I am a Grad Plus Loan Student so I can explain how this has worked for me.
If you have other loans or scholarships, grad plus will cover the rest.
You do need to pass a credit check, but I read that so long as you don't have a bankruptcy, you should be fine.
The Grad Plus Loan covers all of my expenses which includes tuition, housing, minimal living expenses, etc.
The school has a "cost of attendance"
First- and Second-Year MFA Students, All Programs | Columbia University School of the Arts
Basically they add up your other scholarships and loans and the Grad Plus covers the rest.
The school has a "schedule" of limits, which dictate the total loan amounts.
This year the base rental allocation is about $1,235/mo
That is what you can borrow to start. If your rent is more, like mine is at $1,340, you can submit an increase request for the difference. So if you pay $1500/mo, you can borrow for that. Catch is, you can only borrow for a 9-month period. During school months.
I found the amounts to be reasonable, if a little low. Living in NY is expensive, so $500 "personal expense" allotment seems low when you live in one of the most expensive cities in the world.
You can also borrow of "school projects."
Your 8-12 (in town/out-of-town) $2,500/$3,500
Your D4 $3,500/$4,500
Your Thesis up to $15,000
You can also borrow a one-time I think $2,000 for a new computer.
As a low income student, I was really happy to be able to cover nearly all of my expenses through the year.
It's tight, but you can make it work and I've been able to focus fully on my studies.
The gym membership is covered by your tuition fees. So no additional $$$.
They do offer other classes and towel/locker service for a fee.
It's just north of Dodge Hall, underground. So about a 2min walk from the film building.
I won't lie. I've never been.