Graduate Summer Residency and MECA Financial Aid
College-Based Financial Aid
College-based Federal and State financial aid is not available to Graduate Summer Residency students due to the accelerated nature of this graduate degree program and the length of the summer graduate term. MECA classes are also ineligible for college based (Federal and State) financial aid.
Student aid may be available from foundations, community organizations and organizations related to your field of interest. Contact the organizations directly for more information. Check with your employers to see whether they award scholarships or have tuition assistance. Although funds from these sources make up a small percentage of the total aid awarded each year, it’s worth doing the research-you never know what you may find.
These are free scholarship search sites.
Information on scholarship scams
There are student loan options available to students to pay for summer tuition, fees, books and housing. These loans are called private alternative loans, and their approval is primarily based upon the borrower’s credit rating. More information is available at: FASTChoice
The annual maximum amount that can be borrowed is equal to the Cost of Attendance minus (-) any other aid received. Your lender may determine an aggregate maximum loan amount. Complete an on-line loan application and sign your promissory note (and your co-borrower, if required). Interest rates and origination fees may be higher than Stafford or PLUS loans. Repayment plans and options vary among lenders. Generally, repayment begins six months after you leave school. Interest payments may be quarterly. Your lender is your choice VanderCook does not have a lender preference.
If you decide to use the private loan option, please complete the Summer Residency Loan Worksheet. This form will help you to determine how much of a loan you will need to cover your tuition, fees and other expenses. This form must be submitted to the Financial Aid Office for loan processing. Please Note: Your loan will not be processed without a completed loan worksheet.
How is my loan money disbursed?
After you have submitted all required documentation to both VCM and your lender, the VCM Financial Aid Office will certify your loan. The financial aid office will send you an e-mail confirming your loan certification and total loan amount. Your money will be sent to VanderCook College of Music via electronic funds transfer and applied directly to your tuition and fees. Any funds you have borrowed to cover books, housing, travel and miscellaneous fees will appear as a credit balance your account. A refund check will made payable to you for this amount, unless you have sent a request in writing to hold excess on your account.
If you have any questions or concerns, please feel free to contact the financial aid office at (312) 788-1137.