Old Town School of Folk Music Offers Financial Aid
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If you’re looking for a quality music education, but can’t seem to afford it, the Old Town School of Folk Music in Chicago may have a solution for you. They offer a variety of financial aid options to make their classes more accessible.
Scholarships
The Old Town School of Folk Music is committed to making its world-class education available to everyone, regardless of their financial circumstances. To make our programs more accessible and affordable, we offer a number of scholarships and financial aid options.
Music Merit Scholarship
Old Town School of Folk Music’s Music Merit Scholarship program is designed to assist musically talented and motivated students who might not otherwise be able to attend the School by providing financial aid in the form of tuition waivers.
Eligible students must be enrolled in or admitted to an eligible program at Old Town School, demonstrate financial need, and meet the general criteria for all Music Merit Scholarships.
Music Merit Scholarships are available for both credit and non-credit programs. The amount of the award varies depending on the program in which the student is enrolled and the number of credit hours for which the student enrolls.
Lloyd O. Anderson Scholarship
The Lloyd O. Anderson Scholarship is available to students at the Old Town School of Folk Music. You must be enrolled in voice or guitar classes to be eligible for this award.
need-based scholarships
Old Town School of Folk Music is committed to making our programs accessible to everyone, regardless of financial means. We offer need-based scholarships for all of our credit programs.
Scholarships are awarded on a first-come, first-served basis to those who complete the financial aid process and are enrolled in a credit program. To apply, please fill out the online form. You will be asked to provide household income information and upload supporting documentation.
If you have any questions about the scholarship process, please contact the Financial Aid Office at 773-728-6000 or email us at [email protected].
Loans
The Old Town School of Folk Music is committed to making its programs affordable to everyone, regardless of their financial situation. We understand that our students have a variety of financial needs and we are here to help.
Federal Stafford Loan
The Federal Stafford Loan is a need-based loan for undergraduate and graduate students. Stafford Loans are provided by the US government, and are the most popular type of student loan. Stafford Loans have low, fixed interest rates and can be subsidized or unsubsidized.
Subsidized Stafford Loans are based on financial need, and the US government pays the interest on these loans while the student is in school, during grace periods, and during deferment periods. Unsubsidized Stafford Loans accrue interest from the time the loan is disbursed until it is paid in full.
Both subsidized and unsubsidized Stafford Loans have a maximum annual loan limit, a aggregate (lifetime) limit, and maximum amount that can be borrowed each semester.
Federal PLUS Loan
The Federal PLUS Loan is a financial aid program that enables parents of dependent students to help pay for their child’s education. PLUS Loans are federal student loans that carry a fixed interest rate and can be used to cover any remaining cost of attendance not covered by other financial aid. In order to receive a PLUS Loan, parents must complete a Free Application for Federal Student Aid (FAFSA®) and pass a credit check.
Private student loans
Before you take out a private student loan, consider federal student loans first. You’ll usually get a lower interest rate, and you won’t have to start repaying your loan until after you graduate.
If you have already exhausted your federal student loan options or you need additional funding, a private student loan may be right for you. OTSMF has partnered with Sallie Mae to offer private student loans, and we encourage you to compare rates and terms before you decide on a lender. You can use a private student loan to cover up to the cost of attendance, minus any other financial aid you receive.
Eligibility for most private student loans is based on your credit history. If you don’t have established credit, a cosigner may help you qualify for a loan and receive a lower interest rate. Most private loans also require that you be enrolled at least half time in an eligible program at OTSMF.
Payment Plans
Many students worry about how they will afford tuition, but at Old Town School of Folk Music, we want to make sure finances are never a barrier to learning music. In addition to a variety of payment options, we offer financial aid for those who qualify.
monthly payment plan
Old Town School of Folk Music is committed to making its programming accessible to everyone, regardless of their financial situation. For this reason, we offer a monthly payment plan to those who may not be able to pay the full tuition upfront.
Under this plan, you’ll pay 1/3 of the tuition upfront, and then 1/3 at the beginning of each month for the next three months. This plan is only available for semester-long courses; it cannot be used for private lessons, workshops, or other programs.
If you’re interested in signing up for a monthly payment plan, please contact our office at (773) 728-6000 or email [email protected].
deferred payment plan
The deferred payment plan allows students to spread their tuition payments out over the course of the semester. This plan is only available for semesters that are at least 12 weeks long. There is a $35 fee to set up the deferred payment plan, and all tuition and fees must be paid in full by the end of the semester.
