For families and students who are interested in making incremental tuition payments, payment plans are available through Tuition Management Systems (TMS).

Many students and families borrow loans to help finance their college education.  We strongly recommend that borrowers take out federal loans before turning to private lenders.  There are two types of federal educational loans presently available to NEC students who are US Citizens or Permanent Residents: the Federal Direct Stafford Loan (for students) and the Federal PLUS Loan (for parents or graduate students). The terms and interest rates of these loans are set and monitored by the Department of Education.

Federal Direct Stafford Loan

This loan is a low-interest federal loan that is made to the student. There are two types of Stafford loans: subsidized and unsubsidized. Repayment on these loans begins 6 months after the borrower graduates or leaves school.

  • Subsidized loans are available only to domestic undergraduates who demonstrate financial need.  Eligibility for this loan is determined by the student’s FAFSA.  They are called “subsidized” because the federal government, not the student, pays the interest on these loans while the student is enrolled at least half-time and during a six-month “grace period” after the student graduates or leaves school.
  • Unsubsidized loans are available to domestic students regardless of financial need.  They are called “unsubsidized” because students are responsible for the interest these loans accrue while the student is in school; they may choose pay the interest periodically while enrolled.  Any unpaid interest will be capitalized (added to the loan’s principal) when repayment begins six months after the student graduates or leaves school.

How to apply for a Stafford Loan:

How to receive your Stafford Loan funding:

Up to date information on the terms and conditions of this loan program can be viewed on studentaid.ed.gov.

Federal Direct PLUS Loan

This loan is a credit-based federal education loan available to graduate students and the parents of dependent undergraduate students. Borrowers with no adverse credit history may apply for up to the cost of education (for one academic year at a time), less any other financial aid.  Repayment on these loans begins 6 months after the student graduates or leaves school.

How to apply for a PLUS Loan:

How to receive your PLUS Loan funding:

Up to date information on the terms and conditions of this loan program can be viewed on studentaid.ed.gov.

Private Student Loans

A variety of private loan options are available to undergraduate and graduate students and/or their families. Alternative loans are offered by private lenders and are usually credit-based. We strongly recommend that borrowers only use private loans as supplemental funding after having exhausted all other sources of financial aid.

When researching loan options, we advise taking into consideration the loans’ interest rates as well as any origination, disbursement, and repayment fees. We are happy to answer questions or provide information as you work to identify the program(s) that best suit your family’s needs.

Lenders Who Have Made Private Loans to NEC Students

In order to help our students and families in their search for a private lender, we have compiled the following, comprehensive list of all lenders who have made private education loans to NEC students in the last 3 academic years. We do not endorse, recommend, or promote any lender; borrowers may select any lender, including those not on the below list.

CHESLA
Citizens Bank
Discover Student Loans
Liberty Bay Credit Union
Massachusetts Education Financing Authority
NASA Federal Credit Union
NJCLASS

Pentagon Federal Credit Union
Rhode Island Student Loan Authority
Sallie Mae
Union Federal
Wells Fargo

Disclosures

Code of Conduct

The New England Conservatory Financial Aid Office is a member of NASFAA, the National Association of Student Financial Aid Administrators. We abide by NASFAA’s Code of Conduct for Institutional Financial Aid Professionals, which states that an institutional financial aid professional is expected to always maintain exemplary standards of professional conduct in all aspects of carrying out his or her responsibilities, specifically including all dealings with any entities involved in any manner in student financial aid, regardless of whether such entities are involved in a government sponsored, subsidized, or regulated activity. In doing so, the NEC Financial Aid Office is bound to:

  • Refrain from taking any action for our personal benefit.
  • Refrain from taking any action that we believe is contrary to law, regulation, or the best interests of the students and parents we serve.
  • Ensure that the information we provide is accurate, unbiased, and does not reflect any preference arising from actual or potential gain.
  • Remain objective in making decisions and advising the administration of New England Conservatory regarding relationships with any entity involved in any aspect of student financial aid.
  • Refrain from soliciting or accepting anything other than of nominal value from any entity involved in the making, holding, consolidating or processing of any student loans, including anything of value (including reimbursement of expenses) for serving on an advisory board or as part of a training activity or of sponsored by any entity.
  • Disclose to the administration of New England Conservatory any involvement with or interest in any entity involved in any aspect of student financial aid.

Reporting to NSLDS

Borrowers are advised that student loan information will be submitted to the National Student Loan Data System (NSLDS), which is accessible to guaranty agencies, lenders, and schools determined to be authorized users by the Department of Education.

2017-01-27


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