My son is a freshman ant a conservatory. We are lucky enough not to qualify for need based aid. While my son is a very good musician he is not the best. Yet at every school he received merit aid. It is my sense that virtually every kid applying can get aid. Eastman I think touts that every student gets some aid. Northwestern/Beinen points out it is the only school at NWU that gives merit aid.
The only school that did not give him aid is the one he is now attending. He was admitted off the wait list (Importantly wait lists are VERY different in conservatories. Very few students are waitlisted. He was one of 2 and the school only admitted 4). But when I asked for merit aid they gave it to him! Never accept the first offer btw. Conservatories and music schools know they will need to up their offer.
The upshot is do NOT let the cost deter you. If you qualify for need based aid you will get it. And some merit to boot in all likelihood!
Good luck!