Types of Aid

Financial assistance for your Berklee education is available from a variety of sources. This includes federal and states awards, outside scholarships, private loans, and institutional funds. Funding from any one source is limited, so we encourage you to familiarize yourself with all of your options and be aware of deadlines. Financial aid is considered supplemental towards your family's contribution to your education.

Note: 2010-2011 figures available after January 2010

Federal Aid Programs

Need-based aid is evaluated based on the results of your Free Application for Federal Student Aid (FAFSA). Eligibility criteria for federal aid programs include the Expected Family Contribution, receipt of a FAFSA by our preferred filing date, and timely submission of all documentation.

Federal Direct Stafford Loan

• A long-term, low-interest federal loan awarded based on a review of your FAFSA, Satisfactory Academic Progress, and enrollment status.
• There are two types of Stafford Loans:
  • Subsidized, meaning that no interest accrues until six months after you graduate, withdraw, or drop below half-time enrollment status.
  • Unsubsidized, meaning that interest begins to accrue immediately.
• First-time borrowers must complete a Master Promissory Note (MPN) and an Entrance Counseling Session online at www.studentloans.gov
• Repayment on this loan begins six months after you graduate, withdraw, or cease to be enrolled half-time.
• The current undergraduate interest rates for this loan are 5.6% (Subsidized) and 6.8% (Unsubsidized.)

Federal Perkins Loan

• A long-term, low-interest loan awarded based on a review of the FAFSA, Satisfactory Academic Progress (SAP), enrollment status, and funding availability.
• Interest does not begin to accrue on this loan until nine months after you graduate, withdraw, or drop below half-time enrollment status.
• First-time borrowers will need to complete a Master Promissory Note (MPN) and an Entrance Counselling Session online at www.ecsi.net/promd8/.
• The current undergraduate interest rate for this loan is 5%
• Loan amounts are $1,500 to $2,500 annually.

Federal Pell Grant

• Awarded based on a review of the FAFSA, Satisfactory Academic Progress, and enrollment status.
• This award does not need to be paid back. It is considered to be gift aid.
• Grant amounts are $976 to $5,550 annually.

Federal Supplemental Educational Opportunity Grant (SEOG)

• Awarded based on a review of the FAFSA, Satisfactory Academic Progress, enrollment status, and funding availability.
• This award does not need to be paid back. It is considered to be gift aid.
• Grant amounts are $1,500 to $2,000 annually.

Federal Academic Competitiveness Grant (ACG)

• Please note: as of this time, funding for the ACG program has not yet been authorized beyond the 2010-2011 academic year. If funding becomes available, all eligible entering freshmen and continuing sophomores will be reviewed.

State Aid Programs

Many state financial aid offices offer programs for state residents. Award types, amounts, and eligibility criteria differ from state to state, but most require the FAFSA to be filed by a specific deadline. Deadlines listed by state are available on the web at www.fafsa.ed.gov.

Berklee Aid Programs

Berklee awards need-based grants based on a review of the FAFSA, Satisfactory Academic Progress, enrollment status, and admissions information. You will be notified of your eligibility for the Berklee Grant when you receive your financial aid award letter.

There are also merit-based scholarship opportunities for Berklee students. Applicants are reviewed for scholarship eligibility based on their audition and interview for the college, and continuing students have the option of applying each year. If you have questions about scholarship programs, you should check with the Office of Scholarships for more information.

International Aid

International students are not eligible to file the FASFA and receive federal or state funding, however there are a few options for international students to secure funding to attend Berklee College of Music.

Berklee International Grant

In order to be considered for the BIG, students must submit the Berklee International Grant Application by the proposed deadline once each academic year. The deadline for Berklee International Grant for 2011-2012 was April 1 we can no longer accept applications at this time.

A variety of factors are used to determine eligibility for the BIG, including:

• Academic accomplishments
• Involvement in school activities
• Level of educational debt
• Other financial aid received (including merit awards from the college)
• Semester level
• Financial need

In order to be considered for the BIG, students must submit the Berklee International Grant Application by the proposed deadline once each academic year. The application is available for download at www.berklee.edu/forms.