NOTE: Student loans must be repaid. Repayment terms vary according to each specific loan type and amount, but repayment is an obligation and failure to repay may have serious negative effects on your future credit rating and ability to borrow.
Alternative Loans
Musicians Institute has information on alternative loans for those students who need additional assistance with funding their education or living expenses. These loans are credit-based and should be applied for directly through the lending institution offering the loan.
Students who are not eligible for U.S. financial assistance may apply for these loans with an eligible co-borrower.
For further information, please contact the Financial Aid office. International students, please contact the International Student Director.
Federal Stafford Loan (formerly Guaranteed Student Loan)
This is a low-interest, need-based loan designed to provide students with additional funds for college. Dependent students who qualify may borrow up to a maximum of $1,750-2,625.00, depending on program, for their first academic year at Musicians Institute. Independent students may borrow up to a maximum of $4,416-6,625.00, depending on program, per academic year (at least $2,666-4,000 of this amount must be in an Unsubsidized Stafford loan). Students enrolled in their second or subsequent years may borrow at higher levels. You MUST REPAY this loan. Repayment generally begins six (6) months after your last date of attendance and the minimum monthly payment is $50.00 per loan. The interest rate is variable (maximum 8.25%) and is adjusted annually. For students who demonstrate a need for a subsidized Stafford Loan, the government will pay the interest on your loan during the time you are in school and the specified grace period. Students who have a calculated need less than the maximum on the Stafford Loan may borrow the difference on an unsubsidized Stafford Loan and will be responsible for the entire interest on that portion of the loan.
Federal Parent Loan For Undergraduate Students (PLUS)
PLUS loans are for qualified parents of dependent students who want to borrow to help pay for their children’s education. Eligible PLUS borrowers may borrow up to the yearly cost of education less other financial aid awarded to the student. PLUS loans are credit-based and require approval by the lender (bank). This is a loan and must be repaid. Repayment on the PLUS loan begins within 60 days of the final disbursement. The amount of the monthly payment will vary with the amount borrowed, but will never be less than $50.00 per month. The interest rate is variable and is adjusted annually, but will not exceed 9%.