We’re here to help McNally Smith students and their families manage the cost of a quality education through a variety of options, including need-based grants, scholarships, and loans available through federal, state and private sources. Our staff is happy to help you complete all financial aid forms and outline any resources available to you to help finance your McNally Smith education.
If you have any questions, please contact a Financial Aid Representative. We look forward to working with you!
All loan types are monies that must be repaid. Federal Subsidized Stafford Loans have interest subsidies that cover the interest on the loan while the student is in school. All other loan types have interest that accrues from the date of disbursement.
Direct Loan Program
McNally Smith participates in the Direct Loan Program, offering several types of loan programs managed by the federal government. All Federal Stafford Loans (Subsidized and Unsubsidized), Federal PLUS Loans and Private/Alternative Loans are disbursed in equal increments over two semesters (one academic year). Students must be enrolled at least half-time (6 credits) in each semester in order for the loans to be disbursed. Applicable fees (up to a 3% origination fee and a 1% guarantee fee) will be deducted from the disbursements before they are sent to the school.
Stafford and PLUS Loans
Repayment on Federal Stafford Loans begins after the student has been out of school for six months. The repayment process for parent Federal PLUS loans starts after the total amount of the loan has been disbursed (usually after the second disbursement).
For all Private/Alternative loans, the principal amounts are generally deferred until the student is out of school; however, some require interest payments while in school. Please check with the lending institution for interest rates, fees, and repayment.
Student Loan Applications
Students may apply for Federal Direct Stafford Loans, Federal Direct PLUS Loans, and Private/Alternative Loans, offering a list of selected lenders to help students with the decision of choosing an appropriate lender for all of their private student loan needs. Students may apply on-line using the links below. The school is then notified of the student’s on-line application by the federal processor or servicer (for private loans) and will send in a school certification of eligibility.
- First time Federal Direct Stafford Loan borrowers (Subsidized and Unsubsidized) must complete the Master Promissory Note (MPN)
- First time Federal Direct Parent PLUS Loan borrowers must complete the Master Promissory Note (MPN)
- All student loan borrowers must complete Student Loan Entrance Counseling before they begin school and Student Loan Exit Counseling at the time of graduation or separation from school
For information and an application for Private/Alternative Loan options, click here. On this page you will find a comparison tool for new standard private education loan options available through McNally Smith College of Music. In addition, there is information on private loan repayment and a comparison tool for private loan consolidation options for those students who have completed their education.