Costs page or contact Financial Aid for more details.

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 a federally funded program. It provides part-time, on-campus jobs for students with financial need, allowing them to earn money to help pay their education expenses. Students may apply for this aid as part of their FAFSA.

Institutional Work-Study (IWS) Program
The IWS Program at The Academy is solely an institutionally funded program. It provides part-time, on-campus jobs for students with financial need, allowing them to earn money to help pay their education expenses. Students may apply for this aid through the Financial Aid Office.

On-Campus Employment
There are a limited number of on-campus jobs offered by The Academy. Following registration, students may apply to 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.

International Students

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.

Contact Us

Call 800-463-8990 or click here to submit any questions regarding financial aid assistance.