Scholarships & Financial Aid

Manhattan School of Music Scholarship 

MSM Scholarship is awarded to approximately 75% of our full-time enrolled students. These scholarships are awarded by our Scholarship Committee and are based upon level of performance demonstrated in the entrance auditions and your family’s demonstrated financial need. Scholarships awarded at admission are renewed for the normal length of the degree and on criteria as specified in your Financial Aid Award Notification. 

President’s Award 

The President’s Award is awarded on the same basis as above to  high-merit students who demonstrate no financial need. These awards are limited to a maximum amount of 25% of tuition. Awards are renewable based on criteria as specified in your Financial Aid Award Notification.

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 Pell-eligible undergraduate students with exceptional financial need. 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. FWS awards are not applied to your tuition bill; 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 $1,200. A Work-Study directory listing all available positions is compiled by the Office of Financial Aid and is available in early September.  

Manhattan School of Music participates in the William D. Ford Federal Direct Loan program, based on the passed Student Aid and Fiscal Responsibility Act (“SAFRA”) legislation, in which borrowers obtain loan funds directly from the U.S. Department of Education. See a detailed description of Federal Direct Loans below. 

Federal Direct Stafford Loan 

Stafford Loans are either Subsidized or Unsubsidized: 

• A Subsidized Stafford Loan is awarded on the basis of financial need. Interest does not accrue as long as a student maintains at least half-time enrollment. Payments are also deferred as long as a student maintains at least half-time enrollment.  

• An Unsubsidized Stafford Loan is awarded regardless of a family’s demonstrated financial need. Interest accrues while the student is enrolled. Payments are deferred as long as a student maintains at least half-time enrollment.  

Students accepting Stafford Loan(s) on their Financial Aid Notification Letter will have their loan data electronically transmitted to the Office of Financial Aid. The US Government has origination fees that apply to these loans. For loans disbursed on or after 10/1/19 and before 10/1/20, the origination fee is 1.059% of the total amount of the loan. For loans disbursed on or after 10/1/20 and before 10/1/22, the origination fee is 1.057%. This percentage will be deducted from your loan automatically by the federal government before releasing the loan funds to MSM.  

All first-time borrowers are required to sign a Master Promissory Note (MPN) and complete Entrance Counseling (EC) at www.studentloans.gov before funds can be released.  

All returning and new borrowers must return a signed copy of the Financial Aid Award Letter to the Office of Financial Aid to accept or decline their loans. Once these items are completed, the loan will be set for disbursement on dates established by Manhattan School of Music. The funds will be electronically transmitted to Manhattan School of Music and will be applied to your account within three business days.  

Stafford Loan Borrower Limits 

• Subsidized Stafford Loan: Undergraduates may borrow up to $3,500 in their freshman year, up to $4,500 in their sophomore year; and up to $5,500 in their junior and senior years. All undergraduate Dependent students are also eligible for a $2,000 Unsubsidized Stafford Loan. Graduate students are not eligible for a Subsidized Stafford Loan. 
• Unsubsidized Stafford Loan: Independent undergraduates can borrow up to $4,000 in their freshmen and sophomore years, and $5,000 in their junior and senior years. If a Dependent student’s parents are denied a Federal Direct Parent PLUS Loan, they are eligible for these additional unsubsidized amounts. Graduate students may borrow up to $20,500 in a Federal Direct Unsubsidized Stafford Loan. 

Federal Direct PLUS Loan 

Federal Direct Parent PLUS Loans are federal loans granted in the parent’s name to assist with the expenses for Dependent undergraduate students. Graduate students may apply for the Federal Direct Graduate PLUS Loan in their own name. PLUS Loan amounts may cover up to the Cost of Attendance (COA) minus any financial aid received. The maximum PLUS Loan amount is determined by Manhattan School of Music. A credit check determines eligibility for this loan, which may be performed prior to applying. Both the loan applicant and the Office of Financial Aid will be notified of the credit check results. Once the credit check is received, we will initiate the certification process for approved applicants. Applicants will have their loan data electronically transmitted to the Office of Financial Aid. 

The US Government has origination fees that apply to these loans. For loans disbursed on or after 10/1/19 and before 10/1/20, the origination fee is 4.236% of the total amount of the loan. For loans disbursed on or after 10/1/20 and before 10/1/22, the origination fee is 4.228%. This percentage will be deducted from your loan automatically by the federal government before releasing the loan funds to MSM.  

To apply for a Direct PLUS Loan, visit www.studentloans.gov. All borrowers are required to reapply each year and have a new credit check run. All returning and new borrowers must return a signed copy of the Financial Aid Notification Letter to the Office of Financial Aid. All first-time borrowers are required to sign a Master Promissory Note (MPN) at www.studentloans.gov before funds can be released.  

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 MSM and 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 with the Office of Student Accounts.  

A parent or graduate borrower who does not meet the credit requirements to qualify for a Federal Direct PLUS Loan can either appeal the credit decision or secure an endorser (or co-signer). If you choose to appeal the decision, please contact Student Loan Support Services at 1-800-557-7394 to initiate the appeal process. All PLUS Loan borrowers who do not initially meet the credit requirements are required to complete PLUS Loan Counseling at www.studentloans.gov if their credit appeal is accepted or they secure an approved endorser. 

Tuition Assistance Program (TAP) – New York State Residents Only 

TAP is awarded to undergraduate students only. 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. 

New York State Achievement and Investment in Merit Scholarship (NYS-AIMS) – New York State Residents Only 

The New York State Achievement and Investment in Merit Scholarship (NY-AIMS) provides merit-based scholarships to New York State high school graduates who achieved academic excellence as a high school student, and who enroll or plan to enroll in a public or private New York State college immediately after high school. Recipients will receive annual awards of $500 for a maximum of four years of undergraduate study, or five years if the program of study normally requires five years. 

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 is available in the Office of Financial Aid at Manhattan School of Music.

Information about third-party scholarships is available through the links below: 

Fin Aid 

Scholarship Experts 

Fast Web 

The College Board 

International Scholarships

Art Scholarship for Minority Students