Types of Financial Aid
Financial assistance for your Berklee education is available from a variety of sources. This includes federal and state 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.
Federal Aid Programs
Federal aid is evaluated based on the results of the Free Application for Federal Student Aid (FAFSA). Federal Aid is primarily "need-based" and eligibility is determined by several factors, including: Expected Family Contribution, receipt of the FAFSA by our preferred filing date, and timely submission of all documentation. The types of federal aid that are awarded based on the FAFSA are Direct Stafford Loans, Perkins Loan, Pell Grant and the FSEOG Grant. See more about these below.
Federal Direct Stafford Loan
- A long-term, fixed-interest rate federal loan awarded based on a review of your FAFSA, Satisfactory Academic Progress, and enrollment status.
- There are two types of Stafford Loans:
- Subsidized no interest accrues until 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 studentloans.gov
- Repayment on this loan begins six months after you graduate, withdraw, or cease to be enrolled in at least 6 credits.
- The undergraduate interest rates for 2012-13 on these loans are 3.4% (Subsidized) and 6.8% (Unsubsidized.)
Direct Stafford Loan Annual and Aggregate Loan Limits
| Year of Study | Dependent student amount | Independent student amount |
|---|---|---|
| First Year | $5,500 (max $3,500 sub.) | $9,500 (max $3,500 sub.) |
| Second Year | $6,500 (max $4,500 sub.) | $10,500 (max $4,500 sub.) |
| Third and Beyond | $7,500 (max $5,500 sub.) | $12,500 (max $5,500 sub.) |
| Maximum Total | $31,000 (max $23,000 sub.) | $57,500 (max $23,000 sub.) |
Federal Perkins Loan
- A long-term, fixed interest loan awarded based on a review of the FAFSA, Satisfactory Academic Progress, 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 Counseling Session online at ecsi.net/promd8/.
- The current undergraduate interest rate for this loan is 5%
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 up 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 $100 to $4,000 annually.
Other Aid Programs
Veteran's Bennefits
Berklee offers VA educational benefits and participates in the Yellow Ribbon Program. If you think you are eligible or have further questions, please contact our office.
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 fafsa.ed.gov.
Berklee Aid Programs
Berklee primarily awards institutional funds through merit-based scholarships. However, limited institutional funds are available for scholarship students who also demonstrate financial need. All entering students are reviewed for scholarship eligibility based on the audition and interview process, and continuing students may be eligible to apply for the Berklee Achievement Scholarship. For more information about our scholarship programs, please contact the Office of Scholarships directly at scholarships@berklee.edu or on the web at berklee.edu/scholarships.
Achievement Grants
Achievement Grants are nominal increases in aid awarded to students with Berklee scholarships and/or grants that augment financial aid packages each year. These awards provide incentives to students based on their achievement and financial need to complete their education at Berklee. Students with Berklee scholarships and/or grants who earn a minimum cumulative grade point average equal to or greater than 3.0 and also demonstrate financial need may qualify for tiered increases in aid for their second, third and fourth years at Berklee. The Achievement Grant is not cumulative. The amounts below represent the total amount a student can receive in Achievement Grant for the year.
| 2nd year students: | $800 ($400 fall & $400 spring) |
| 3rd year students: | $1,000 ($500 fall & $500 spring) |
| 4th and 5th year students: | $1,200 ($600 fall & $600 spring) |
Enrolled students may view the complete details on my.berklee.net.