Grants & Loans

Find ways to Close the gaps.

At AAC, we believe that you don’t need to know exactly what you want to do – or who you are – on your first day of school. We’re excited to help you through that process. We’ve started by curating programs we’d love to take. Try just one or two, or tackle them all: It’s your choice.

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Making your college experience as great as possible requires a lot of teamwork. Feel free to use the department filters below to find who you are looking for.

Federal Aid Programs

What You Need to Know

You must complete the Free Application for Federal Student Aid (FAFSA) to determine eligibility for all federal aid and federal loan programs. The FAFSA opens on October 1st first each year, and you are encouraged to complete the application as early as possible, as some aid is based on a first-come basis.

Selective Service & Drug Penalties for Aid Canceled

The FAFSA Simplification Act (Act) was enacted into law on December 27, 2020, as part of the Consolidated Appropriations Act, 2021. The Act makes many important changes to the Higher Education Act of 1965 (HEA) and the Free Application for Federal Student Aid (FAFSA).

While the Act (as amended) directs most changes to happen for the 2024-25 academic year, the U.S. Department of Education (Department) was authorized to implement changes earlier when possible. Required notification has been made to eliminate two requirements for aid eligibility beginning with 2021-22 as of August 16, 2021

Selective Service Registration

Previously, males 18 years of age had to register with Selective Service as a requirement for receiving federal aid resources. Students who completed the FAFSA were also checked against the Selective Service database to ensure compliance with this requirement.

With this portion of the Higher Education Act now rescinded as part of the FAFSA Simplification Act, the Department has decided to implement this change early so as to not restrict aid eligibility between 2021-22 and the full implementation of the Act.

Male U.S. citizens are still required to register for Selective Service upon reaching the age of 18. However, Selective Service registration requirements are no longer required for eligibility for Title IV (federal aid) funds.

AAC FAFSA School Code # 003011

For more information, see studentaid.gov/h/apply-for-aid/fafsa or contact the Art Academy Financial Aid office at 513-562-8751
For complete information about federal financial aid programs, visit Federal Student Aid.

FEDERAL AID PROGRAMS:

Federal Pell Grant

This is a federal grant program available to undergraduate students who have not earned a bachelor’s or professional degree. It is available to both full-time and part-time students exhibiting financial need as determined by the United States Department of Education. The FAFSA determines a student’s eligibility for a Pell Grant.

Federal Supplemental Educational Opportunity Grant (SEOG)

This is a federal grant program designed to assist students who have received Pell Grants and who exhibit exceptional need. Awards are made at the school’s discretion based on a pre-determined formula. Early submission of a FAFSA application is highly recommended.

Federal College Work-Study Program (FWS)

A student must demonstrate financial need, as determined by the FAFSA, before Federal Work-Study can be awarded. Students who are interested must verify their eligibility with the Financial Aid Office before a Work-Study position will be offered. If a student is eligible, he or she may be employed on campus. This program is ideal for students who wish to obtain flexible working hours.

Federal Direct Loan Program

Borrowers must complete a FAFSA to determine loan eligibility. Eligible first-time borrowers must sign a Loan Agreement/Master Promissory Note (MPN) and complete Loan Entrance Counseling before loans can be disbursed. Students must be enrolled at least half time in order to borrow Federal Direct student loans.

DISBURSEMENT OF FEDERAL STUDENT AID:

Federal Financial Aid will be disbursed from the Department of Education to eligible student’s tuition accounts on or around the second week of each semester, provided that the student and/or parent have submitted all the required documents on time. Once the federal aid has been disbursed to the tuition account a Title IV refund will be processed within 14 days to those that have a credit balance on their tuition account.

Federal Direct Lending Program

What You Need to Know

The Federal government guarantees students’ access to low-interest student loans to help meet the costs of higher education. In order to qualify for Federal Direct Loans, students (and their parents if under the age of 24, not married, without a dependent or a military veteran) must file a FAFSA annually. The FAFSA can be completed at studentaid.ed.gov/sa/fafsa. The Federal Direct Parent Plus Loan is also available for parents of dependent students, which can be completed at https://studentaid.gov/plus-app/.

It is recommended that students determine their eligibility for all Federal Title IV student aid before utilizing private education loan options, as the terms and conditions of the federal programs may be more favorable.

Interest rates for Federal Direct Loans and Plus loans as of October 1, 2022.
• 4.99% for Subsidized Loan (need-based, does not accrue interest while the student is enrolled in college)
• 4.99% for Unsubsidized Loan (not need-based, accrues interest even while the student is enrolled in college)
• 7.54% for Parent Plus Loan

Annual and Aggregate Limits for Direct Subsidized and Unsubsidized Stafford Student Loans:

Grade in School	Annual Loan Limits		Aggregate Loan Limits
	Base Amount	Additional Unsubsidized	Subsidized Limit	Overall Limit
Undergraduate Dependent*			$23,000	$31,000
First Year	$3,500	$2,000
Second Year	$4,500	$2,000
Third Year & Beyond	$5,500	$2,000
Undergraduate Independent			$23,000	$57,500
First Year	$3,500	$6,000
Second Year	$4,500	$6,000
Third Year	$5,500	$7,000

Direct Lending Instructions

FOR STUDENTS:

Student Loans are guaranteed loans made by the federal government to students who meet the eligibility criteria as determined by the FAFSA. Eligible students are permitted to borrow set amounts of Federal loans each year that they are in college, though a FAFSA must be completed every year to determine their eligibility. A portion of your Federal loans may be Subsidized, meaning that no interest will accrue on this portion of the loan while you are in college. If you have been awarded Federal Student Loans via your Art Academy Financial Aid Award letter, and wish to receive them, there are a few steps you must take.

Log onto studentaid.gov and electronically sign a Subsidized/Unsubsidized Loan Agreement (MPN). You must also complete Entrance Counseling, which explains your responsibilities as a first-time borrower. Both documents are REQUIREMENTS from the Department of Education for all students borrowing federal loans, and your loans will not disbursed without them.

Once your Loan Agreement (MPN) and Entrance Counseling are complete the Art Academy will automatically be notified, and you will be ready to receive your Federal Student Loans. There is no credit approval required for Federal Student Loans.

FOR PARENTS:

The Parent Plus Loan is a federal loan option for parents of dependent students, used primarily to close any cost of attendance gap once all other student aid had been awarded.

This is a credit contingent loan, so you must apply and be approved before receiving any loan funds. The Parent PLUS Application and credit check can be completed at www.studentloans.gov

The application window for the Parent Plus Loan 2020-2021will open on April 1, 2020. Parents who would like to apply for the Parent Plus Loan must sign a Parent Plus Loan Agreement (Master Promissory Note)

In order to apply for the Parent PLUS Loans Parents must sign into www.studentloans.gov using their own information, not the student’s, in order for the application to be correct. You will see your credit decision immediately. If your loan application is denied, you will be given the choice to let the decision stand and take no action, obtain an endorser (co-signer), or appeal the denial. If you are denied the Plus Loan for credit reasons, and choose to take no further action, the student may be eligible to receive additional Unsubsidized Loan funds.

Use your Gap Agreement from our Business Office as a guide to help you determine how much Plus loan you will need to cover your student’s expenses. Be aware that the Parent Plus Loan takes a 4.236% fee from the loan prior to disbursement, so the amount you receive will be less than the amount on your application. If you borrow more than is needed to cover direct (billable) costs, the remainder of the loan will be refunded to you by the Art Academy Business Office to use toward other indirect costs.

Should you need assistance signing your completing your documents you can reach us:

Financial Aid Office
513-562-8751
financialaid@artacademy.edu

LOAN CALCULATOR:

In order to better plan and understand your loans, please refer to the loan calculator tool in the link below. This tool will help you understand the impact education loans will have on student and parent borrowers.

student loan calculator

Ohio State Lending

What You Need To Know:

You must complete the Free Application for Federal Student Aid (FAFSA) to determine eligibility for Ohio State Aid. You are encouraged to complete the FAFSA as soon as possible after October 1, 2021. The code number for the Art Academy is 003011. For more information, see studentaid.gov or contact the Art Academy Financial Aid office at: Financial Aid Office | 513-562-8751 | financialaid@artacademy.edu

For complete information about State of Ohio financial-aid programs, see the grants and scholarships page of the Ohio Board of Regents. State aid programs include:

Ohio College Opportunity Grant (OCOG): awards are based on family income, with consideration given to the number of dependents in the family.

Ohio Academic Scholarship Program: competitive, merit-based assistance to the state’s most academically outstanding high school graduates.

Part-Time Ohio College Opportunity Grant: financial assistance to Ohio residents who are enrolled for part-time undergraduate study

Robert C. Byrd Honors Scholarships: awarded to students who demonstrate outstanding academic achievement in high school.

Grants & Loans

Find ways to Close the gaps.

Quick Links

Federal Aid Programs

What You Need to Know

Selective Service & Drug Penalties for Aid Canceled

Selective Service Registration

AAC FAFSA School Code # 003011

Federal Pell Grant

Federal Supplemental Educational Opportunity Grant (SEOG)

Federal College Work-Study Program (FWS)

Federal Direct Loan Program

Federal Direct Lending Program

What You Need to Know

Annual and Aggregate Limits for Direct Subsidized and Unsubsidized Stafford Student Loans:

Direct Lending Instructions

Ohio State Lending

What You Need To Know:

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Classes are cancelled

January 25th, 2023