Scholarship gifts make it possible for talented young students to attend Manhattan School of Music’s Precollege Division. Since funding for qualified students is limited, these gifts are essential to our School. We strive to offer all possible opportunities to our students, regardless of their financial circumstances.
For the 2011–2012 academic year, tuition for the Precollege Division is $7,600. Named scholarships are either endowed, to provide permanent support, or expendable, to offer immediate aid. Scholarships may be named for the donor or in honor or memory of someone.
Expendable scholarships for Precollege students may be established with a minimum gift of $5,000, pledged for two consecutive years, and may be designated to a specific area of study. Expendable funds are awarded to students until all monies in the fund are distributed, usually in a single year. Larger gifts may be awarded over several years, depending on the donor’s wishes and the needs and recommendations of the School. If, for example, a donor makes a gift of $50,000, ten scholarships of $5,000 each can be awarded in a single year, or two $5,000 scholarships can be given in each of five years. The gift can be designated to a specific area of study.
An endowed Precollege scholarship requires a minimum gift of $25,000. The principal is permanently invested and its earned income is awarded to a student as scholarship money. At a payment rate of 5 percent, an endowment of $25,000, once vested for one year, produces approximately $1,250 a year in income to go toward the musical education of a deserving Precollege student.