▶ Financial Aid Information For Full-time Students

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

AADA Grants and Scholarships

AADA Grants and Scholarships refer to money that does not need to be repaid and the Academy will create a package for all students with both Academy-funded and federal/state grants for which they are eligible. In addition, 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.

All students who have applied and been accepted to the Academy are eligible for the following scholarships and grants:

• 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 in addition to AADA Grants and 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 AADA) to the Academy's Scholarship Committee.

▶ 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.

The following information is for US citizens and Permanent Residents. For information about additional financial assistance for International Students please visit >>International Students/Financial Aid.


US Federal and State Grants and Scholarships

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

AADA requires that all US 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 application, we ask students and their families to provide us with whatever 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 AADA'S SCHOOL CODE: 007465



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 by using a needs analysis formula provided by the federal government. In this formula, the student 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. Early application is strongly advised for all financial aid. >> Tuition and Costs

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. Failure to raise a G.P.A. 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 AADA.

Application Procedure: Upon submission of a completed application for admission, the applicant will be sent a financial aid information packet containing all necessary forms to be filled out by the applicant and the applicant's family. To apply for financial aid from the Academy, the Free Application for Federal Student Aid (FAFSA) and the Financial Aid Worksheet must be completed. Both are included in the financial aid information packet. Complete details are available through our Financial Aid Office at each of our campuses:

New York: Telephone 800-463-8990 or email rlopez@ny.aada.org
Los Angeles: Telephone 800-222-2867 or email jramirez@ca.aada.org


Types of US Federal and State Grants

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

Federal Pell Grants: Federal Pell Grants are awarded to undergraduate students who have not earned bachelor's or professional degrees. Eligibility requirements are set by the U.S. Congress and are based on financial need. For many students, Pell Grants provide a foundation of financial aid to which other aid may be added. The maximum award for the 2010-2011 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. Students may receive $200 - $1,000 per academic year.

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.

CAL Grants A, B & C: Cal Grants are state grants based on need and GPA. They are available to California residents attending California schools only. Maximum award amount is $9,708 per academic year. A Cal Grant GPA verification form and a FAFSA must be completed and postmarked by March 2 of each year to be considered for these awards. Contact the Financial Aid Office for details.

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.

New York: Telephone 800-463-8990 or email rlopez@ny.aada.org
Los Angeles: Telephone 800-222-2867 or email jramirez@ca.aada.org


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

Student loans must be repaid and fall into two categories:

1. Need based (Subsidized Federal Stafford Loans)

2. Non-need based (Unsubsidized Federal Stafford Loan, Federal Parent Loans for Undergraduate Students, and other alternative loans for students or parents).

Subsidized Federal Stafford Loans

Subsidized Federal Stafford Loans are loans for which the federal government subsidizes interest while a student is in school, in a grace period, or in certain types of deferment. Available through local participating lenders, students must demonstrate financial need to qualify for this subsidized loan program. The maximum borrowing allowances 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 available to students without regard to financial need. Independent students may borrow from the Unsubsidized Federal Stafford Loan up to a maximum as listed below, less any amount borrowed through the Subsidized Federal Stafford Loan Program:

• $6,000 for First and Second Year students
  
• $7,000 for Academy Company students

Federal Parent Loans for Undergraduate Students

Federal Parent Loans for Undergraduate Students (PLUS) allow parents of financially dependent students to borrow money for the purpose of meeting the cost of education. 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 traditional sources of financial aid have been secured. U.S. Citizens, eligible Permanent Residents and International Students who have a U.S. credit-worthy co-signer will obtain better alternative loan rates, and international students must have a co-signer.

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