How to Apply for Financial Aid
Start the loan application process
Many students ask: "What do I need to do to explore financial aid options?"
- Let your Assistant Director of Admissions (ADA) know that you are interested in applying for financial aid so that he/she can set up an appointment for you to talk to the school's Admissions Coordinator and/or the Student Financial Services Department.
- We may be able to estimate your financial aid if you do the following:
- If you plan on starting school between July 2008 and June 2009, bring in a copy of your 2007 US Income Tax Return. (If you cannot locate your copy, let us know immediately and we can tell you how to get a copy.)
- You will also be asked about your untaxed income and assets.
- *If you are starting school in July 2009 or later, see below.
- You will also need a copy of your parents' 2007 tax return and information about their untaxed income and assets, if you:
- Are not married
- Do not have legal dependents
- Are under 24 years old
- Are not a veteran of the US armed services, and
- Are not an orphan or ward of the court.
If you need your parents' information, we recommend that they visit the school with you, or that they are available by phone during the time that you are scheduled to be with the Admissions Coordinator or the Student Financial Services Department.
If you plan on starting school between July 2009 and June 2010 and want to begin exploring your financial aid options to get an early start on the financial aid process, FAFSA4caster is for you! By using FAFSA4caster, you and your family will receive an early estimate of eligibility for federal student aid. This website provides you with an opportunity to increase your knowledge of the financial aid process; become familiar with the various types of federal student aid that are available; and investigate other sources of aid, such as grants and scholarships. Then you're ready to apply for federal student aid, you can easily transition from FAFSA4caster to FAFSA on the Web. Much of the information that you enter in the FAFSA4caster will populate your FAFSA on the Web application, making the experience of applying for federal student aid a lot easier. But federal student aid isn’t the only aid that may be available to you, especially if you and your family live in New York. As a free service, if you bring in a copy of your FAFSA4caster and your taxes, we can examine your eligibility for the New York State TAP Grant, estimate the amount of federal financial aid you can expect to receive, and give you an estimated Financial Plan so that you can finalize your plans to attend school.
Many students receive some form of financial aid to assist them in financing their education. At The Art Institute of New York City approximately 85% of the students received financial assistance in the year that ended on June 30, 2007.
Our Approach to Financial Aid and Student Financial Planning
The Art Institute of New York City provides financial planning for its students. This means that we can provide a payment plan that will allow you to budget for your entire program. Our goal in Student Financial Services is to make your monthly payments as affordable to you as possible. After you complete the application forms, your Student Financial Officer will review them using a federally required calculation to determine your eligibility for financial aid. The Officer will then work with you and your family to devise a Student Financial Plan to help you cover your educational expenses, based on your financial aid eligibility and your family circumstances. This is an outline of our process:
- The Art Institute of New York City will estimate the total cost of your education. Your total costs are broken down into direct and indirect costs.
- Examples of "direct" costs include tuition, fees, and some supplies. The school charges tuition, fees, and school-sponsored housing expenses for each quarter separately, and a student is never obligated to pay for charges beyond the quarter he/she has started.
- "Indirect" costs include food, transportation, personal expenses, and some supplies. Standard budget figures (available for review in the Student Financial Services Department) are used to estimate indirect costs, based on where you will live when you attend The Art Institute of New York City. These budget standards may be adjusted to meet unusual personal circumstances.
- Housing expenses can be considered direct or indirect costs, depending on your living arrangements. The Housing Services Office can provide you with information on school-sponsored as well as independent apartments.
- We add up all available resources that can be used to pay educational costs. This can include scholarships, veteran's benefits, federal and state aid for which you are eligible, private loans, etc.
- We subtract all of the available resources from the total estimated cost of your education. The difference is the amount that can be covered through the Student Financial Planning process.
Important Financial Aid Links
Downloadable Information and Forms
Types of Aid and Determining Eligibility (pdf)
Financial Aid Estimator Form (pdf)
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