Financial Aid

We understand that getting an education is a significant financial undertaking. NBSS is dedicated to helping you afford the cost of your education. We believe everyone should have the opportunity to learn, regardless of their personal finances.

Our Financial Aid Office will guide you in finding available student aid. This can include federal or state grants, loans, and scholarships. You may also be eligible for other sources of funding that can help offset your costs—including tuition, tools, materials, housing, and more.

Applying for financial aid is easy, and it’s never too early to get started:

  1. Complete the Free Application for Federal Student Aid (FAFSA) here.* Most students receive some kind of funding. Our school code is 015527.
  2. Fill out an NBSS Financial Aid Application here. NBSS scholarships range from $1,800 to $7,300.
  3. Finish your Admissions Requirements. Aid packages are only provided once accepted to NBSS.
  4. Search for private scholarships. Review this list of over 40 possible sources.
  5. If you are a U.S. veteran, check out this page to learn more about your VA benefits.

Additional Information

Dates & Deadlines

It's never too early to get started on applying for financial aid. You simply need to complete both a FAFSA and an NBSS Financial Aid Application for each academic year. If you haven’t applied yet or want to check the status of your application, please contact the NBSS Financial Aid Office.

You may receive financial aid at any point during your time as a student. However, in case we need more information from you, we suggest you apply no later than one month before the end of your enrollment period.

Download a PDF of our Financial Aid timeline here.

For Massachusetts residents: You’ll need to complete your FAFSA application by May 1 to determine MassGrant eligibility for the next school year. Visit MassGrants for more information.

Student Loans

Federal Direct Stafford Loans

These loans are awarded to NBSS students at the amounts and rates of the undergraduate loan program. Subsidized loans are for students demonstrating financial need as determined by the FAFSA application. Unsubsidized loans are for students who do not qualify for need-based loans. Direct Stafford Loan amounts are established by the United States Department of Education (DOE) at the following levels:

Year

Subsidized

Unsubsidized

Annual Total

Dependent Student

1st Year

$3,500

$2,000

$5,500

2nd Year

$4,500

$2,000

$6,500

3rd Year
(Applies to violin students only)

$5,500

$2,000

$7,500

Independent Student

1st Year

$3,500

$6,000

$9,500

2nd Year

$4,500

$6,000

$10,500

3rd Year
(Applies to violin students only)

$5,500

$7,000

$12,500

*For financial aid purposes, students are considered dependent until the age of 24, unless they meet certain other criteria. If you are under the age of 24, you can find your dependency status by visiting the FAFSA website.

Terms and Conditions – The federal government sets the terms and conditions of Federal Stafford loans. Current Direct Loan interest rates and fees are as follows:

2017-2018 Academic Year:
Undergraduate Subsidized: 4.45% interest rate; 1.066% origination fee
Undergraduate Unsubsidized: 4.45% interest rate; 1.066% origination fee

Interest Payments - The Federal government pays the accruing interest on a subsidized loan during your in-school deferment and grace periods. If your loan is unsubsidized, you’ll be responsible for paying the interest. You may choose to make voluntary interest payments while in school to reduce the overall cost of the loan, or defer the interest payments until it’s time to repay. We recommend you pay the interest when you receive your bill every quarter. Otherwise, unpaid interest on unsubsidized loans will be capitalized (added to the principal balance) at the end of the grace period.

For more information on Direct Loan terms and conditions, and eligibility, please visit the Federal Student Aid website here.

The Massachusetts No Interest Loan

The Massachusetts No Interest Loan (MNIL) is available to qualified Massachusetts residents up to $4,000 annually. Our Financial Aid Office will notify you if you’re eligible. For more information on eligibility, please visit the MNIL website here.

Master Promissory Note & Entrance/Exit Counseling

All first-time student loan borrowers at NBSS must complete a Direct Loan Master Promissory Note (MPN) as well as student loan entrance counseling before receiving student loan funds.

Step 1 - Complete the Master Promissory Note

You’ll need to complete a Master Promissory Note (MPN) If you have not previously borrowed a Federal Direct Stafford Loan or have not borrowed within the last ten years. The MPN is an agreement between you and the federal government. It shows that you understand your responsibilities as a Federal Direct Stafford Loan borrower.

To complete your MPN online, please go to the Student Loan website and sign in using your FSA ID. Once you sign in, you’ll see the “Welcome to StudentLoans.gov” page. Select “Complete Master Promissory Note.” Then select your loan type, which is “Subsidized/Unsubsidized.”

You must complete the entire MPN process in one session, so be sure you have enough time before you start. Each MPN takes approximately 30 minutes to finish.

Step 2 - Complete Loan Entrance Counseling

You must also complete Direct Loan Entrance Counseling if you haven’t borrowed a Federal Direct Stafford loan at NBSS before. Counseling explains your rights and responsibilities as a Federal Direct Loan borrower.

To complete your entrance counseling on-line, please go to the Student Loan website and sign in using your FSA ID. Once you sign in, please select “Complete Entrance Counseling.” On the next page, you’ll need to select counseling as an undergraduate student. It should take 20 to 30 minutes to finish the entrance counseling session.

If you need help completing your Direct Loan MPN or entrance counseling on-line, please contact the DOE Applicant Services help desk at 800-557-7394. You won’t be able to get receive your student loans until you have completed your entrance requirements.

Direct Stafford Loan Exit Counseling

You’ll need to complete exit counseling before you graduate or leave the School. Direct Loan (DL) exit counseling explains your rights and responsibilities as a Direct Loan borrower. To complete your exit counseling on-line, please go to the Student Loans website and sign in using your FSA ID.

Once you sign in, go to the “Tools and Resources” tab in the toolbar. Select “Exit Counseling.” You’ll then be able to access the National Student Loan Data System (NSLDS), where you can complete exit counseling. Once you’re finished with exit counseling, they’ll notify the School’s Financial Aid Office. If you need help, please contact the DOE Applicant Services help desk at 800-557-7394.

The Federal Direct Parent PLUS Loan

Under the Federal Direct Parent PLUS Loan program, parents of dependent students may borrow up to the difference between the annual cost of attendance and any other financial aid. We’ll assume Parent PLUS Loan eligibility for all dependent students. However, eligibility is based on credit approval by the Direct Loan Servicing Center. The interest rate on a new PLUS Loan is fixed at 7%. They set the rate for the upcoming year every July 1st. The current origination fee is 4.264%.

If your parents are denied the PLUS Loan for any reason, you’ll be eligible to get a Direct Stafford Loan as an independent student. For help with a credit decision, contact the Direct Loan Servicing Center at 800-848-0979 or visit their website here.

PLUS Loan Terms and Conditions

Repayment starts 60 days after the funds are fully disbursed, and the repayment term is up to 10 years. Parents have the option to defer payments on the Parent PLUS loan while you’re in school, and for a six-month grace period after you graduate or drop below full-time enrollment. (Parents can also defer payments if they’re enrolled in college. They’ll need to submit an application for an in-school deferment.) The interest on the PLUS loan is not subsidized. It continues to accrue while deferred and is capitalized when the loan enters repayment. To request Parent PLUS Loan deferment, please call the Direct Loan Servicing Center at 800-557-7394.

Request a Parent PLUS Loan

To request a Parent PLUS loan, please complete this Federal Direct Parent PLUS Loan Pre-Approval Request Form (PDF) and return it to our Financial Aid Office. We’ll include this form with your child’s financial aid award packet. If you prefer, you may submit your PLUS loan application directly to the U.S. Department of Education (DOE) by visiting the Student Loans website here.

All first time Parent PLUS Loan borrowers at North Bennet Street School must complete a PLUS Loan Master Promissory Note (MPN) prior to receiving their loan. Complete the PLUS Loan MPN by signing into the Student Loans website using your FSA ID. Once you sign in, select “Complete Master Promissory Note,” then select your loan type, which is “Parent PLUS.” For help completing the PLUS Loan MPN, please contact the DOE Applicant Services help desk at 800-557-7394.

Alternative Financing

We’re happy to work with students seeking alternative financing up to the cost of attendance. For more information on alternative financing, or processing an alternative loan, please contact the Financial Aid Office at 617-227-0155 ext. 115, or jdergay@nbss.edu.

International Students

Veterans' Benefits

Downloadable Forms

2018-2019 Forms

NBSS Financial Aid Application

Obtain a Tax Return Transcript Instructions

NBSS Financial Aid Timeline

Apply for Veterans' benefits online

Special Conditions Request Form

Independent Student Income Verification Worksheet

Low Income Explanation Worksheet: Independent Students

Dependent Student Income Verification Worksheet

Low Income Explanation Worksheet: Dependent Students

Untaxed Income Verification Worksheet for Independent Students

Asset Verification Worksheet

Untaxed Income Verification Worksheet for Dependent Students

SNAP Program Verification Worksheet

Child Support Paid Verification Worksheet for Independent Students

Parent PLUS Loan Preapproval Request Form

Child Support Verification Worksheet for Dependent Students


2017-2018 Forms

NBSS Financial Aid Application

Obtain a Tax Return Transcript Instructions

NBSS Financial Aid Timeline

Apply for Veterans' benefits online

Special Conditions Request Form

Independent Student Income Verification Worksheet

Low Income Explanation Worksheet: Independent Students

Dependent Student Income Verification Worksheet

Low Income Explanation Worksheet: Dependent Students

Untaxed Income Verification Worksheet for Independent Students

Asset Verification Worksheet

Untaxed Income Verification Worksheet for Dependent Students

SNAP Program Verification Worksheet

Child Support Paid Verification Worksheet for Independent Students

Parent PLUS Loan Preapproval Request Form

Child Support Verification Worksheet for Dependent Students


Additional Forms

Student Loan Deferment Request (PDF)
Family Educational Rights and Privacy Act Release Form (FERPA)

Questions?

Contact Jamie Dergay, Director of Financial Aid, at jdergay@nbss.edu or 617-227-0155 x115. Or, stop by during his office hours: Monday, Wednesday, and Thursday from 8:30 am - 5:00 pm.

*Enrollment at NBSS is considered undergraduate enrollment, whether or not you already have a bachelor’s degree. For the FAFSA question "When you begin the upcoming school year, what will be your grade level?" please answer as below:

  • First-year students, please select "Never attended college/1st year" or "Attended college before/1st year." (Applies to all programs, including Advanced Piano Technology)
  • Second-year students, please select "2nd year/sophomore."
  • Third-year Violin Making & Repair students, please select "3rd year/junior."