Academy LA Financial Aid

Financial Aid

While some of our students pay cash for their tuition and fees, most of the students who come to the Academy receive some kind of financial assistance.

This assistance comes from public and private grants, scholarships and loans.

Quick Tools!

Net Price Calculator

If you would like to know more about the cost of attending the Academy, use these calculators to access information on the possible awards and funding available. If you have additional questions, email danielle@academyLA.com

Financial Aid Calculator

Options for Paying for Your Tuition

Academy Financing (0%): Many of our students choose to make a down payment on their tuition, and then pay equal monthly installments throughout their tenure. The Academy does not charge interest for this kind of loan, though this loan must be paid in full by graduation.

Private Loans: Some students finance their tuition and fees through private loans. While this is certainly an option, we do recommend talking with our Financial Aid Administrator before you pursue a private loan for your costs.

Federal Aid: There are five kinds of Federal Aid Offered at the Academy. Most students qualify for some Federal Aid, usually in the form of Student Loans. Some students also qualify for pell grants and subsidized loans as well.

Federal Student Aid

More About Federal Aid

Pell Grants: For those students who demonstrate need, the Federal government will award those students up to $7395 per academic year. (See maximums for your particular course below, as each course has different levels of aid). These grants do not have to be paid back, unless you quit school.

Direct Subsidized Loans: Subsidized loans are low-interest loans subsidized by the Federal Government. This means that the Federal Government will pay your interest on the loan throughout your course, and for six months after graduation. No interest accrues until six months after you graduate or withdraw from the course. The current interest rate on a Subsidized Loan is 5.05%. The Federal Government does not check your credit before they issue these loans.

Direct Unsubsidized Loans: TheThese loans are not subsidized by the Federal Government, so once your account has disbursed the money toward your tuition, the loan starts to accrue interest. The interest rate on these loans is 5.05%. You can ‘capitalize’ the interest on these loans until you graduate (add the interest that accrues to the loan itself, rather than start paying the interest immediately), though capitalization is never advised.

Parent Plus Loans: For our dependent students (unmarried students under 24 with no dependents), parents can take out a Parent Plus loan to cover some fees. The interest accrues immediately, payments start immediately, and the rate is currently 8.05%. The parent’s credit is checked for these loans.

While Federal Loans have many advantages, there are some disadvantages that you must consider before you obtain Federal Loans.
 

Advantages of Federal Loans:

Interest rate is typically lower than bank loans, and certainly lower than credit cards.

You do not have to make payments until six months after graduation (though you will save money in the long run if you pay the interest while in school and during your grace period.)

Can be deferred if you continue in your education

Can be amortized over 10 years.
 

Disadvantages of Federal Loans:

If you default on a Federal Loan, the consequences are severe, and can include garnishments, court costs, loss of tax refunds. Your creditor is the FEDERAL GOVERNMENT and defaulting on these loans is a very bad idea.

Once you default on a Federal Loan, you cannot request future deferments.

Once you default on a Federal Loan, you will not receive future loans from the Federal Government.

These loans are not forgiven in bankruptcy, and the Federal Government can take your future tax returns to pay for them.

How to Obtain Federal Aid

Go to https://studentaid.gov/h/apply-for-aid/fafsa and fill out a Free Application for Federal Student Aid (FAFSA).

Our School Code is 041898. You will be asked to enter when selecting our school for your FAFSA application; the same page will ask you whether you want on or off-campus housing (there is no on-campus housing at the Academy). This does NOT obligate you to come to the Academy, but it will speed up the process of our Financial Aid Department’s ability to answer any questions you may have about what you qualify for (and we like answering questions for you as quickly as possible, so you have all the information necessary to make an informed decision.

Please note you will need to enter your taxable income for the year 2022.  If you are under the age of 24, unmarried and do not have children you will be required to complete the application with a parent.  Your parent will also need their own username and password to electronically sign the application. 

If at any time you find the whole process confusing, please know we are here to help you! Call 818-701-5799 or email us at Admissions@AcademyLA.com to set up an appointment!

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