Financial Aid Programs
FEDERAL 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.
GRANTS
Grants are gift aid and do not have to be repaid.
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 2007-2008 award year is $4,310.
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 $275 – $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.
LOANS
Student loans 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. Dependent 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:
- $4,000 for First and Second Year students
- $5,000 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.
800-463-8990 (New York) rlopez@ny.aada.org
800-222-2867 (Los Angeles) jramirez@ca.aada.org
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