Other Financing Options
For families who are able to make payments out-of-pocket but are seeking a more incremental method of doing so, payment plans are available with Tuition Management Systems. However, if your family resources and financial aid package are not enough to cover your costs of attending Berklee, education loans may be a viable option to supplement your resources. These options have a variety of benefits and should be considered carefully to best meet your family’s needs. While there are alternative loans available for students, we recommend parent-financing options first. In addition, we strongly advise students to consider maximizing all federal student loans before considering alternative student loans. After financial aid has been applied to the billing statement, the family will be responsible for the remaining balance.
Federal Direct PLUS Loan for Parents: Direct PLUS Loans are loans for parents of dependent undergraduate students and for graduate/professional students. Direct PLUS Loans help pay for educational expenses up to the cost of attendance minus all other financial assistance. Interest is charged during all periods. More information is available at studentloans.gov. Students will need their FSA ID in order to to log in.
MEFA: The Massachusetts Educational Financing Authority (MEFA) also offers parent loans with a fixed interest rate. More information regarding eligibility, loan terms, repayment options, and application instructions can be found at mefa.org.
Private Student Loans
For students and parents who need financing beyond what is available through the federal loan programs, we offer the recommendations listed in our Loan Guide,or you may go to elmselect.com and select Berklee from the menu. While we are pleased to offer you this list of reputable lenders and the loans offered by such, you are not limited to this list. Berklee will process an alternative or supplemental loan from any lender and it is your right to apply for loans through the lender of your choice.
Berklee doesn't recommend any one specific lender. It is your responsibility as the loan borrower to compare loan options available to you and determine which loan will best fit both your short-term and long-term financial needs.