In addition, here are some other sources that you might want to consider looking to help pay for your education:

• Income from full-time or part-time jobs
• Unions that may have programs designed to assist members or dependents
• Veteran benefits - The New York Conservatory for Dramatic Arts’ programs are approved by the New York State Division of Veterans’ Affairs for the training of veterans and others who qualify through the Montgomery GI Bill. Contact the nearest Veteran Affairs Regional Office for additional information.
• Scholarships that may be offered through many foundations, religious organizations, fraternities and sororities, civic groups and the National Honor Society. Many of these can be searched for on the internet.
• Private funding such as home equity loans, savings, borrowing against insurance policies or 401k(s), state educational savings plans.

Scholarships

The New York Conservatory for Dramatic Arts’ National Scholarship Audition Tour will award over $1,000,000 in scholarships toward the 2010-2011 school year.

Scholarships are a type of gift aid that does not have to be repaid. They may take the form of NYCDA scholarships, federal or state, or outside scholarships. These scholarships must be used first toward tuition charges. NYCDA Scholarships are awarded on a competitive basis and may reflect artistic promise, as well as demonstrated financial need.

Sanford Meisner Merit Award - this award is based upon talent demonstrated at an applicant's audition. Range of Awards - Awards range from a minimum of $1000 to a maximum of half tuition for an academic year. Special Provisions - Award will be renewed if the student is invited to return for the second year and maintains a minimum 3.0 GPA. Notification - Students will be notified by the Admission Office.

Mary Doyle Memorial Scholarship - this award is based upon financial need and talent demonstrated at an applicant's audition. Range of Awards - Awards range from a minimum of $500 to a maximum of $2000 for the academic year. Special Provisions - To apply, a student must fill out a FAFSA. Students must reapply for the following academic year and will be selected based upon financial need, talent, and maintaining a minimum 3.0 GPA. Notification - Students selected for this award will receive a financial aid award notice.

Grants

Grants are a form of aid that does not need to be repaid.

The Federal Pell Grant - This grant provides assistance to students who demonstrate financial need according to economic criteria and program requirements established by the federal government. To be eligible, you must enroll in an approved certificate program and be matriculated (students who have declared an approved major) for your first bachelor's degree. An estimated award will be listed in your award letter if you are eligible. Range of Awards - Amounts range from a minimum of $1,176 per year to a maximum of $5,550 per year for the 2010-2011 award year.

Federal Supplemental Education Opportunity Grants (FSEOG) - 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. Range of Awards - Amounts at NYCDA range from a minimum of $300 to a maximum of $1000, depending on the funds awarded to NYCDA by the Federal government.Notification - Students will receive a financial aid award notice reflecting the amount for which they are eligible.

Veteran's Benefits - The School for Film and Television’s programs are approved by the New York State Division of Veterans’ Affairs for the training of veterans and others who qualify through the Montgomery GI Bill. Contact the nearest Veteran Affairs Regional Office for additional information.

Outside Scholarships - You may be eligible for a specialized scholarship from an outside agency. Some sources to explore are employers, unions, professional organizations, and community and special interest groups. A number of extensive scholarship search resources are available free on the Internet. You must notify our financial aid office if you receive funds from any of these sources.

Loans

A part of your financial aid package may be a loan. You may have been offered a loan or we may have suggested that you borrow through the Direct Stafford Student Loan Program. There are two types of loans in the Direct Loan Program. Student borrowers will be applying for the Direct Stafford Loan. Parents borrowers will be applying for the Direct Parent Plus Loan.

A loan must be repaid. Therefore, when deciding whether to borrow, you should examine your need for assistance and your future ability to repay. Unlike consumer loans, student loans have longer terms of repayment and in most cases are not repayable until you leave school. Interest rates vary from program to program but are usually lower than rates on loans made to the general public. The precise terms of the loans are contained in the promissory notes that borrowers must sign.

The descriptions given here are summaries of terms available at the time of printing and are subject to change.

If a Direct Subsidized Stafford Student Loan, a Direct Unsubsidized Stafford Student Loan, or a Direct Parent Loan for Undergraduate Students (PLUS) has been suggested on your Financial Aid Award Letter. Instructions will be sent on how to electronically complete your Stafford Master Promissory Note (MPN for new borrowers of a Stafford loan). Follow the instructions on how to complete the student loan online. Print and keep the “borrower copy” for your records. Do not delay. Allow at least six (6) weeks from the time you return your application until your money arrives at the Bursar’s Office. If you do not receive the Stafford MPN instructions (a new loan) or PLUS application(s), contact the Financial Aid Office toll free for residents outside New York State at 888.645.0030, or locally at 212.645.0030, extension 4090.

A signed MPN is required to be submitted only once and remains valid for up to 10 years. The Stafford loan is thus renewed automatically for eligible returning students, and will be confirmed each year by a Statement of Disclosure sent to you from your lender. (You must, however, first submit a FAFSA each year.)

Direct Stafford Subsidzed Student Loan: As part of your financial aid package, we may suggest that you borrow through the Direct Stafford Student Loan Program, formerly the Guaranteed Student Loan Program. This loan is obtained through Direct Loans, Department of Education. During the first year of study, you may borrow up to $3,500.

In subsequent years, the amount is increased to $4,500 for a total aggregate amount of $23,000 for the undergraduate years. The total amount borrowed in any year may not exceed the cost of education minus the total family contribution and minus all other financial aid received that year. The interest rate for 2010-2011 is 6.50% capped at 8.25%. Interest does not accrue and repayment does not begin until six months after you cease to enroll at least half-time.

Federal Stafford Unsubsidized Student Loan: The terms and conditions are essentially the same as the regular Stafford loan, except the federal government does not pay the interest on this loan while you are in school. However, you can choose to pay the interest quarterly while attending school. You must begin to repay interest and principal 60 days after the first loan funds are issued. You can defer paying the principal on your loan if you are enrolled at least half-time for the period of the loan. Also, the interest can be “capitalized” (added to the principal) if you want.

The interest rate is variable and is set each year and cannot exceed 8.25 percent. For independent undergraduate students, and some dependent undergraduate students for whom it is documented that their parents cannot obtain a PLUS loan, the Unsubsidized Federal Stafford Student Loan provides additional loan eligibility beyond any subsidized Stafford amounts. Students must first apply for the regular (subsidized) Stafford program and will be automatically considered for the unsubsidized program at the same time.

Direct Parent Loans for Undergraduate Students (PLUS): The PLUS loan enables parents of dependent undergraduate students to borrow up to the full amount of an NYCDA education minus other aid. The annual interest rate is set each year, not to exceed 9 percent. The interest rate for the Direct PLUS Loan in 2010-11 is 7.9% capped at 9.00%. Unlike the other loans we have discussed, repayment of this loan must begin within 60 days after funds are disbursed. There is no grace period for Direct Plus Loans - the repayment period for each Direct PLUS Loan you receive begins 60 days after your school makes the last disbursement of the loan. However, if you're a parent PLUS borrower who is also a student, you can defer repayment while you're enrolled in school at least half time and for an additional 6 months after you graduate or drop below half-time enrollment. If you're a parent PLUS borrower, you can defer repayment of Direct PLUS Loans first disbursed on or after July 1, 2008 while the student for whom you obtained the loan is enrolled at least half time, and for an additional 6 months after the student graduates or drops below half-time enrollment (half-time enrollment status is determined by your child's school). You must separately request each deferment period. An insurance premium/guarantee fee of up to 4 percent is deducted from the proceeds of the loan.

Alternative Loans: Private Loans are education loans offered by private lenders to help eliminate or reduce the difference between what NYCDA offers you and what you have to pay. These loans are offered to supplement Federal and State programs. Usually there is a higher interest rate than government loans, and there are no government forms to complete.

Private lenders often require a credit check and/or an income-to-debt ratio check on either you (the borrower), co-signer or both. These loans are not based on financial need. Lenders provide different types of loan programs based on a student's level of study. As a borrower, you should compare competitive interest rates and repayment options with those of other loans, including federal and state education loans, credit cards, personal loans from relatives or friends, and other types of loans.

Because they are less attractive in terms of interest rate and payment options than Federal Student Loans, students and families usually only consider Private or alternative loans when the financial aid package does not provide enough funding to meet needs.

Loan Payment Deferments
If you are already repaying, or expect to begin repaying student loans, and face a particular situation which jeopardizes the repayment schedule, you may apply for deferment status, and, in so doing, avoid inadvertently falling into loan default status. Check with your lender for the rules governing eligibility.

Loan Repayment Information
A loan is a debt that must be repaid. In fact, paying your student loans is a great way to build a good credit history. Likewise, failure to repay your student loans can be detrimental to your credit history.