Sources of Financial Aid
office of financial aid | p: 617.912.9147 | f: 857-207-3120 or 3147 | [email protected]
Institutional Aid
1. Conservatory Scholarships including the Walnut Hill Achievement Scholarship are awarded on a
merit basis. The Scholarship Committee awards scholarships to incoming students, based on the
recommendations of the faculty who evaluate the student’s entrance auditions. FAFSA information will
be taken into consideration when scholarships are awarded, but the primary consideration is the
audition.
Scholarships range from about $5000 to full tuition per year, with half of the total being disbursed each
semester. These scholarships are guaranteed each year providing the student remains full time and
makes Satisfactory Academic Progress. Satisfactory Academic Progress is defined by The Boston
Conservatory as:
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Maintaining a cumulative and semester grade point average of at least 2.00 (2.7 for graduate
students)
Completing a full time course load as defined by the student’s program (12 credits for
undergraduates. It ranges for graduate students)
Earning at least 67% of the credits the student took cumulatively and per semester
2. Poirier Loans are awarded to undergraduate senior students who are US citizens and who have
exhausted all other forms of financial aid including those from federal, state and private resources.
 The student has to show need by filling out the FAFSA.
 The student can borrow up to $7500 ($3750 per semester).
 The interest rate is 6%
 Repayment starts 120 days after withdrawal or graduation.
 The repayment period is for 10 years.
 Students have to request this loan and the Financial Aid Office will determine their eligibility.
Federal Aid
The application process for all forms of federal assistance begins with the completion of the Free Application
for Federal Student Aid (FAFSA). The priority FAFSA deadline for new students is March 1, and May 1 for
returning students, however students can fill out the FAFSA anytime during the academic year at
www.fafsa.ed.gov.
1. Federal Work Study (FWS)
 FWS is a need-based program that provides students with the opportunity to work on-campus.
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31 hemenway st., boston, ma 02215 | main phone: 617.536.6340 | www.bostonconservatory.edu
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Students are awarded work study based on when the FAFSA was received, if the student
requested FWS on the FAFSA, how much the student’s unmet need is and the amount of
scholarship the student received.
Work study is paid to the student in the form of a bimonthly paycheck. It does NOT go toward
tuition.
There is limited funding for this program, so not everybody who wants it will get it.
If a student is offered work study, it will be on his award letter.
2. Federal grants are need-based and available to undergraduate students whose families meet the income
requirements.
a. Pell Grants
 The Pell grant ranges from $600 to $5815 per year for full time students.
 The amount is determined by the FAFSA calculation, which takes into account, income, assets, # of
household members and # of household members in college.
 The FAFSA Estimated Family Contribution (EFC) must be below 5235 to receive a Pell Grant.
b. Supplemental Educational Opportunity Grants (SEOG)
 SEOGs are awarded by the school to Pell eligible students.
 There is a limited amount of funding available for this program, so not everyone who gets a Pell will
receive the SEOG.
 Students are chosen to receive the SEOG based on their FAFSA information, if they made the
priority FAFSA deadline and the amount of their scholarship. Students with larger scholarships don’t
get as much in SEOG.
3. Federal loans are available to all students in various forms:
a. Direct Subsidized and Unsubsidized Loans are available to undergraduate and graduate students.
They are guaranteed, meaning that students cannot be denied these loans unless they are in default on
a previous government loan. These loans are usually disbursed in two payments, one disbursement for
fall and one for spring.
Subsidized Loans
 Subsidized loans are need based
 The government pays the interest while the student is in school.
 The current rate of interest for a Direct Subsidized Loan is 4.29%
 The Subsidized Loan has a 1.068% origination fee taken off the top of the loan.
 Graduate Students are not eligible for the Subsidized Loan.
 The maximum amount of Subsidized Loan a student can receive is $23000 over the course of
his/her undergraduate career
 Borrowers may not receive the Subsidized Loan for more than 150% of the published length of
their program
Loan amounts depend on the student’s grade level and number of credits earned:
Subsidized Loan Amounts by Academic Year
Freshmen
$3500
Sophomores
$4500
Juniors and Seniors
$5500
1 – 23 cr
24 - 47 cr
48 cr and higher
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31 hemenway st., boston, ma 02215 | main phone: 617.536.6340 | www.bostonconservatory.edu
Unsubsidized Loans
 are non-need-based loans that are used to supplement the Subsidized Loan.
 The government does NOT pay for the interest while the student is in school.
 The interest rate for an Undergraduate Unsubsidized Loan is 4.29%
 The interest rate for a Graduate Student Unsubsidized Loan is 5.84%.
 The Unsubsidized Loan has an origination fee of 1.068% taken off the top of the loan
 Dependent students who are ineligible for the Subsidized Loan because of lack of need may
take out the Unsubsidized Loan in the same amounts as the Subsidized Loan listed above.
 If a parent takes out the Federal Direct PLUS Loan and is denied the student may take out
additional Unsubsidized Loan
Unsubsidized Loan Amounts by Academic Year
All Undergraduate students
Independent undergrads and dependent
undergrads whose parents have been denied a
PLUS Loan
Graduate students
$2000
$4000 as a freshmen or sophomore
$5000 as a junior or senior
$20500
Direct Subsidized and Unsubsidized Loans enter repayment six months after the student graduates or
leaves college. If a student goes on to further schooling (graduate school, second Bachelor’s Degree,
etc.), their loan payments may be deferred by obtaining the necessary form from their lender. Other
types of deferments are also available.
b. PLUS Loans
 PLUS Loans are available to the parents of dependent undergraduates and to graduate
students.
 The PLUS Loan has a fixed interest rate of 6.84%
 The PLUS Loan has an origination fee of 4.272% taken off the top of the loan.
 PLUS loans are not guaranteed; the borrower must undergo a credit check before the loan can
be approved.
 PLUS loans are usually divided in half, half for fall and half for spring.
 A borrower may take out the student’s cost of attendance minus other forms of financial aid the
student has received (including work-study and student loans).
 If the parent is denied a PLUS, the student can take out additional Unsubsidized Stafford Loan
 Parent PLUS loans typically enter repayment 60 days after the second disbursement of the
loan, but deferred payment plans are available.
 Grad PLUS loan repayment can be deferred until the student has left school or dropped below
half time.
To receive a federal loan, students need to:
 Fill out the FAFSA at www.fafsa.ed.gov
 Sign the award letter accepting the loans
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Provide requested documentation listed on the award letter
Fill out the Subsidized/Unsubsidized or PLUS Master Promissory Note at www.studentloans.gov . The
MPN is a promise to repay the loan.
Fill out the Entrance Counseling Interview at www.studentloans.gov. Entrance Counseling provides the
rights and responsibilities of the student loan borrower.
Parents and grad students who take out the PLUS Loan need to fill out a separate PLUS application
located at www.studentloans.gov.
Outside Aid
1. State grants are available to undergraduate students who are residents of Massachusetts,
Pennsylvania, Rhode Island or New Hampshire and who meet the income requirements. If your state
wasn’t listed, check your state department of education to find out if their grant/scholarship program will
travel to MA. For most states the application process involves the FAFSA. Some states require their own
application as well.
2. Private scholarships are scholarships from sources outside The Boston Conservatory. Examples are high
school graduation scholarships, regional scholarships, scholarships from professional organizations, etc.
The Office of Financial Aid does not have a list of such scholarships. Students should visit scholarship
websites such as www.fastweb.com.
3. Private or Alternative Educational Loans are loans from sources outside the federal
government. The FAFSA doesn’t need to be filled out for these types of loans. On these loans, the student
is usually the borrower. Undergraduate students generally need a creditworthy co-signer with a certain
level of income. The cosigner does not have to be a parent. If a student can get a loan on his own, the
interest rate is generally higher then with a co-signer. The interest rate on these types of loans is based on
the US prime rate or the LIBOR (London Interbank Offering Rate) and the credit rating of the student
and/or co-signer. Currently, interest rates are very low, so private loans can be a good deal if the amount
isn’t very high and you plan on paying it off in a fairly short period of time.
Recently, the student’s credit has played a more important role in these loan decisions. Students have
been denied loans because of their credit even with a credit worthy co-signer. Students should attempt to
clean their credit up before applying for a private educational loan.
Students have also been denied private loans because of the amount of loans they have previously
borrowed. Students who have taken out large loans for the first half of their education may be stopped
from taking out anymore for the rest of their education. To avoid this, students should not take out large
loans from private lenders. They should try to finance the rest of their education by a combination of
sources, such as the PLUS Loan, the payment plan and a private loan.
Applications for private loans can be obtained by going to the different lender websites. For a listing of
different private loans, please go to the following website: www.elmselect.com
Revised 03/11/16
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31 hemenway st., boston, ma 02215 | main phone: 617.536.6340 | www.bostonconservatory.edu