Financial aid programs and services assist students and families with paying for the cost of attendance. Students and their families must demonstrate financial need. Financial aid packages may consist of a combination of grants, scholarships, campus employment, and loans. All packages are tailored to meet each student’s need. The Academy participates in various federal and state financial aid programs and offers a choice of payment plans as well as scholarships. Complete details regarding financial aid are available through the Financial Aid Office.

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.

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 attendance (tuition and living expenses). Early application is strongly advised for all financial aid.

Qualifications for Application
Financial aid awards are offered to candidates who have completed all required financial aid paperwork and who demonstrate financial need. All financial aid is limited to U.S. citizens or eligible non-citizens except for the AADA Work Study Program.

Credit of Award
All financial aid 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.

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 (New York campus only) must be completed. Both are included in the financial aid information packet. Click here for FAFSA. The Academy reserves the right to request additional information when it is necessary to assess a family’s or individual’s financial strength accurately.