Financial Aid

Bachelor of Fine Arts Program

It is the goal of the Academy to help every eligible student obtain financial assistance. The Academy participates in federal student financial aid programs. The level of financial assistance depends on demonstrated need as well as funds available, so it is wise to begin the process early. In fact, the Academy encourages the student to meet with the Financial Services staff even before enrollment is confirmed in order to assist the student in working out a plan to meet the cost of education.

Financial aid awards are based on a detailed analysis of need, taking into account many factors in addition to annual income. Also considered are total assets, debts, family size, marital status, other family members in college and recent changes in the family’s financial status. In order to determine a student’s eligibility, the student must complete the Free Application for Federal Student Aid (the FAFSA) and the Academy’s “Application and Information Form” and submit them to the Financial Services Office. Financial Services personnel are available to assist students and parents in the completion of the forms and to answer questions on the application process.

Eligibility requirements for financial aid are:

1. The student must be a U.S. citizen or eligible non-citizen.
2. The student must demonstrate financial need by filing an accepted need analysis form.
3. The student must be enrolled at least half-time in a degree program.
4. The student must maintain satisfactory progress as defined by the Academy.

Applicants for financial aid must submit the following information to the financial aid administrators:

1. The American Academy of Art’s “Application and Information Form.”
2. The “Free Application for Federal Student Aid” (FAFSA) or a Student Aid Report (SAR) received from the U.S. Department of Education. (The SAR is the processed FAFSA.)
3. A signed copy of the student’s most recent federal income tax return, or other proof of income.
4. A signed copy of the student’s parents’ most recent federal income tax return if a student is required to provide that data based on the Federal rules as stated in the FAFSA.

The school will use the current Verification Guide issued by the Department of Education as the governing document for substantiation of information on students’ applications. Any required supporting documentation needs to be submitted to the Financial Services Office as soon as possible, and no later than 45 days after notification.

Brochures and pamphlets regarding student aid programs, including information on specific loan types and repayment conditions are available in the Financial Services Office.

Financial Aid Programs

Federal Pell Grant Program
The Federal Pell Grant Program is a need-based Federal Student Aid Program administered by the U.S. Department of Education for students who meet eligibility requirements. Awards do not have to be repaid.

Federal SEOG Grant
The Federal Supplemental Educational Opportunity Grant (FSEOG) is a limited funded, need based federal student aid program administered by the Financial Services Office at the American Academy of Art. Awards do not have to be repaid.

Loan Programs

Federal Family Education Loan Program
Federal Subsidized Stafford Loan
The Federal Subsidized Stafford Loan provides federally guaranteed, low-interest loans of as much as $3,500 for first-year, $4,500 for second-year, $5,500 for third-year and fourth-year students. These loans are for undergraduate students who meet the eligibility requirements. Repayment is deferred and no interest is charged until repayment begins.

Federal PLUS Loan
The Federal Parent Loan for Undergraduate Students (PLUS) provides loans up to the cost of education for an academic year less other financial aid to qualifying parents of undergraduate students. Repayment usually begins 60 days after the loan is made.

PLUS loans offer an alternative for students who may not qualify for other forms of aid or provide supplemental funding for those who need additional assistance.

Federal Unsubsidized Stafford Loan
The Federal Unsubsidized Stafford Loan provides as much as $4,000 for the first and second-year and $5,000 for third- and fourth-year academic grade levels to dependent students who do not qualify for all or part of the funds available under the Federal Subsidized Stafford Loan Program or independent students as a supplement to the subsidized loan program. Repayment of the principal is deferred until 6 months after graduation or withdrawal. However, interest is charged from the time the loan is disbursed, but may be deferred while the student is in school.

There may be exceptions to the criteria listed here for each of the five financial aid and loan programs. Students will need to provide additional information to be considered eligible as an exception to the above criteria.

Note: All students are required to state whether or not they are degree-seeking. Students may participate in financial aid programs only if they are in degree-seeking programs.