<p>Does anyone know if buying an instrument as a music major is considered an “educational expense” and could be covered with a Federal Stafford Loan?</p>
<p>Thanks in advance if you know the answer…</p>
<p>I see a couple of issues, and a couple of answers.</p>
<p>Stafford loans are paid directly to the institution, and dispersed in two equal installments, one each semester and are credited against the outstanding balance. The only way you get cash in hand is if there is a surplus of payments, resulting in a credit balance on the account. The money is then returned to the student in a check. Thus, using Stafford loan proceeds to buy in an instrument will at the very least present a cash flow issue.</p>
<p>I can’t recall the max Stafford loan amounts, as they’ve recently been increased, but I think around $4k is the freshman loan limit. Depending on the type and quality of an instrument, 4k can be a drop in the bucket.</p>
<p>Now, if you are applying as a music student in a music major, some schools may consider that an instrument upgrade is required to succeed or at least compete on an equal footing with the majority of students in the program. They may well increase your COA estimate to allow the inclusion of an amount to include a new instrument. This will be a school specific policy, and you may need to sit down with a financial aid officer familiar with the music department to negotiate this. They may also have alternative sources available for instrument funding. I have personal knowledge of 2 scenarios where this was done, but to recognize specific needs for financially strapped students playing borrowed or low quality instruments.</p>
<p>It can and has been done (at least getting a school to recognize a new instrument as part of COA), thereby increasing your “financial need”, which may increase institutional merit, as well as need based aid.</p>
<p>I’m not a financial aid expert. There are posters (NikkiL, & others) within the financial aid forum that are, and they can cite the federal regs. Federally administered aid is to be used against educational expense; in the case of a music major, an instrument MAY be justifiably classified as an educational expense. </p>
<p>A similar question here, <a href=“http://talk.collegeconfidential.com/music-major/526360-tax-questions-musicians.html?highlight=questions[/url]”>http://talk.collegeconfidential.com/music-major/526360-tax-questions-musicians.html?highlight=questions</a> beginning with post #29 but from a tax standpoint relating to an instrument as a qualified educational expense for a music education student.</p>
<p>Once again, a qualified financial aid pro at your school(s) will be the most definitive source of info, and can provide the required supporting documentation to avoid possible issues down the road.</p>
<p>Good luck.</p>
<p>Another thought… the posters fiddlestix and N8Ma (from Bard) on this forum are professionally associated with undergrad music programs. Perhaps either or both might relay some past or current institutional experiences, or provide specific direction.</p>
<p>FA officer here. I would most certainly consider a musical instrument an educational expense for a music major. If you are wondering if you can use the proceeds of the loan that are refunded to you for an instrument, yes. If you pay your bill & the loan ends up being a refund, you can buy the instrument with a clear conscience.</p>
<p>However, there is more to the question than meets the eye. Do you plan to ask for a budget increase in order to pay for the instrument? I often see students submitting budget increase requests with the assumption that the expense for which they seek reimbursement will yield additional loan eligibility. Loans are capped by year in school - $5500 freshman (if to 3500 sub, depending on need), 6500 sophomore (up to 4500 sub, depending on need), and 7500 jr/sr (up to 5500 sub, depending on need). So, if you already got the max loan for year in school, you could increase your budget up to a million dollars & it won’t do you any good - when the aid is maxed out, it’s maxed out. OTOH, if a budget increase will yield additional need you may end up with more sub in your mix, which isn’t a bad thing. In that case, requesting a budget increase may be a wise idea. Or if you are at COA with all your aid without using the max loan eligibility for year in school, a budget increase will give you more loan eligibility. In that case, requesting a budget increase makes sense.</p>
<p>Since it’s a very similar question, I’ve linked sagiter’s thread as reference for those looking.</p>
<p><a href=“http://talk.collegeconfidential.com/music-major/673438-can-stafford-loan-used-towards-buying-musical-instrument.html?highlight=instrument[/url]”>http://talk.collegeconfidential.com/music-major/673438-can-stafford-loan-used-towards-buying-musical-instrument.html?highlight=instrument</a></p>
<p>I posted the wrong link in my #5 above.</p>
<p>The link I wanted to include is <a href=“http://talk.collegeconfidential.com/music-major/816774-new-instrument-acceptable-529-expense.html[/url]”>http://talk.collegeconfidential.com/music-major/816774-new-instrument-acceptable-529-expense.html</a></p>
<p>Also note that it is still advantageous to have the instrument added to your COA so that if needed, your parent’s eligibility for the Parent Plus Loan will increase (if they don’t have alternate or favorable borrowing options.)</p>