FINANCIAL AID

The completion of the Free Application for Federal Student Aid (FAFSA) form is the beginning of the financial aid application process. Most forms of federal, state and institutional aid are applied for with the FAFSA.

FAFSA, or the Free Application for Federal Student Aid, is used to apply for grants and educational loans at nearly every school in the country. The best way for most students to submit their FAFSA is online. Ready to start yours? Click here.

In order to submit the FAFSA, you’ll need the following information for yourself and your parents (if you’re a dependent):

• Your Social Security Number and/or alien registration number
• Your driver’s license (if you have one)
• Your W-2 Forms and other records of money earned (prior, prior years’ tax return)
• Your (and your spouse’s, if you are married) Federal Income Tax Return – IRS Form 1040, 1040A, 1040EZ, 1040 TeleFile, or foreign tax return; if you have not yet filed, you’ll need good estimates of the amounts involved. (prior, prior years’ tax return)
• Your untaxed income records – Social Security, Temporary Assistance for Needy Families (TANF), welfare, or Veterans’ benefits records (if applicable) (prior, prior years’ tax return)
• Your bank statements
• Your business and investment mortgage information, business and farm records, stock, bond and other investment records (if any) (prior, prior years’ tax return)

We strongly recommend that you submit your FAFSA online. The online application has a number of built-in audits to help you avoid some common errors.

Financial Aid offers vary from student to student. These may include fund sources such as  federal and/or state grants programs, federal and/or private loans, military education benefits, and scholarships. Continue on for more information about each.

Federal Pell Grant
Federal Pell Grants usually are offered only to undergraduate students who display exceptional financial need and have not earned a bachelor’s, graduate, or professional degree. You may not receive Federal Pell Grant funds from more than one school at a time.

State Grant Programs
Almost every state education agency has at least one grant or scholarship available to residents. Eligibility requirements are usually restricted to state residents attending a college in-state, but that is not always the case. There are annual deadlines for most state grant programs (if you miss a deadline, be sure to try again next year).

William D Ford Federal Direct Loans

Federal Direct Student Loans are long-term, low-interest loans offered to students which are funded directly through the federal government. Student loans offered through the William D Ford Federal Direct Loan program are guaranteed, meaning that eligibility is not based on credit history or income. All students who meet the general eligibility requirements for federal student aid and have not reached the aggregate loan limit, defaulted on a previous loan, or do not owe a repayment for a federal grant are eligible for Direct Loan consideration.

Types of Federal Direct Student Loans

Federal Direct Student Loans are available as subsidized, unsubsidized, or a combination of both types. Students are not required to make payments on either type of loan while enrolled at least half-time at an eligible educational institution. However, students may choose to make regular or interest-only payments while enrolled.

Subsidized Direct Loans are offered based on each student’s demonstrated financial need, as determined by the Financial Aid Office. These loans are interest free while the student is enrolled at least half-time at an eligible educational institution or during authorized deferment periods. Interest is charged when the loan is in a repayment or forebearance status. If you choose not to pay the interest that accrues during your grace period, the interest will be added to your principal balance.

Unsubsidized Direct Loans are offered regardless of each student’s demonstrated financial need. These loans begin to generate interest charges immediately after disbursement. These charges may be deferred during at least half-time enrollment, grace, and deferment periods.

A Federal PLUS loan is a low interest loan for parents of eligible dependent undergraduate students. The amount parents may borrow is the Cost of Attendance (COA) minus any other aid (grants, scholarships, and loans) the student will receive for the academic year. The parent must begin repaying both principal and interest within sixty days after the loan is disbursed. Please contact the lender or the Office of Financial Aid if you wish to defer your Parent Plus Loan.

To apply for a parent PLUS Loan, the parent must complete the institutions Parent PLUS Credit Check form. By completing this form, you are acknowledging that the institution’s financial aid office may run your credit each academic year to determine your eligibility for the Parent Plus Loan.

What Are the Interest Rates for Federal Student Loans?

The interest rate varies depending on the loan type and (for most types of federal student loans) the first disbursement date of the loan. The table below provides interest rates for Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans first disbursed on or after July 1, 2023, and before July 1, 2024.

The table below provides interest rates for Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans first disbursed on or after July 1, 2022, and before July 1, 2023.

All interest rates shown in the charts above are fixed rates that will not change for the life of the loan.

View the interest rates on federal student loans first disbursed before July 1, 2020.

How to Apply for Federal Direct Loans

To apply for a Federal Direct Loan, you must first complete and submit the Free Application for Federal Student Aid (FAFSA^®) form. The information from your FAFSA form is used to determine how much student aid you are eligible to receive. The following must be completed before any funds are disbursed to your student account:

• Entrance Loan Counseling
• Master Promissory Note/ Undergraduate Student

Please Note: Any time your Financial Aid changes, a revised notification is sent to your NAA and personal email.

PRIVATE LOAN OPTIONS

National Aviation Academy seeks information from lenders offering non-federal education loans through an open Request for Information (RFI) process. We do this to create a neutral list of private loan products that have competitive rates and other borrower benefits. NAA students are not required to use the lenders on these lists. In addition, domestic borrowers may qualify for federal loans and the terms and conditions of these federal funds may be more favorable than the terms and conditions of private education loans.

All lenders are not alike. In addition to banks, some educational associations, state education agencies, and other organizations offer student and parent loans for school. Each of these lenders may offer special discounts or services to a student based on the state they live in, the credit rating of the applicant, or even their grade level. It is important to research and choose the lender that is right for you. Don’t be afraid to ask questions and make sure you take the time to compare what each lender has to offer before making a decision.

Information about the private loan products received through NAA’s RFI process:

• New England Campus – Click Here
• Tampa Bay Campus – Click Here

Army, Navy, Air Force, Marines, Coast Guard, Veterans, National Guard, Reservists, and Eligible Dependents may qualify for GI Bill® Education Benefits. For information on how to apply for GI Bill benefits click here.

MONTHLY ENROLLMENT VERIFICATION

Effective August 1, 2021, students attending a non-college degree (NCD) facility will be required to verify their enrollment each month. Beginning December 17, 2021, students attending Institutions of Higher Learning (IHL) will also be required to verify enrollment. In the meantime, we encourage you to visit the Education and Training Website by clicking here.

Additionally, to find out more about what the new requirement means for you visit the Verification of Enrollment Webpage by clicking here.

VETERAN STUDENT POLICIES

Click Here for Policies

GI Bill® is a registered trademark of the U.S. Department of Veterans Affairs (VA). More information about education benefits offered by VA is available at the official U.S. government website. Click here for additional information.

Scholarships

Scholarships are an excellent way to help fund your aviation maintenance training – plus, they don’t need to be paid back!  Click here to check out our featured scholarships and always remember to research additional opportunities that apply to you. The possibilities are often limitless!

CareerSource Funding

Qualifying residents applying to the Tampa Bay campus, may apply for CareerSource aid.

• Pinellas County residents – click here
• Hillsborough County residents – adults click click here, youth click here
• Pasco/Hernando county residents – adults click here, youth click here

Financial Aid Application Process

• Student and/or parent(s) (if a dependent student) create a FSA ID  (click here)
• Student and or parent(s) (if a dependent student) completes the Free Application for Federal Student Aid (FAFSA) (click here)
• Student and/or parent(s) (if a dependent student) will complete all NAA provided Student Finance Forms
• Student and/or parent(s) (if a dependent student) will be required to complete the financial aid verification process if notified they have been selected by the USDOE or the institution
• Student and/or parents (if dependent student) will provide a valid copy of their driver’s license or government issued ID

Completing the FAFSA

The financial aid process begins with the FAFSA (Free Application for Federal Student Aid). The FAFSA is the application to determine eligibility for federal, state, and institutional offers such as loans and grants. The best way to fill out the FAFSA is online, click here.

BORROWER REQUIREMENTS

Master Promissory Notes (MPN) for William D. Ford Federal Direct Loans

Students and parents borrowing William D. Ford Federal Direct Loans may complete this process by clicking here.

You will need your FSA ID number to complete the MPN to borrow. If you do not have your FSAID, please click here to visit the official site to retrieve it. Please note, both student and parent borrowers have separate FSA IDs.

The following information is needed to complete the MPN:

• Your social security number
• Your driver’s license number
• Names, addresses, and phone numbers for two references

First-time borrowers are required to complete Entrance Loan Counseling (click here). A parent borrower under the Direct PLUS loan program is not required to complete entrance loan counseling. However, if your parent was approved based on securing an endorser (i.e., co-signer) or updated credit information, your parent will be required to complete PLUS Credit Counseling.

What does it really cost to attend National Aviation Academy? The costs of an education can be broken down into two categories:

Direct Costs

• Tuition and fees
• Books and supplies

Indirect Costs

• Transportation
• Room and board
• Miscellaneous

Direct cost include items directly related to your education, such as tuition, fees, books and materials. These charges are billed directly to a student by NAA.

Indirect costs can vary widely based on individual lifestyle and spending habits. These expenses include: personal expenses, transportation to and from school and room and board, if necessary.

You may wish to start with the basics, then dive into the more detailed information on what type of aid is available. Spend some time checking out the application process and discover what is right for your situation.

Many students receive financial aid offers that include more than one type of assistance. Our goal with each offer is to help students and their families make up the difference between what the federal government estimates they can pay (EFC) and what it costs to attend NAA.

Please review the shopping sheet that aligns with your campus, program and financing:

• New England – AMT Financing Plan
• New England – AMT Financing with Parent
• Tampa Bay – AMT Financing Plan
• Tampa Bay – AMT Financing Plan with Parent
• Tampa Bay – AMP Financing Plan
• Tampa Bay – AMP Financing Plan with Parent
• Tampa Bay – AAS Financing Plan
• Tampa Bay – AAS Financing Plan with Parent

• New England – AMT Degree Plan
• Tampa Bay – AMT Degree Plan
• Tampa Bay – AMP Degree Plan
• Tampa Bay – AAS Degree Plan

If you’re having trouble making payments on your loans, contact your loan servicer as soon as possible. Your servicer will work with you to determine the best option for you. Options include:

• Changing repayment plans
• Requesting a deferment—If you meet certain requirements, a deferment allows you to temporarily stop making payments on your loan
• Requesting forbearance—If you don’t meet the eligibility requirements for a deferment but are temporarily unable to make your loan payments, then, in limited circumstances, forbearance allows you to temporarily stop making payments on your loan, temporarily make smaller payments, or extend the time for making payments

If you stop making payments and don’t get a deferment or forbearance, your loan could go into default (see default section below), which has serious consequences.

DEFAULT

If you default, it means you failed to make payments on your student loan according to the terms of your promissory note, the binding legal document you signed at the time you took out your loan. In other words, you failed to make your loan payments as scheduled. Your loan guarantor, and the federal government all can take action to recover the money you owe. Here are some consequences of default:

• National credit bureaus can be notified of your default, which will harm your credit rating, making it hard to buy a car or a house
• You will be ineligible for additional federal student aid if you decide to return to school
• Loan payments can be deducted from your paycheck
• State and federal income tax refunds can be withheld and applied toward the amount you owe
• You will have to pay late fees and collection costs on top of what you already owe
• You can be sued

Click here to visit the Department of Education’s Default Resolution Group website where you can get more information and to learn what actions to take if you default on your loans.

During this time period, borrowers making separate payments on their federal loans to one or more servicers (you repay your loan to a loan servicer), may be eligible for a Special Direct Consolidation Loan. A Special Direct Consolidation Loan offers borrowers different repayment terms and benefits than a traditional Direct Consolidation Loan. There is also a different application process for Special Direct Consolidation Loans. For more information about Special Direct Consolidation Loans, please go to the Special Direct Consolidation Loans page.

If you would like more information about traditional Direct Consolidation Loans, please go to the traditional Direct Consolidation Loans page or click here.

• Make yourself familiar with how much you borrowed, the expected amount of your payment(s) and what servicer your student loans were assigned.
• Obtain a contact person and phone number, fax and email address.
• Call them with questions and get answers prior to your repayment start date. Ask them what you need to know about your pending repayment schedule. They are there to assist you.
• Stay in touch with your loan servicer. If you have a change of address, phone, email, etc. Be sure to update your servicer with this information.
• If you don’t know, call 1-800-4FEDAID. They can provide you information about your specific loans and servicer(s).

BANK ACCOUNT

• Start by opening a savings plan at your local bank. This account should be dedicated to your repayment plan only.
• It is recommended you open this account during the six-month grace period you receive after you leave school.

(Note: Begin to place funds in this account immediately in an attempt to get a jump on your repayment program.)

JOB PLACEMENT

• After graduation (if not sooner) secure a career preferably in your field of study.

PAYROLL DEDUCTION

• Have funds allocated to your savings account through payroll deduction. By having this money transferred to a savings account before you receive your paycheck, you will not miss having these funds in your personal account.

SAVE FOR A RAINY DAY

• After determining the required payment amount, add an additional amount to be deducted from your paycheck, which will be installed into your savings account.
• The additional amount you have added to your request will help you to build a safety net for your payment plan.

(Note: What if you had something unexpected happened and you could not work for a period of time? This financial safety net can possibly make a loan payment(s) without causing additional stress during that period of time.)

AUTOMATIC DEDUCTIONS

• Make arrangements with your loan servicer to have your payments taken automatically from your savings account. By authorizing automatic payments from your account, your servicer is authorized to reduce your interest rate by 0.25% over the life of a loan, this can be a significant savings to you the borrower.
• Request your servicer to make these withdrawals every two weeks and in the amount equal to one half of your loan payment. By doing this you will be making a total of thirteen monthly payments each year instead of twelve, which pays your loans off sooner and saves you interest money along the way (money in your own pocket.)

(Note: By doing this, you can reduce 10 years or 120 payments down to around 7 years or 84 payments. Why not put this money in your pocket instead of theirs?)

REPAYMENT OPTIONS

• Depending on your specific circumstances, you may need or want a different repayment option. There are many options including the standard 10-year repayment, income contingent repayment and income based repayment plans. Contact your servicer to discuss your needs and options for these repayment plans.

LOAN CONSOLIDATION

• If you have taken out more than one loan during your program, consider consolidating your loans through the Direct Loan Consolidation program.
• You can complete a Direct Loan Consolidation application electronically when you graduate and defer its processing until you enter repayment (six months after graduation).
• Loan Consolidation provides you the option to consolidate all of your FFEL and D/L loan obligations into one loan, which means one payment and one servicer. Depending on the amount of your loan debt, you may have the option of extending your payments out over a longer period of time (up to 30 years, if needed).

Contact them for any of your student loan questions:

• One-on-one federal student loan repayment advice
• Repayment plan options
• Forbearances and deferments – what they are and why do you need them?
• Student loan forgiveness

Use the resources at Solutions as often as you need them – they are free!

Contact Solutions at ECMC by phone at 1-877-331-3262 or visit their website at www.ecmcsolutions.org to connect through email or web chat with one of their counselors.

Why do I need an exit interview?
You must receive an exit interview to know your rights and responsibilities as a borrower.

When do I start repayment?
Your repayment begins 180 days after your last day of attendance.

What are my obligations?
Your obligations are to stay in good standing and current with your loans. You also want to keep your most current information updated with your servicer and school.

What if I come back to school?
You will remain on an in-school deferment.

What type of options do I have?
Some of your options are:

• Student loans that don’t require credit checks and don’t require payments while in school
• Repayment options to fit your needs
• Borrowing government student loans gives you the benefit of deferring them when needed, unlike private loans
• Forbearance is another option given by the servicer at their discretion to postpone your loans and to bring them current

What is the difference between scholarships and loans?
You don’t have to pay back scholarships because they have been offered to you for your education. You are required to pay back loans.

What is the difference between subsidized and unsubsidized?
The government pays the accrued interest while you are in school and deferment periods for subsidized loans. Interest accrued is paid by the borrower for unsubsidized loans.

What is a FAFSA?
FAFSA is a Free Application for Federal Student Aid.

What is a deferment?
A deferment is a postponement of repaying a loan under certain conditions.

How do I default on my loans?
You will default on your loans if you are delinquent for 270 days. Click here to resolve your default.

Can I consolidate them if I default?
You may consolidate your loans if in default by contacting the Department of Education.

How do I get out of default?
You may get out of default by either getting a loan rehab, which involves making nine consecutive on-time payments or consolidating.

What will happen if my loans default?
You may damage your credit, garnish your wages & income taxes, and you may not be able to go back to school if you are required to borrow government student loans.

How can I avoid going into default?
You may avoid going into default by staying in touch with your servicer and school and letting them know your current status, as well as keeping demographic information current.

What types of payment plans are there?
There are several types of repayment plans, such as standard, extended, graduated, income-based, and income sensitive.

What determines a payment plan?
To determine your repayment plan, you must speak with your servicer, who will ask you several questions to determine which repayment plan works best for you.

How can I postpone or defer my loans?
You may postpone or defer your loan by contacting your servicer or school and speaking with a loan counselor to determine if you qualify.

If you’re having trouble making payments on your loans, contact your loan servicer as soon as possible. Your servicer will work with you to determine the best option for you. Options include:

• Changing repayment plans
• Requesting a deferment—If you meet certain requirements, a deferment allows you to temporarily stop making payments on your loan
• Requesting forbearance—If you don’t meet the eligibility requirements for a deferment but are temporarily unable to make your loan payments, then, in limited circumstances, forbearance allows you to temporarily stop making payments on your loan, temporarily make smaller payments, or extend the time for making payments

If you stop making payments and don’t get a deferment or forbearance, your loan could go into default (see default section below), which has serious consequences.

DEFAULT

If you default, it means you failed to make payments on your student loan according to the terms of your promissory note, the binding legal document you signed at the time you took out your loan. In other words, you failed to make your loan payments as scheduled. Your loan guarantor, and the federal government all can take action to recover the money you owe. Here are some consequences of default:

• National credit bureaus can be notified of your default, which will harm your credit rating, making it hard to buy a car or a house
• You will be ineligible for additional federal student aid if you decide to return to school
• Loan payments can be deducted from your paycheck
• State and federal income tax refunds can be withheld and applied toward the amount you owe
• You will have to pay late fees and collection costs on top of what you already owe
• You can be sued

Click here to visit the Department of Education’s Default Resolution Group website where you can get more information and to learn what actions to take if you default on your loans.

During this time period, borrowers making separate payments on their federal loans to one or more servicers (you repay your loan to a loan servicer), may be eligible for a Special Direct Consolidation Loan. A Special Direct Consolidation Loan offers borrowers different repayment terms and benefits than a traditional Direct Consolidation Loan. There is also a different application process for Special Direct Consolidation Loans. For more information about Special Direct Consolidation Loans, please go to the Special Direct Consolidation Loans page.

If you would like more information about traditional Direct Consolidation Loans, please go to the traditional Direct Consolidation Loans page or visit www.loanconsolidation.ed.gov.

• Make yourself familiar with how much you borrowed, the expected amount of your payment(s) and what servicer your student loans were assigned.
• Obtain a contact person and phone number, fax and email address.
• Call them with questions and get answers prior to your repayment start date. Ask them what you need to know about your pending repayment schedule. They are there to assist you.
• Stay in touch with your loan servicer. If you have a change of address, phone, email, etc. Be sure to update your servicer with this information.
• If you don’t know, call 1-800-4FEDAID. They can provide you information about your specific loans and servicer(s).

BANK ACCOUNT

• Start by opening a savings plan at your local bank. This account should be dedicated to your repayment plan only.
• It is recommended you open this account during the six-month grace period you receive after you leave school.

(Note: Begin to place funds in this account immediately in an attempt to get a jump on your repayment program.)

JOB PLACEMENT

• After graduation (if not sooner) secure a career preferably in your field of study.

PAYROLL DEDUCTION

• Have funds allocated to your savings account through payroll deduction. By having this money transferred to a savings account before you receive your paycheck, you will not miss having these funds in your personal account.

SAVE FOR A RAINY DAY

• After determining the required payment amount, add an additional amount to be deducted from your paycheck, which will be installed into your savings account.
• The additional amount you have added to your request will help you to build a safety net for your payment plan.

(Note: What if you had something unexpected happened and you could not work for a period of time? This financial safety net can possibly make a loan payment(s) without causing additional stress during that period of time.)

AUTOMATIC DEDUCTIONS

• Make arrangements with your loan servicer to have your payments taken automatically from your savings account. By authorizing automatic payments from your account, your servicer is authorized to reduce your interest rate by 0.25% over the life of a loan, this can be a significant savings to you the borrower.
• Request your servicer to make these withdrawals every two weeks and in the amount equal to one half of your loan payment. By doing this you will be making a total of thirteen monthly payments each year instead of twelve, which pays your loans off sooner and saves you interest money along the way (money in your own pocket.)

(Note: By doing this, you can reduce 10 years or 120 payments down to around 7 years or 84 payments. Why not put this money in your pocket instead of theirs?)

REPAYMENT OPTIONS

• Depending on your specific circumstances, you may need or want a different repayment option. There are many options including the standard 10-year repayment, income contingent repayment and income based repayment plans. Contact your servicer to discuss your needs and options for these repayment plans.

LOAN CONSOLIDATION

• If you have taken out more than one loan during your program, consider consolidating your loans through the Direct Loan Consolidation program.
• You can complete a Direct Loan Consolidation application electronically when you graduate and defer its processing until you enter repayment (six months after graduation).
• Loan Consolidation provides you the option to consolidate all of your FFEL and D/L loan obligations into one loan, which means one payment and one servicer. Depending on the amount of your loan debt, you may have the option of extending your payments out over a longer period of time (up to 30 years, if needed).