|
Eligibility:
U.S. Citizens and Permanent Residents
Eligible to apply for all programs outlined on this page (except
TAP*):
*TAP - Tuition Assistance Program (you must be a New York resident
to apply for the TAP Program)
Eligibility: International Students
Eligible to apply for Manhattan School of Music Scholarship/President's
Award.
All international students must be prepared to meet the costs
of education and living expenses in this country with personal or
family funds, as it is unlikely that any scholarship and/or loans
for which you may be eligible will be enough to cover all expenses
associated with your cost of education.
Institutional Aid:
Manhattan School of Music Scholarship
We award scholarship to approximately 40% of our full-time enrolled
students. Manhattan School of Music Scholarship is awarded by our
Scholarship Committee and is based upon recommendations from faculty
at entrance auditions, analysis of family income and assets, and
the academic performance of the student. Renewal of Manhattan School
of Music Scholarship is based on criteria as determined by the school.
President's Award
The President's Award is awarded on the same basis as above to
no-need, high-merit students. Awards are renewable based on criteria
as determined by the school.
Federal Aid Programs:
Federal Pell Grant
Pell Grants are funded by the federal government and are designed
to provide financial assistance to undergraduate students with exceptional
financial need pursuing their first undergraduate degree. The EFC
(Expected Family Contribution) found on the Student Aid Report (SAR)
determines the amount of the award.
Federal Supplemental Educational Opportunity
Grant (SEOG)
SEOG awards are provided by federal and institutional funds and
are restricted to undergraduate students with exceptional financial
need. Pell Grant recipients have first priority. Awards can range
from $100 to $4,000 per year and are dependent on the allocation
the school receives from the federal government. Typically, awards
range from $500 to $2,000 at Manhattan School of Music.
Federal Work-Study Program
The Federal Work-Study Program (FWS) provides jobs for students
with demonstrated financial need, allowing them to earn money to
assist with personal and living expenses. Students are paid bimonthly
for work performed on an hourly basis. Individual awards are dependent
upon total allocation from the federal government but are generally
about $1,500. A Work-Study directory listing all available positions
is compiled by the Office of Financial Aid and is available in early
September. Reconsideration forms are available at the end of September
to redirect any Work-Study funds that may become available due to
students who have declined their award.
Federal Education Loans:
**New for 2010-2011** Manhattan School
of Music previously processed Federal Stafford and Federal PLUS
loans through the Federal Family Education Loan program (FFEL),
in which students and parents borrowed from private lenders and
banks. Beginning in Fall 2010 all schools are required to exclusively
participate in the
William D. Ford Federal Direct Loan program, based on the newly
passed Student Aid and Fiscal Responsibility Act ("SAFRA")
legislation, in which borrowers obtain loan funds directly from
the U.S. Department of Education.
Federal Perkins Loan
The Federal Perkins Loan is a low-interest (5%) loan for undergraduate
and graduate students with exceptional financial need. The maximum
annual award is $4,000. Manhattan School of Music is the lender
of the funds. The number and amount of the award depend on the collection
activity (former students repaying their loans) of the previous
year.
Federal Direct Stafford Loan
Stafford Loans are either subsidized or unsubsidized. A Subsidized
Stafford Loan is awarded on the basis of financial need. Principal
and interest are deferred as long as a student maintains at least
half-time enrollment. Eligibility for the Unsubsidized Stafford
Loan is not based on a family’s demonstrated need. Unsubsidized
loan interest payments accrue while the student is enrolled, and
it is the responsibility of the student to either pay the interest
quarterly or capitalize (defer) the interest. Students accepting
their Stafford Loan(s) on their award letter will have their loan
data electronically transmitted.
All first-time borrowers are required to sign a Master Promissory
Note (MPN) and complete an entrance interview before funds can be
released. All returning borrowers are only required to sign a new
Master Promissory Note. Please click here
for the Direct Loan website where borrowers can complete these steps.
Once these itemss are completed, your loan will be set for disbursement
on dates established by Manhattan School of Music. Your funds will
be electronically transmitted to Manhattan School of Music and will
be applied to your account within three business days. All
loans for the 2010-2011 year will be processed through the Direct
Loan program.
Undergraduate Borrower Limits -For subsidized Stafford Loan, freshmen
undergraduates may borrow up to $3,500 per year; sophomores, up
to $4,500 per year; and junior and seniors, up to $5,500 per year.
All undergraduate students are eligible for a $2,000 unsubsidized
Stafford Loan. Additionally, independent undergraduates can borrow
an Unsubsidized Stafford in the following amounts: $4,000 for freshmen
and sophomores and $5,000 for juniors and seniors. Also, dependent
students whose parents are denied a PLUS (Parent Loan) are eligible
for the additional unsubsidized amounts.
Graduate Borrower Limits - Graduate students may borrow up to $8,500
in Subsidized Stafford and up to $12,000 in Unsubsidized Stafford.
Graduate students who show no-need may borrow up to $20,500 in Unsubsidized
Stafford Loan.
Federal Direct PLUS Loan
PLUS Loans are federal loans available to help parents with the
expenses of dependent undergraduate students. Graduate students
may also apply for the Grad PLUS Loan in their own name. PLUS Loans
are available up to the cost of education minus any aid received.
The maximum amount is determined by Manhattan School of Music. A
credit check determines initial eligibility. This credit check may
be performed prior to actually applying. Both the loan applicant
and the Office of Financial Aid at Manhattan School of Music will
be notified of the credit check results. We will then initiate the
certification process for approved applicants. Applicants will have
their loan data electronically transmitted.
All first-time borrowers are required to sign a Master Promissory
Note (MPN) and complete an entrance interview before funds can be
released. All returning borrowers are only required to sign a new
Master Promissory Note. Please click here
for the Direct Loan website where borrowers can complete these steps.
Once these items are completed, your loan will be set for disbursement
on dates established by Manhattan School of Music. Your funds will
be electronically transmitted to Manhattan School of Music and will
be applied to the student's account within three business days.
If there are excess loan proceeds after all billed charges have
been satisfied, we will ask you if you want those funds released
to you, the student, or held for future charges. All loans
for the 2010-2011 year will be processed through the Direct Loan
program.
If you have questions regarding any of the loan programs, you may
contact Jacqueline Felder at 212-749-2802 x4462 or jfelder@msmnyc.edu.
Other Sources of Funding:
Tuition Assistance Program (TAP) - New
York State Residents Only
TAP is for both undergraduate and graduate students. By completing
the FAFSA, you will be initiating the application process. You will
receive your preprinted application directly from NYS Higher Education
Services Corporation. Once the state budget has been finalized (over
the summer), NYSHESC will notify you and Manhattan School of Music
of your eligibility. The Office of Financial Aid will add the amount
awarded to your record and notify the Bursar's Office.
Nonfederal Alternative Loans
In addition to federal loans, some parents and students inquire
about other loan funds available to meet educational costs not already
covered by institutional and federal financial aid. Nonfederal alternative
loans are normally credit-based loans available through lenders
to help in meeting this gap. Information about these loans are available
in the Office of Financial Aid at Manhattan School of Music.
|
