Types of Aid

NYCDA participates in the U.S. Department of Education’s Title IV Federal Student Assistance Programs, as well as grant programs. In addition, NYCDA also provides institutional grants and scholarships to students who qualify.

The Financial Aid office can be reached at 888 645 0030 ext 4090 or via email at finaid@nycda.edu

Types of Aid

  • Federal Pell Grants: Need-Based Entitlement
  • Federal Supplemental Educational Opportunity Grants: Need Based
  • Federal Work-Study: Need-Based
  • Direct Loans: Need-Based and Non-Need-Based
  • New York State Tuition Assistance Program: Need-Based, Residency Based
  • Institutional Scholarships and Grants: Need-Based and Achievement-Based

NYCDA distributes financial assistance to students based on a combination of factors, which include financial need, academic achievement, availability of funds, timing of the application, and compliance with satisfactory academic progress standards.

Scholarships

The New York Conservatory for Dramatic Arts has previously awarded more than $2,000,000 in institutional scholarships and grants based on financial need and demonstration of extraordinary talent. Scholarships at NYCDA range from $1,000 to $15,000 per academic year. Most awards are renewed if the student is invited to return for the second year. NYCDA Scholarships are awarded on a competitive basis and may reflect artistic promise or academic achievement, as well as demonstrated financial need. Scholarships do not have to be repaid.

Grants

Like scholarships, grants are also a form of aid that does not have to be repaid. NYCDA applicants are encouraged to explore all of the following opportunities:

  • Mary Doyle Grant

    This award is based upon financial need, as demonstrated on the student’s Free Application for Federal Student Aid (FAFSA). Awards range from $2,000 to $3,000 for the academic year. To apply, a student must fill out a FAFSA by the given financial aid deadline of May 6, 2016. Funds are limited and are on a first-come, first-serve basis. Accepted students must reapply for the following academic year.

  • The Federal Pell Grant

    This grant provides assistance to students who demonstrate financial need according to federal guidelines. Awards range from $598 per year to a maximum of $5,815 per year.

  • Federal Supplemental Educational Opportunity Grant (SEOG)

    This program is funded by the U.S. Department of Education and administered by NYCDA to provide assistance to students with exceptional financial need. All students who qualify are automatically considered for this grant. Awards range from $350 to $700 per year.

  • New York State TAP Grant

    This grant provides assistance to students who have either attended at least two semesters of high school in New York or have been New York State residents for at least 12 consecutive months before the term for which they are seeking assistance. Awards range from $500 to $5,165. The NYCDA TAP code is 7816. In order to qualify you must file a Free Application for Federal Student Aid (FAFSA) or apply here.

Loans

An advantage of student loans, as opposed to consumer loans, is that they usually have longer terms and in most cases defer repayment until after graduation. Interest rates vary from program to program but are usually lower than rates on loans made to the general public. Here are loan options to consider:

  • Direct Subsidized Loan

    Direct Subsidized Loans are available to undergraduate students with financial need. Your school determines the amount you can borrow, and the amount may not exceed your financial need. The U.S. Department of Education pays the interest on a Direct Subsidized Loan while you’re in school at least half-time, for the first six months after you leave school (referred to as a grace period*), and during a period of deferment (a postponement of loan payments).

    Loans first disbursed on or after 7/1/16 and before 7/1/17 have a fixed interest rate of 3.61%. There is a loan fee on all Direct Subsidized Loans. The loan fee is a percentage of the loan amount and is proportionately deducted from each loan disbursement. Loans first disbursed on or after October 1, 2015, and before October 1, 2016 are charged a 1.073% loan fee.

    Direct Subsidized loans are federal student loans for eligible students to help cover the cost of higher education at a four-year college or university, community college, or trade, career, or technical school. The U.S. Department of Education offers eligible students at participating schools Direct Subsidized Loans.

  • Direct Unsubsidized Loan

    Direct Unsubsidized Loans are available to undergraduate and graduate students; there is no requirement to demonstrate financial need. Your school determines the amount you can borrow based on your cost of attendance and other financial aid you receive. You are responsible for paying the interest on a Direct Unsubsidized Loan during all periods. If you choose not to pay the interest while you are in school and during grace periods and deferment or forbearance periods, your interest will accrue (accumulate) and be capitalized (that is, your interest will be added to the principal amount of your loan).

    Loans first disbursed on or after 7/1/16 and before 7/1/17 have a fixed interest rate of 3.61%. There is a loan fee on all Direct Unsubsidized Loans. The loan fee is a percentage of the loan amount and is proportionately deducted from each loan disbursement. Loans first disbursed on or after October 1, 2015, and before October 1, 2016 are charged a 1.073% loan fee.

    Direct Unsubsidized loans are federal student loans for eligible students to help cover the cost of higher education at a four-year college or university, community college, or trade, career, or technical school. The U.S. Department of Education offers eligible students at participating schools Direct Unsubsidized Loans.

  • Direct PLUS Loans for Undergraduate Students

    The Direct PLUS Loan enables parents of dependent undergraduate students to borrow up to the full amount of an NYCDA education minus other aid. PLUS Loans first disbursed on or after July 1, 2015, and before July 1, 2016, and before July 1, 2017, the interest rate is 6.31%. These are fixed interest rates for the life of the loan. There is a loan fee on all Direct PLUS Loans. The loan fee is a percentage of the loan amount and is proportionately deducted from each loan disbursement. Loans first disbursed on or after October 1, 2015, and before October 1, 2016 are charged a 4.272% loan fee.

Veteran’s Benefits

Veterans are eligible for a variety of benefits at NYCDA.