Financial Aid Facts
At The Art Institute of New York City financial aid is available to those who qualify. We’re here to help you understand what you need to know to fund your creative education. If you want to speak with someone in person, please contact a financial aid representative at 1.800.654.2433.
Financial Aid Changes
Every year, many of the federal aid policies, practices, and awards are up for review and approval by the federal government. The government also maintains the right to modify all federal aid policies at any time during the year should there be budgetary or regulation issues that need to be addressed immediately. Starting with the new financial aid award year that begins officially on July 1st, each year, the attached document highlights the pending changes in financial aid awarding and policy. The Financial Aid Office will be able to answer any specific questions regarding how these changes might or might not affect you and your financial aid award for the coming school year. Please refer to Federal aid website for additional information.
The following links will help you find the information you need to finance your education.
Types of Financial Aid
Financial aid information is published online and available in print upon request. Visit our Financial Aid guide for more information.
Notice of Federal Student Financial Aid Penalties for Drug Law Violations
For information about eligibility requirements for federal student aid programs, please click here for school specific information. This document will provide further helpful information from the Department of Education.
Private Education Loans
Private alternative education loans are offered by private lending institutions and are not subsidized by a government agency. Alternative education loans are not to be used as a substitution for grants, scholarships or federal loans. They are intended to provide additional funding for your education after all other aid sources, including federal loans are sought.
Application for all alternative loan programs can usually be done on-line directly with the lender of your choice. Students are free to choose any lender they wish. Should you choose a paper Self Certification Form to begin your application, please click here. The Financial Aid Office can help with any questions you might have, including providing information on the Cost of Attendance and what loan amount you might need when filling this form out. Students who borrow from an alternative lender will need to complete an entrance interview and an exit interview for each alternative lender used.
Student Lending Code of Conduct for Education Loans
To download a PDF of our student lending code of conduct for education loans, please click here.
We are proud to present our new Financial Literacy resource, iGrad! We strongly encourage our students to utilize iGrad's full library of resources including their updated short video presentations, relevant current articles on a wide array of financial topics, calculators, games, a job search function, and the ability to create a customized profile of personally relevant information to best suit their personal needs. All of these resources will provide valuable tips and lessons for understanding financial aid and for managing all of their finances wisely. Some of the topics covered include financial aid processes and awards, paying for college; time management; credit management; preparing for life after college; and personal finance tips for undergraduate, graduate and professional students. These resources can be referenced at any time and will be updated as new information and resources become available.
Loan Repayment Estimator
Please visit the Federal Student Aid website here, for access to the valuable loan Repayment Estimator to get an idea of what your monthly loan payment might look like, depending on the repayment plan you choose. When it comes time to repay your loans, we suggest a plan that allows you to pay off your loans the fastest. Remember, the longer you take to pay off your loans, the smaller your monthly payment, but the more you will pay back in total dollars. Not all loans are eligible for all repayment plans. Private loan repayment plans are at the discretion of the lender. Please contact your Student Finance Counselor if you have any questions.
Federal Direct Loan Repayment Plans
Depending on your overall federal loan amount that you need to repay along with your current financial situation, there may be different repayment options available to you. This federal resource will provide all of the information you need to be better informed of your repayment options for your federal loans. Options may include, Standard, Extended, Income Contingent and Income Based repayment plans, depending on your situation. Not all plans are available to all students. While we typically suggest choosing a plan that repays your loan the fastest, generally the Standard plan, the Income Based and Income Contingent plans might be best for you right now. If you have further questions, please contact a Student Finance Counselor at the school for assistance. Please know that the federal government has the right to change the terms of each plan at any time, including eliminating and adding plans. Students also have the right to change plans, per federal regulations, as needed.
Entrance (Initial) Counseling for Student Loan Borrowers
Before receiving a student loan, first time borrowers must complete an entrance counseling session. This quick and easy interactive counseling session provides useful tips and tools to help you develop a budget for managing your educational expenses and helps you to understand your loan responsibilities. This entrance counseling session can be found on the Federal Student Aid website.
Exit Counseling for Student Loan Borrowers
Direct loan exit counseling will explain your rights and responsibilities as a direct loan borrower. Exit counseling information is also located on the Federal Student Aid website. You will need to have your Social Security number and your FSA ID ready in order to log into this portion of the site.
Financial Aid Cost of Attendance
The financial aid office uses an estimate of direct and indirect costs to determine how much financial aid a student may be eligible for. Direct costs include tuition, fees, some books and supplies and institutional housing. Indirect costs include estimates of other living expenses, transportation and personal expenses. Examples of the cost of attendance estimates used can be found by clicking here.
School Sponsored Housing Costs
In addition to being competitively priced, college-sponsored housing offers you numerous advantages such as the ability to include these costs in your financial plan. You’ll also have the opportunity to interact with other students and take part in school-sponsored activities.
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National Student Loan Data System (NSLDS)
When a borrower receives a Federal loan or a Pell grant, the information must be submitted to the National Student Loan Data System (NSLDS). Information in NSLDS is accessible to schools, lenders, and guarantors that are authorized users of the data system. Students are also able to log in and access all of their federal loan and Pell grant information. Students will need to have their FSA ID in order to access their information.
State Grant Assistance
The Art Institute of New York participates in eligible New York state grant/aid programs. See www.hesc.com for potential programs and further information.
Student Loan Information Published by Department of Education
Additional information about financial aid, including your specific loan information, can be found by visiting the Department of Education Financial Awareness Counseling along with the Federal Student Aid page.
U.S. Military Education Benefits
We are committed to helping you—our military service members, veterans and your families—understand the financial investment you are making by pursuing a postsecondary education, along with helping you to understand and uncover the financial aid options for which you may be eligible. Our Military Brochure provides a summary of the most common military education benefits, including links to the federal sites for more detailed information.
In addition, the brochure describes the Financial Aid Shopping Sheet (Shopping Sheet) that will be provided to you to assist you as you make the important decision to continue your education. A personalized Shopping Sheet will be created for you in accordance with the Principles of Excellence as outlined in Executive Order 13607. For illustrative purposes, please review the Shopping Sheet template prescribed by the Department of Education to participating schools; your Shopping Sheet will follow this format.
The Art Institutes offer qualifying military students numerous military education benefits that can help you acquire the knowledge and skills you need to put your passion to work in design, media arts, fashion and culinary careers. The Military Student Loan Benefits document provides you with an overview of the special benefits and repayment options for your student loans available from the U.S. Department of Education and the U.S. Department of Defense. For additional information about military education and housing benefits, explore our Education and Housing Benefits Guidelines.
If you served on Active Duty, you might be eligible for education benefits offered by the Department of Veterans Affairs. For example, the Post-9/11 GI Bill® provides financial support for educational and housing expenses to individuals with at least 90 days of aggregate service after September 10, 2001, or individuals discharged with a service-connected disability after 30 days. You must have received an honorable discharge to be eligible for the Post-9/11 GI Bill®.
If you are currently serving in the military, you may be eligible for funding offered through the Department of Defense Tuition Assistance program. Check your eligibility status and the amount for which you qualify with your Service prior to enrolling.
If you are the spouse or child of a service member who is serving on active duty Title 10 orders in the pay grades of E1-E5, O1-O2, or W1-W2, you may be eligible for financial assistance from the Department of Defense for education, training, and/or the occupational license and credentials necessary for a portable career.
If you are the spouse or child of a service member, you may be eligible for transfer of the service member's Post-9/11 GI Bill® benefits to you. For more information on these benefits, visit www.gibill.va.gov.
To learn more about educational benefits for military personnel and veterans, please begin with our military pages Here.
The Financial Aid Shopping Sheet Web Page
The Shopping Sheet is a model aid award letter designed to simplify the information that prospective students receive about costs and financial aid so they can easily compare institutions and make informed decisions about where to attend school. Further information on the Shopping Sheet can be accessed here.
The College Scorecard Web Site
A planning tool and resource to assist prospective students and their families as they evaluate options in selecting a school and is located at here.
The College Navigator Web Site
A consumer tool that provides school information to include tuition and fees, retention and graduation rates, use of financial aid, student loan default rates and features a cost calculator and school comparison tool. The College Navigator is located here.
The Paying for College Web page
Which can be used by prospective students to enter the names of up to three schools and receive detailed financial information on each one and to enter actual financial aid award information. The tool can be accessed here.
If you have tried to resolve a dispute you have about your Federal Student Aid and you have not been able to do so, you may need to contact the Federal Student Aid Ombudsman Group of the U. S. Department of Education.
By Phone: 877-557-2575
By FAX: 202-275-0549
By U.S. Postal Mail: U. S. Department of Education FSA Ombudsman Group 830 First Street, N. E. Fourth Floor Washington, D.C. 20202-5144