Financial Aid Guide

Scholarships

NEC Scholarships

NEC scholarships (Presidential Distinction, Dean scholarship, etc.) are awarded to full-time students based on the student’s talent/merit (e.g., audition and application) and financial need. Merit is primarily determined through the audition process, while financial need is based on the FAFSA and/or additional financial information provided during the application process.

Incoming Students
All incoming students seeking NEC financial aid must complete the NEC Application for Institutional Scholarship + Financial Assistance as part of their application. NEC funds are limited; not all applicants will receive NEC scholarships.

Returning Students
Returning students will be eligible for a renewal of their NEC scholarship based on Satisfactory Academic Progress (SAP), enrollment status, and degree program length. Award amounts are subject to change based on these factors.

5-Year Bachelor/Master’s Program Students
Dual-degree Students in years one through four pay only tuition for their studio fee as outlined in the published cost of attendance. Students in year five (the MM) are eligible for merit aid. This aid is determined after the third year promotional.

Student Employment

The Federal Work-Study Program (FWS) provides part-time employment opportunities within New England Conservatory to eligible students to help pay for incidental expenses during the year. In order to be eligible for a FWS award, a student must demonstrate financial need, as determined by their FAFSA results.

Award amounts typically range from $1,500 to $2,500. When a student is close to earning their full award amount, the Financial Aid Office will notify the student and set up a meeting. If the student would like to continue working, they will need to reapply for either the same or another position under the Student Aid program. The Student Aid program is the student employment program at NEC for those who are not Federal Work-Study students.

Students who fail to acquire a FWS position after the first eight weeks of the semester may have their FWS award removed from their financial aid package. Reminders will be sent prior to removal.

Students who are ineligible for the Federal Work-Study program may still be employed on campus under the Student Aid program.

Student employment funds do not appear as a credit on the student’s tuition/fee bill. Rather, these funds must be earned; earnings will be paid directly to the student every other week via direct deposit. All students interested in participating in student employment programs must conduct their own job search and have a bank account into which student earnings can be direct-deposited.

Additional information about student employment, including the job search process, is available online at necmusic.edu/student-employment.

Monthly Payment Plan

To help make educational expenses more manageable, NEC offers a payment plan administered by Nelnet, a trusted third-party provider. This plan helps distribute expenses — including tuition, food costs, and fees — across monthly installments.

This is not a loan program and does not accrue interest, but it does require a $75 nonrefundable enrollment fee. Enrollment opens July 1, and all payments must be made by December 15.

For more information or to enroll, visit necmusic.edu/student-billing or contact the NEC Business Office at businessoffice@necmusic.edu.

Grants

Federal Pell Grant

The Federal Pell Grant is a need-based federal grant that does not have to be repaid. Eligibility is based on a student’s Student Aid Index (SAI), which is calculated when the student’s FAFSA is processed. Pell Grants are only awarded to undergraduate students who have not yet earned a bachelor’s degree.

To be considered for this grant, students must complete the FAFSA annually.

Federal Supplemental Educational Opportunity Grant

The Federal Supplemental Educational Opportunity Grant (SEOG) is a need-based federal grant that does not have to be repaid. Recipients are selected in accordance with federal regulations, which require SEOG to be awarded to students with exceptional financial need, with priority given to Federal Pell Grant recipients. The SEOG is only awarded to undergraduate students who have not yet earned a bachelor’s degree.

To be considered for this grant, students must complete the FAFSA annually.

State Grants

State grants are issued by the state in which the student permanently resides. An estimate of the grant may appear on the student’s award letter. However, the state agency will notify the student of actual award amounts, at which time adjustments to the student’s financial aid award letter may need to be made. State Grants do not typically need to be repaid.

To be considered for a state grant, students must complete the FAFSA annually no later than the state deadlines posted on studentaid.gov.

Loans

Federal Direct Loan

The Direct Loan is a low-interest federal loan made to the student; the student is responsible for repayment.

There are two types of Direct Loans:

Subsidized Direct Loans

Subsidized Direct Loans are available only to undergraduate students who demonstrate financial need. The federal government pays the interest on subsidized Direct Loans while the student is enrolled at least half-time. If a student does not demonstrate financial need, they will typically qualify for an unsubsidized loan; students with financial need will qualify for both subsidized and unsubsidized loans.

Unsubsidized Direct Loans 

This loan is available to both undergraduate and graduate students who are enrolled at least half-time. Unsubsidized Direct Loans accrue interest while the student is in school; the student may pay the interest periodically while in school or capitalize it and repay it along with the principal.

2026-2027 Federal Loan Changes

Beginning on July 1, 2026, loan amounts will be reduced for students enrolled in less than full-time. Students who drop from full-time to part-time enrollment during a semester may be subject to a reduction in loan eligibility in a subsequent semester based on the reduced enrollment level.

Direct Loan Interest Rates and Fees

For 2026–2027, the interest rate for Subsidized and Unsubsidized Direct Loans for undergraduate students is 6.52%. The interest rate for Unsubsidized Direct Loans for graduate students is 8.07%. Rates are set annually by Congress and are based on the 91-day rate from the last Treasury auction in May.

The federal government deducts fees from the gross loan amount before forwarding the balance to NEC. For 2026–27, there will be a 1.057% fee taken out from the loan prior to disbursement. The amount disbursed is then called the “net loan amount.”  

For up-to-date fee information, please visit studentaid.gov/sa/types/loans.

Direct Loan Master Promissory Note

In order for NEC to disburse a Direct Loan, borrowers music complete a Direct Loan Master Promissory Note (MPN). An MPN is a legal document in which the borrower promises to repay the loan, plus any accrued interest and fees, to the lender. The MPN also explains the terms and conditions of the loan.

To complete an MPN online:

1. Go to studentaid.gov.
2. Login using your FSA ID. This is typically the same ID that you used to e-sign 
   the FAFSA. If you forgotten or do not have an FSA ID, visit studentaid.gov/fsa-id.
3. Select “Complete Loan Agreement for Subsidized/Unsubsidized Loan (MPN).”
4. Follow the steps to enter your personal and school information and references.
5. Read the terms and conditions.
6. Review, electronically sign, and submit the MPN.

NEC will be notified when you have completed the MPN requirement.

Direct Loan Entrance Counseling

In addition to completing the MPN, all Direct Loan borrowers must complete entrance counseling before disbursement can occur. Entrance counseling will explain your rights and responsibilities as a borrower and detail the terms and conditions of your loans.

To complete entrance counseling online:

1. Go to studentaid.gov.
2. Login using your FSA ID. This is typically the same ID that you used to e-sign the FAFSA. If you have forgotten or do not have an FSA ID, visit studentaid.gov/fsa-id.
3. Select “Complete Entrance Counseling.”
4. When prompted to do so, choose New England Conservatory as a recipient of the counseling results.
5. Review the information displayed and answer all required questions about repayment, default, and money management.

NEC will be notified when you have completed the counseling requirement.

Direct Loan Disbursement

For students enrolled for a full year, the Direct Loan funds will be disbursed at the start of each semester. Disbursement means that the funds are sent from the Financial Aid Office to the Business Office and Department of Education. Funds are then applied to student accounts. 

NEC will first credit loan funds to the student’s NEC account to pay for billable charges (tuition, fees, food and housing, etc.). If a loan disbursement amount exceeds your charges, NEC will refund you the remaining balance of the disbursement.

Direct Loan Limits

Annual Direct Loan limits are based on the student’s year in school, which is determined by the number of credits they have successfully completed.

The standard annual Direct Loan limits are shown below.

Direct Loan Limits	Maximum Annual Loan Limit*	Maximum Amount of Annual Loan Limit That Can Be Subsidized
First-Year Undergraduate	$5,500	$3,500
Second-Year Undergraduate	$6,500	$4,500
Third/Fourth-Year Undergraduate	$7,500	$5,500
Graduate	$20,500	N/A

*Independent undergraduate students (and dependent students whose parents have been denied a PLUS Loan) are also eligible to borrow additional unsubsidized Direct Loan funds. These loan amounts are capped at $4,000 for first-year and second-year students and $5,000 for third-year and fourth-year. Independent students’ financial aid award letters will reflect these additional amounts. Parents who have been denied a PLUS Loan should contact the Financial Aid Office for additional information. 

Direct Loan Repayment

Direct subsidized and unsubsidized loan repayment typically begins six months  after the student drops below half-time enrollment (e.g., graduates, withdraws, goes “inactive,” or takes a leave of absence).

Direct Loan NSLDS Reporting

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.

Federal Direct PLUS Loan

Direct PLUS Loans are federal loans available to parents of dependent undergraduate students. Graduate and professional students are no longer eligible for new Direct PLUS Loans beginning July 1, 2026, except for certain borrowers who qualify for the federal transition provision described below. 

Unlike other Federal student loans, PLUS loans require the borrower to pass a credit check and not have an adverse credit history. As an undergraduate student, only a parent/guardian can apply for this loan. We encourage PLUS loan borrowers to make loan requests based on their needs for a full academic year (rather than applying for one semester at a time). 

Starting July 1, 2026, federal law introduces new Direct PLUS Loan borrowing limits. These limits apply to new borrowers and, in some cases, to returning borrowers depending on prior borrowing history.

2026–2027 Federal Loan Changes

Parents of Undergraduate Students

If your parent borrower has not previously taken out a PLUS Loan for your education, the maximum amount of a PLUS Loan is $20,000 annually per student. There is an aggregate total lifetime eligibility of $65,000 per student. 
 
For students whose parent borrower has previously taken out a PLUS Loan for their education prior to July 1, 2026, borrowing may continue up to the total Cost of Attendance (as determined by New England Conservatory) minus any other financial aid, subject to applicable transition rules. 
 
Any student enrolled less-than full-time will have their Federal Financial Aid prorated to reflect their enrollment percentage but still must remain enrolled at least half-time to be considered eligible. 

Graduate Students

Effective July 1, 2026, the Graduate PLUS Loan program will be eliminated for all new borrowers. The legacy provision allows continued borrowing under previous rules if the student:

• Is enrolled as of June 30, 2026.
• Previously borrowed a Direct Loan for the same program of study before July 1, 2026.
• Remains enrolled in the same program at the same school through graduation or for up to three academic years (2026–27, 2027–28, 2028–29), whichever occurs first.

Graduate students also have new annual and aggregate loan limits for Federal Direct Loans, up to $20,500 annually; aggregate limit $100,000.

Plus Loan Interest Rate & Fees

For the 2026–2027 academic year, the interest rate for Direct PLUS Loans is 9.07% (including Parent PLUS Loans and eligible legacy Grad PLUS Loans). Rates are set annually by Congress and are based on the 91-day rate from the last Treasury auction in May. Interest begins to accrue on the date of the loan’s first disbursement. Loan funds are disbursed directly to NEC.

The federal government deducts fees from the gross loan amount before forwarding the balance to NEC. For 2026-2027, there will be a 4.228% fee taken out from the loan prior to disbursement. The amount disbursed is then called the “net loan amount.” 

For more information, please visit studentaid.gov/sa/types/loans/plus.

Plus Loan Application

For a PLUS Loan to be disbursed, all borrowers must complete a separate application. Applications can be found on studentaid.gov/sa/types/loans/plus. 
Undergraduate students must have one parent/guardian (who resides in the United States) apply for a PLUS (or Parent PLUS Loan). A Parent PLUS Loan will be under that parent’s name. There is a credit check as part of the application process which requires applicants to have no adverse credit history. The same parent/guardian must also complete a Master Promissory Note (MPN).

Plus Loan Master Promissory Note

In order to disburse a Direct PLUS Loan, all borrowers must complete a PLUS Loan Master Promissory Note (MPN). This is separate than the Direct Loan MPN requirement. An MPN is a legal document in which the borrower promises to repay the loan, plus any accrued interest and fees, to the lender. The MPN also explains the terms and conditions of the loan. 
For Parent PLUS Loans, this will need to be completed by the parent who completed the PLUS application.

To complete an MPN online:

1. Go to studentaid.gov/mpn/.
2. Login using your FSA ID. If you forgotten or do not have an FSA ID, visit 
   studentaid.gov/fsa-id/.
3. Select your borrower type and click “Start” to complete the PLUS Loan (MPN).
4. Follow the steps to enter your personal and school information and references.
5. Read the terms and conditions.
6. Review, electronically sign, and submit the MPN.

Once all documents are completed, NEC will be notified and add any accepted PLUS loan to a student account. Please check your account regularly to ensure you do not miss anything.
In the event that a PLUS loan is denied, there are options. Borrowers have the ability to appeal a credit decision, and/or add an endorser (like a co-signer). In the event that the PLUS loan is denied with no ability to appeal, and/or an endorser is not possible, please contact Financial.Aid@necmusic.edu for next steps. 

Keep in mind that loans are funds which much be repaid. It is strongly advised that only what is absolutely necessary is requested for a loan to avoid unnecessary loan debt. 

Students with a PLUS loan must remain in good standing and be enrolled at least half-time in order to be eligible. If these requirements are not met, loan eligibility may be impacted. Please contact Financial Aid to discuss available options. 

Any Parent PLUS loan that is accepted but does not result in a completed application within the first eight weeks of the Fall semester will be removed from the financial aid package.

Plus Loan Entrance Counseling

Eligible Grad PLUS Borrowers

Graduate and professional students who qualify for the federal transition provision and are receiving a Direct PLUS Loan for the first time must complete Entrance Counseling before the loan can be disbursed. Entrance Counseling explains the borrower’s rights and responsibilities and the terms and conditions of the loan.

To complete Entrance Counseling online:

1. Go to studentaid.gov.
2. Log in using your FSA ID.
3. Select “Complete Entrance Counseling.”
4. When prompted, choose New England Conservatory as a recipient of the counseling results.
5. Review the information and answer all required questions.

NEC will be notified when you have completed the counseling requirement.

Parent PLUS Borrowers

Parent PLUS borrowers are not required to complete Entrance Counseling. However, if a Parent PLUS applicant is denied based on an adverse credit history and then qualifies for the loan by obtaining an endorser or documenting extenuating circumstances, the parent must complete PLUS Loan Credit Counseling before the loan can be disbursed.

Plus Loan Disbursement

For students enrolled for a full year, the Direct PLUS Loan funds will be disbursed at the start of each semester. 

NEC will first credit loan funds to the student’s NEC account to pay for billable charges (tuition, fees, food and housing, etc.). If a loan disbursement amount exceeds your charges, NEC will refund you the remaining balance of the disbursement.

Undergraduate students who have a credit resulting from a Direct PLUSLoan will be made payable to either the student or the parent. This is determined by the Direct PLUS Loan application, as the parent/guardian must choose the recipient of any excess funds (which can be the student or the parent/guardian). The Business Office must strictly follow what is on a Direct PLUS application and will not refund to an alternate party.

Plus Loan Repayment

By federal law, repayment on all PLUS loans technically begins immediately upon full disbursement to the school. However, your options to postpone payments depend on when you borrowed.

If You Borrowed BEFORE July 1, 2026 (Legacy Loans):

• Graduate PLUS: Placed automatically in an in-school deferment. Payments are delayed until 6 months after you graduate or drop below half-time.
• Parent PLUS: Repayment starts immediately. However, you can request a deferment to pause payments while your student is in school, plus an optional 6 months after they leave.

If You Borrowed ON or AFTER July 1, 2026 (New OBBBA Rules):

• Graduate PLUS: This program has been eliminated for new borrowers.
• Parent PLUS: Repayment starts immediately. You can still actively request a deferment while your student is in school (plus 6 months afterward). However, these new loans are permanently locked out of all Income-Driven Repayment (IDR) plans and Public Service Loan Forgiveness (PSLF).

To check your loan dates, request a deferment, or view your repayment plan options, log in directly to the official federal portal at studentaid.gov.

Plus Loan NSLDS Reporting

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.

Private/Alternative Loan Programs

A variety of private/alternative 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. NEC advises that borrowers should only use private loans as supplemental funding after having exhausted all other sources of financial aid.

The NEC Financial Aid web page offers a list of private loan companies that have made loans to NEC students in the past. Students are welcome to borrow from other lender programs as well. When researching your loan options, it is advisable to take 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 programs that best suit your family’s needs.