Types of Financial Assistance

Priority Deadlines

Through the generosity of NEC’s friends and alumni, more than $8 million in scholarship is offered to qualified students each year.

The Financial Aid Office also administers a variety of need-based aid programs funded by the federal government and some states. These programs include grants, loans, and part-time work for U.S. citizens and permanent residents. There are also a variety of private educational loans available to all NEC students regardless of citizenship. For complete information on the United States government's educational funding programs, we highly recommend a visit to the Department of Education Student Guide.

Institutional Aid Programs

NEC's institutional aid programs are primarily merit-based. Applicants who demonstrate the highest levels of talent and promise through the admission/audition process will typically qualify; however, the largest awards will be made to those applicants who also demonstrate financial need. NEC financial aid packages rarely meet the applicants’ full demonstrated financial need. Since demand for scholarship is far greater than the funding available, scholarship awards are based on three additional criteria: financial need, demonstrated talent, and the needs of the Conservatory.

NEC Merit Awards are offered to full-time students based on their merit/talent. These awards are decided upon by the Financial Aid Committee and will not exceed 50% of the student's tuition. To apply, students need only complete the NEC Application for Financial Aid and Scholarships. Not all students will receive an NEC Merit Award. NEC Merit funds do not need to be repaid.

NEC Scholarship Awards are offered to full-time students based on both talent and financial need. These awards are determined based on the results of the student's audition and the results indicated by the student's processed Free Application for Federal Student Aid (FAFSA). Domestic students must complete both the FAFSA and the NEC Application for Financial Aid and Scholarships in order to apply. International students must complete all sections of the NEC Application for Financial Aid and Scholarships to apply. NEC Scholarships do not need to be repaid.

Federal and State Aid Programs

All federal and state aid programs requires the student to be

enrolled at least half-time in a program of study leading to a degree or diploma
a U.S. citizen or permanent resident
registered with the Selective Service if required (males only)
in good standing with regard to prior federal educational loans
meeting satisfactory academic progress standards as determined by the college

All programs except the unsubsidized Stafford Loan require the student to demonstrate “need” as calculated under federal methodology.

Federal Loans

The Federal Perkins Loan is a federally-subsidized, low-interest (5% fixed-rate) loan that is offered only to student with exceptional financial need. The disbursement is credited to the student’s tuition account by semester once s/he has signed the promissory note. Repayment on the loan begins nine (9) months after the student has left school.

The Federal Subsidized Stafford Loan is a federally-subsidized low-interest loan that is awarded based on financial need. For all Stafford loans made after July 1, 2006, the interest rate is fixed at 6.8%. Repayment begins six (6) months after the student has left school.

Students that do not qualify for federal subsidizing may borrow under the Federal Unsubsidized Stafford Loan Program. The primary difference between the subsidized and unsubsidized Stafford Loans is that, in the subsidized program, the student is responsible for the interest while in school. Arrangement can be made for either capitalization or monthly payment on interest.

All students borrowing under the Federal Stafford Loan Programs for the first time are required to complete an Entrance Interview checklist, which is designed to educate borrowers of their rights and responsibilities.

The Federal PLUS Loan program is open to both graduate students and parents of undergraduate, dependent students. Applicants may borrow up to the cost of a student's education less any other financial aid received. For all PLUS loans made after July 1, 2006, the interest rate is fixed at 8.5%. Repayment, which typically begins 60 days after fill disbursement of the loan, may be postponed for 60 months while the student is in school. The standard PLUS Loan repayment term is 10 years; a variety of repayment options are available, including the option to extend repayment for up to 30 years.

Federal and State Grants

The Federal Pell Grant is a federally funded, need-based grant that does not have to be repaid. The grant is offered to undergraduate students who have not yet earned a bachelor’s degree. The federal government determines a student’s eligibility for the grant and credits the disbursement to the student’s tuition account by semester once valid FAFSA results have been confirmed.

The Federal SEOG (Supplemental Educational Opportunity Grant) is a federally funded, need-based grant that does not have to be repaid. Federal funding for the SEOG is limited, therefore these awards are offered only to students with exceptional financial need. The funds are credited to the student’s tuition account by semester once valid FAFSA results have been confirmed.

The Federal Academic Competitiveness Grant is a federally-funded grant that is offered to Federal Pell Grant recipients who meet certain academic and other eligibility criteria. Recipients must be in their first or second year of study; be US citizens; be enrolled full-time; and have completed a rigorous secondary program of study. First-year students must not have been previously enrolled in an undergraduate program. Second-year students must have earned at least a 3.0 cumulative GPA during their first year in order to receive the grant.

State Grants are state-funded awards issued by the state in which the student permanently resides. The funds are credited to the student’s tuition account once the school receives the funds.

Student Employment

The Federal College Work-Study Program provides part-time employment opportunities within NEC to eligible students. Under this program, the United States Government funds up to 75% of a student’s hourly wage; NEC funds the remaining 25%. These funds are not credited directly to the student's account. The student is paid bi-weekly for hours worked.

Payment Plan: Tuition Management Systems

TMS is a private company that contracts with NEC in order to provide students and their families with an interest-free monthly payment plan for paying direct educational costs (tuition, fees, room & board). There is a $85 enrollment fee to participate. Note: This is not a loan program; TMS offers an optional payment plan for families who cannot or do not wish to pay the semester's tuition in one lump sum. For more information on TMS, please visit www.afford.com/newenglandconservatory.

Private Educational Loans

Please visit our Loans page for more information about selecting and applying for private educational loans.