Student Loans at Berklee

By submitting the Free Application for Federal Student Aid (FAFSA), your eligibility for federal and state student loans (i.e. Stafford, Perkins, Massachusetts No Interest Loan) will be determined by the Office of Financial Aid. If your financial aid package, combined with your family resources are not enough to cover your costs to attend Berklee, private educational loans may be an option to supplement your resources.

Every year, the Office of Financial Aid publishes the Loan Comparison Chart, which lists Berklee's preferred lenders and their contact information. This chart can also be downloaded online.

The Office of Financial Aid does not recommend one specific lender; it is the borrower's responsibility to compare loan options and determine which loan will best fit his/her individual needs. The Office of Financial Aid urges you to borrow no more than you absolutely need to cover your expenses. In addition, you should stay with the same lender over the course of your four years at Berklee to simplify your record-keeping and repayment after you complete your Berklee education. Supplemental loan programs are based on credit; most students will need a cosigner. Even if you do not need a cosigner, often, having one will lower the interest rate of the loan.

The Office of Financial Aid recommends that you apply for supplemental loans (a.k.a private educational loans) at least two months, but no more than three months, prior to the beginning of the semester in which you intend to use the funds.

Important: if the lender tells you that your loan is "approved," do not assume that your loan is complete. Often a lender will approve a borrower as creditworthy, but will still require further documentation before the loan can go into final review and a disbursement date can be set. The only point at which you can use your private loan funds for check-in purposes is when the lender has set a disbursement date.

Frequently Asked Questions

Q.) How do I apply for the Federal Direct Stafford Loan Programs?
The first step to apply for all federal need-based student financial aid programs is to submit a FAFSA to the Department of Education. Please see forms for download section to download a copy of the "Application Information and Instructions" booklet, which is published on a yearly basis by the Office of Financial Aid. When the Office of Financial Aid reviews the results of your FAFSA (and any other documentation that may be requested), your Stafford Loan eligibility will be determined. You will receive an Award Letter from the Office of Financial Aid that will list which federal need-based programs you are eligible for and in what amounts. Further instructions on how to complete federal loan requirements will be included with your Award Letter.

Q.) I am attending the Summer Semester. Am I eligible for a Stafford Loan?
If you are a continuing student and are enrolling in the summer semester, your eligibility for Stafford Loan funds will be determined by the Office of Financial Aid provided that you have filed the FAFSA of the academic year prior to your summer enrollment and have completed the Summer Financial Aid application, available online in the forms for download section. If you are a summer entering student, your eligibility for Stafford Loan funds will be determined upon receipt and review of your FAFSA (and any additional documentation that may be requested). Summer entering students will need to file the FAFSA of the academic year prior to their enrollment (e.g. if you intend to begin Summer 2004, you would need to fill out the 2003-2004 FAFSA to be considered for summer funds, as well as the 2004-2005 FAFSA, to be considered for financial aid for the fall semester).

Q.) How do I apply for the Federal Direct PLUS Loan Program?
If you are a parent, stepparent, or legal guardian ("borrower") of a Berklee student and wish to borrow a Federal Direct PLUS Loan on their behalf, the first step is to submit a PLUS Loan Request Form to the Office of Financial Aid. Please see forms for download section to download a copy.

PLUS loan eligibility is based on credit; although debt-to-income ratio is not a factor, the borrower must not have an adverse credit history, including any missed or late payments in the last 90 days. The PLUS loan is processed in the Office of Financial Aid; however, you will be notified directly from the federal servicer of loan approval or denial. For more information on PLUS loans, go to the Department of Education's PLUS information site.

If a PLUS loan is credit-denied, the borrower can reapply with an endorser, which is essentially a cosigner. If the parent does not have an endorser, PLUS denial makes the student eligible for an Additional Unsubsidized Stafford Loan. Further information for parents who were denied a PLUS loan is available from the Office of Financial Aid.

Q.) Is there a deadline to apply for supplemental loans?
The recommended date to submit supplemental loan applications is noted every year on the Financial Aid calendar, which is downloadable from www.berklee.edu/forms. Generally, you should submit supplemental loan applications about two months prior to the beginning of the semester. Loan funds cannot be used for check-in purposes until the loan is fully approved, has gone into final review, and a disbursement date has been set. It is important that you check with your lender during all stages of the loan processing to ensure that your loan documentation is complete.

Contact the lender directly for application information. Many lenders allow you to apply online. See the Loan Comparison Chart for lender websites and contact information. This chart is downloadable from www.berklee.edu/forms.

Q.) Can I borrow a supplemental loan for the entire year, or do I have to borrow semester-by-semester?
If you intend to use supplemental loan funds throughout the academic year, you should apply for a fall/spring loan with a loan period of September-May. Your loan will have two disbursements, one at the beginning of the fall semester, and one at the beginning of the spring semester. You cannot borrow supplemental loans based on the calendar year (i.e., January-December). Supplemental loans can be borrowed by semester, but you will need to apply for lender approval each semester. Loans for the summer session can only be borrowed as a one semester, summer loan (loan period would be May-August).

International Students

There are several educational loan programs available to international students and their families to help finance the cost of education at Berklee. However, with the exception of the CanHELP Loan for Canadian students, all private loans require a U.S. citizen/permanent resident as a cosigner. Download the Loan Chart (international students) from www.berklee.edu/forms for a list of Berklee's preferred lenders and their loan and contact information. The recommended date to submit all supplemental loan applications to the lender is at least two months, but no more than three months before the start of the semester in which you intend to use loan funds. Loans can be borrowed by semester or by academic year (fall/spring). Loans for the summer session can only be borrowed as a one semester loan.

Q.) Are there any other programs I can use to help pay my expenses at Berklee?
Berklee participates in a monthly payment plan administered by Tuition Management Systems (TMS). By paying a small participation fee, families can contract with TMS to pay Berklee bills in 10 monthly payments. Generally, families must enroll by June for fall bills, and enroll by November for spring bills. For further information contact TMS at (800) 722-4867, or see their website, www.afford.com, or contact the Office of the Bursar at (617) 747-2165, or email bursar@berklee.edu.

Q.) Are there any private scholarship search services/information websites for international students?
The following websites are scholarship search services that you can browse for any other scholarships/grants/loans that you may qualify for:

• www.edupass.org/finaid
• www.finaid.org/otheraid/canadian.phtml
• www.iefa.org

Links to Private Educational Loan Lender Websites

Note for international students: generally, lenders do not allow international students to apply online, and instead require that you mail them a paper application.