Digital Film Academy participates in Title IV Federal Student Financial Assistance programs. Students who are U.S. citizens or permanent residents may qualify for one or more of the following financial assistance programs.
To apply for financial aid, students must complete the “Free Application for Federal Student Aid (FAFSA), which is available through the Financial Aid Office or online at www.studentaid.gov.
To apply for financial aid, follow the instructions below:
(a) If you never applied for Financial Aid before, click here and create a new account. When it asks about the school, use the Digital Film Academy school code:
- New York City, NY campus 04206200
- Atlanta, GA campus 04206201
(b) If you already have an existing Financial Aid (FAFSA) account, log into your account at https://www.studentaid.gov/ and add in our school code: 042062.
NEXT STEPS
Afterwards, you will probably receive an automatic email from the financial aid website, confirming that your Financial Aid application was processed successfully. Please forward that email to us. Our financial aid officer will check to ensure it has been received and is being processed.
When you complete your application for financial aid, it normally takes about 4 business days before Digital Film Academy is notified. Our Financial Aid officer here at DFA will review all your information and create a financial aid worksheet. This shows how much financial aid you will be eligible for.
Eligibility Requirements
Student financial aid applicants must satisfy certain eligibility requirements in order to be able to receive and continue to use financial aid. These requirements include, but are not limited to:
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Fulfillment of all admission requirements.
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Submission of all documentation requested by the school or lender(s) or both.
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Satisfactory academic progress in accordance with school policy.
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Completion of “aid specific” requirements, such as entrance and exit loan counseling, and Master Promissory Note
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Remain a student in good academic standing.
Graduating students who received student loans must complete exit loan counseling and meet all other graduation requirements before they will be considered a graduate and awarded a credential. Withdrawing students who received any loans must complete exit counseling as well.
Federal Pell Grant Program
The Federal Pell Grant program is the foundation of the federal government’s financial aid programs. The Pell Grant, unlike the loan, does not have to be repaid. If qualified, the Pell Grant amount will be determined by formulas established by the U.S. Department of Education. Please check with the Financial Aid Office for award minimums and maximums.
Federal Direct Stafford Loan Program (Subsidized or Unsubsidized)
A student loan is a low-interest loan made to you by the U.S. Department of Education. Funds are paid to the student by the federal government through a direct credit to the student’s account. The eligibility and annual maximums for the Federal Direct Student Loan (FDSL) Programs and Federal Direct PLUS Loan Programs are established by federal regulation. Federal Direct Stafford Loans are low interest loans made to students attending school at least halftime. Federal Direct Stafford Loans, unlike grants, are borrowed money that must be repaid, with interest and payments normally beginning six months after leaving school. The amount of each payment depends on the size of the debt and the ability to pay. Students can qualify for a Federal Direct Subsidized Loan based upon financial need, as determined by the FAFSA. The need-based loan (referred to as “subsidized”) offers in-school interest subsidies by the federal government. In addition, students may qualify for a non-need Federal Direct Unsubsidized Stafford Loans (referred to as “unsubsidized”). These loans do not offer interest subsidies.
It is possible for students to have both subsidized and unsubsidized Federal Direct Stafford Loans.
Loan Limits
An independent undergraduate and dependent student whose parents are unable to borrow a PLUS loan can borrow up to $3,500 from the subsidized loan and up to $6,000 from the unsubsidized loan for the first academic year. Student loan programs are also subject to total (aggregate) borrowing limits. These limits include all loans that the student has borrowed while attending any school. The maximum aggregate loan limits for dependent undergraduate students are $23,000 from the subsidized loan and $31,000 from the unsubsidized loan program. Independent undergraduate students and dependent students who are unable to borrow from the PLUS program have aggregate limits of $23,000 from the subsidized loan and $57,500 from the unsubsidized loan program. All students are required to complete an Entrance and Exit Counseling to ensure the student fully comprehends the rights and responsibilities of a borrower loans begins six months after ceasing enrollment. Repayment on unsubsidized loans including interest also begins six months after ceasing enrollment, but interest begins accruing at time of first disbursement. Students may choose to repay the accrued interest while in school which reduces the cost of borrowing. If the borrower chooses not to pay the interest on the unsubsidized loan while in school, the interest will be capitalized (added to the principal) and the new loan amount will begin to accrue interest costing the borrower more over the life of the loan.
Disbursement
When your awards are disbursed to your DFA student account, they will be applied to any unpaid tuition and fee charges. If you have a financial aid credit balance after the payment of your tuition and fees, you will receive a credit balance “refund” that will be electronically deposited to your personal bank account or sent to your home address in the form of a paper check. Your financial aid is disbursed to your DFA student account, not to you personally. Only after all charges on your account are satisfied will you see your refund. Refunds are processed after all charges on your account are satisfied will you see your refund. Refunds are processed within 14 days after a financial aid payment appears on your DFA student account. Keep this timeframe in mind when doing your financial planning.
In order to protect refunds made in the form of a check:
- Be sure to keep your mailing address current in your account.
- If you don’t receive an expected check within 21 days of the scheduled disbursement date, or if your check is lost or stolen, contact the Bursar’s Office immediately.
- Deposit or cash your check as soon as possible after you receive it. Stale checks may not be able to be replaced and you risk losing those funds.
- Do not endorse your check until you are ready to cash or deposit it. If an endorsed check is lost and then cashed, DFA will not cover the loss.
- Report any lost or stolen check to the Bursar’ Office immediately.
Sample Loan Disclosures
Federal Direct Stafford Loans are also referred to as Direct Loans or Federal Direct Loans. The lender of these loans is the U.S. Department of Education and repayment is to the Department. Between 10 and 30 years to repay, depending on amount owed and type of repayment selected. For additional information please visit www.studentaid.gov
Application Form
You must apply for financial aid using the FAFSA. You will not be automatically offered a Direct Loan. If you want to borrow from the Direct Loan program, you must request the loan from the financial aid office. If you request a Direct Loan and later decide you do not need the funds, you may decline the loan by contacting the financial aid office.
Subsidized Loans
If you are an undergraduate student and have financial, need you are eligible for a subsidized Direct Loan. With subsidized loans no interest will be charged as long as you maintain at least half-time enrollment (8.25 credits per term or 12 clock hours per week). Financial need is the difference between Cost of Attendance and your Expected Family Contribution.
Interest Rate and Repayment for Subsidized Loans
Subsidized loans taken between 7/1/2022-6/30/2023 are charged a fixed interest rate of 4.99%. The interest will not change throughout the life of the loan. There is no interest charged on your subsidized loan as long as you maintain half-time enrollment (6 credits per term or 12 clock hours per week) at the college. The interest rate varies each year on new loans and is adjusted each July 1st.
Annual Student Loan Acknowledgement
For ALL borrowers of a Federal Direct Subsidized or Unsubsidized Stafford Loan, or Federal Direct PLUS loans. Note: You must complete this requirement even if you have already completed a Multi-year Master Promissory Note. Please visit https://studentaid.gov/asla/ for more information.
Qualifying Credits and Programs
You must take at least 6 credits per term. You must be accepted for admission to a Title IV-eligible program (this includes eligible certificate programs).
Unsubsidized Loan
The unsubsidized loans are charged an interest rate of 4.99% and is available to students who do not qualify for the subsidized loan. The difference of the unsubsidized loan is that interest accrues while the student attends school. You are eligible to receive an unsubsidized Direct Loan to replace all or a portion of the family contribution if there is loan eligibility remaining.
Interest Rate and Repayment for Unsubsidized Loans
Unsubsidized loans taken between 7/1/2022 -6/30/2023 are charged a fixed interest of 4.99%. The interest will not change throughout the life of the loan. If you borrow an unsubsidized Direct Loan, you have the option of paying the interest as it accrues, or you can let it be added to the principal of the loan. The interest rate varies each year on new loans and is adjusted each July 1st.
150% Direct Subsidized Loan Limit (SULA)
Direct Loan requirements limit borrower eligibility for Direct Subsidized Loans to a period of 150 percent of the length of the borrower’s educational program. For example, 6 years of Subsidized Loan eligibility for a Bachelor’s degree and 3 years for an Associate’s degree. Under certain conditions, first-time borrowers who have exceeded the 150 percent limit may lose the interest subsidy on their Direct Subsidized Loans.
Maximum annual limits for Subsidized and Unsubsidized Federal Direct Loans For Dependent and Independent Students
- Dependent student: The career maximum of subsidized and unsubsidized combined undergraduate loans is $31,000 ($23,000 maximum in subsidized loans).
- Independent student: The career maximum undergraduate amount is $57,500 ($23,000 maximum in subsidized loans).
- Graduate and professional student: The career amount maximum is $138,500.
Maximum for Subsidized Direct Loans
Cost of Attendance
– Expected Family Contribution
– Estimated Financial Assistance
= Maximum Subsidized Loan Amount
Example of subsidized loan eligibility
Let’s say you are a dependent student and in your 3rd year of college. Your total cost of attending college is $10,000, which includes: tuition, fees, books, supplies, transportation, lunch, and personal expenses. Your expected family contribution determined from your FAFSA is $3000 and your total financial aid from grants and scholarships totals $2,000. You have expenses not met of $5000 ($10,000-$3,000-$2,000=$5,000). You could get a subsidized loan for the portion of expenses that were not met which is $5000. If you still need additional money to cover costs, you could receive a maximum of $500 in an unsubsidized loan. You could not exceed $2,500 in an unsubsidized loan since the maximum a 3rd year student could borrow in federal direct loans is $7,500.
$10,000 Cost of Attendance (COA)
– $3,000 Expected Family Contribution (EFC)
– $2,000 Financial Aid
= $5,000 Portion not met
Maximum for Unsubsidized Direct and PLUS loans
Cost of Attendance
– Estimated Financial Assistance
= Maximum Loan Amount
Loans
$5,000 Maximum Subsidized loan
+ $2,500 Maximum Unsubsidized loan (replaces part of your EFC)
= $7,500 Maximum Direct loan
A dependent student’s maximum eligibility, whether it subsidized or a combination of subsidized and unsubsidized loans, cannot exceed the amounts shown above. Independent students, however, are eligible to borrow additional funds from the Unsubsidized Direct Loan program. In cases where the parents of the dependent student are denied eligibility for the Parent Loan for Undergraduate Students (PLUS) due to a negative credit history, the dependent student may borrow additional funds from the unsubsidized loan program. Student borrowers do not need a co-signer and there is no credit check done by the federal government. Things you need to know if you borrow a Federal Stafford Loan:
- Federal Direct Loan borrowers taking their first loan on or after July 1, 2013, may qualify for a subsidized Direct Loan for a maximum of 150% of the length of their academic program. Students will be limited to receiving subsidized loans for 3 years in a 2-year program or 6 years in a 4 year program. Students reaching this limitation could receive unsubsidized loans if eligible. Additionally, borrowers who reach the 150% limitation will have their interest subsidy end for all outstanding subsidized loans.
- The federal government charges all borrowers an origination fee at the time the loan is disbursed. This is in addition to interest charges.
- While pursuing an undergraduate degree, you can borrow a maximum of $31,000 as a dependent student and a maximum of $57,500 as an independent student.
- Before loan funds may be disbursed you must complete an entrance interview. This interview is usually done on-line and consists of providing loan borrowers with extensive information regarding the loan’s terms and conditions.
- You are responsible for notifying your Direct Loan Servicer when you leave school or are no longer enrolled at least half-time and whenever your address changes.
- You may prepay all or any part of the unpaid balance on your loans at any time without penalty. This will decrease the amount of interest that you will pay over the life of the loan.
- If you receive a Federal Direct Loan and you drop below half-time status (6 credits per term or 12 clock hours per week), you must contact your college Financial Aid Office to arrange for an Exit Interview.
- Most colleges disburse the funds once a term unless you are scheduled to register for only one term in the academic year. In that case the loan will be disbursed in two equal payments. Colleges have the option of disbursing a loan for up to 20 payments depending on the college’s policy and the student’s needs.
- A federal Student Loan Ombudsman office is available for assistance with loan problems at 1-877-557-2575 or by writing to: Office of the Ombudsman, Student Financial Assistance, US Dept. of Education, Fourth Floor, 830 First Street, NE, Washington, DC 20202-5144.
Federal Parent Loans for Undergraduate Students (PLUS)
Federal PLUS Loans are for parents to borrow to help pay for their children’s education. These loans enable parents with good credit history to borrow for each dependent. Federal PLUS Loans must be repaid. Repayment generally begins 60 days after the loan is fully disbursed. The maximum amount that a parent can borrow on behalf of their child is the difference between the cost of attendance and other aid received.
Trade Act or TRA
Digital Film Academy is approved as an eligible institution to provide training by the Department of Labor and Industry. For additional information on eligibility requirements contact your State’s local Employment Office.
Title IV Refunds (R2T4) Policy
The Financial Aid Office is informed of the student’s withdrawal (either official or unofficial), by the Registrar. When the Financial Aid Office has been informed that a student has withdrawn, the Financial Aid Officer will immediately complete the Return of Title IV Funds form downloaded from IFAP. Upon completion of this calculation, the Financial Aid Counselor contacts the student via phone call followed by an email to the student. The student is informed of the results of the R2T4 calculation including the amount of funds that will be returned to the program by the school, amounts that must be returned by the student, and any post-withdrawal funds for which the student may be eligible. The student receives instructions regarding the return required by them. In the event the student is eligible for a post- withdrawal disbursement, the student receives information regarding post-withdrawal disbursements as well as notification of the deadline for which a response may be required. Copies of the R2T4 calculation and email notification are retained in the student’s financial aid file.
The Financial Aid Officer, also, enters the last date of attendance into the Student Information System software along with scheduled disbursement information and other data required by Digital Film Academy that was gathered from completing the R2T4 worksheets. This information is transmitted to Digital Film Academy.
When the School is required to return unearned aid, the Financial Aid Office notifies the Finance Office of the amount of funds to be returned to the Programs. The Finance Office ensures the funds are available in the federal designated bank account as soon as possible, but, within 45 days of determining the student’s last day of attendance. Digital Film Academy receives the funds from the bank account via electronic transfer and returns the funds to the federal programs. When the School returns loan funds the student is notified of the amount of loan funds returned and the date the funds were returned via email. A copy of the email is placed in the student’s file.
The student is notified via email when he/she is required to return Federal funds. Loan funds are not required to be returned but are to be repaid according to the repayment schedule of the loan. When grant funds are to be returned by the student, the student is informed that they are only required to repay 50% of the grant, unless the amount owed is $50 or less.
Unearned Title IV is returned up to the net amount disbursed from each source in the following order:
- Federal Unsubsidized Direct Loan
- Federal Subsidized Direct Loan
- Federal Pell Grant
- Federal SEOG
