Manhattan School of Music
New York, New York · Private Nonprofit · 40.8% acceptance rate
ROI Score: 20/100 · Poor Value
Data: 2024-25 College Scorecard release
Manhattan School of Music scores 20 out of 100, landing firmly in the Poor Value tier - but the score requires important context. MSM is a specialty conservatory training classical and jazz performers, where the relevant payoff is artistic preparation rather than median earnings. Tuition is $57,050 with net price at $51,754 and a four-year sticker of $207,016 - among the highest in our entire dataset. The earnings numbers are stark: median earnings 6 years after entry are $23,700, climbing only to $26,878 by year 10, producing a negative earnings premium (-3.9%) versus typical high school graduates and a 999-year (effectively infinite) payback period. Debt-to-earnings ratio is 1.139. The bright spot is the 78.3% completion rate (one of the highest in the Poor Value tier) and 68.6% three-year repayment rate. The honest read: MSM is a vocational school for performing artists where many graduates pursue performance careers with non-monetary returns, gig-economy income that may not register in W-2 earnings data, or graduate study at major conservatories. Standard ROI math fails to capture the conservatory-specific value calculus here.
The data raises concerns about Manhattan School of Music
These metrics fall below the thresholds most financial advisors recommend for a sound college investment. Review them carefully before committing.
- ROI Score20/100 - Poor Value tier (below 45). Most 4-year schools we track score 60 or higher.
- Debt-to-earnings1.14 - Advisors recommend total student debt stay below one year of salary (ratio under 1.0).
- Payback period>50 years - Graduates earn at or near the level of high school completers - the cost may not recoup within a working career.
Manhattan School of Music
Quick Numbers
| In-state tuition + fees | $57,050/yr |
| Out-of-state tuition + fees | $57,050/yr |
| Average net price | $51,754/yr |
| Total 4-year cost (net) | $207,016 |
| Median earnings (10yr post-entry) | $26,878 |
| Median earnings (6yr post-entry) | $23,700 |
| Median debt at graduation | $26,994 |
| Estimated monthly loan payment | $286 |
| Estimated payback period | >50 years |
| 6-year graduation rate | 78.3% |
| Undergraduate enrollment | 539 |
Data as of 2024-2025. Source: College Scorecard API (U.S. Department of Education).
The Full Financial Picture
The first number you'll see is the sticker price: $57,050/year. Here's the part that matters - almost nobody pays that. After grants, scholarships, and aid, the average student here pays a net price of $51,754/year, or roughly $207,016 over four years. That's the number to plan around.
What you actually pay depends a lot on what your family earns. Families making under $30,000/year pay an average of $31,392/year here, while families earning over $110,000 pay $56,540/year.
Most students borrow to get here. The median graduate leaves owing $26,994 in federal loans, which works out to about $286 a month on the standard 10-year repayment plan. Hold that up against the $26,878 the typical graduate earns ten years out: the debt-to-earnings ratio comes to 1.14, which is high - the rule of thumb is that total debt should not top your first-year salary, and this is over that line.
Net Price by Family Income
What families actually pay after grants and scholarships, by income bracket.
| Family Income | Avg Net Price/Year |
|---|---|
| $0 - $30,000 | $31,392 |
| $30,001 - $48,000 | $38,143 |
| $48,001 - $75,000 | $46,638 |
| $75,001 - $110,000 | $48,042 |
| $110,001+ | $56,540 |
Cost by Income Bracket Explained
Lower-income families (under $30K)
Families earning $0-$30,000 pay $31,392 net price - significantly higher than what tuition reductions at Juilliard (which is also famously expensive but offers much deeper aid) would provide. With $26,878 in 10-year median earnings, the math fundamentally does not work. Pell-eligible students should weigh whether the conservatory experience is worth the structural debt, since the earnings recovery may never come.
Middle-income families ($30K-$110K)
The $30,001-$48,000 bracket pays $38,143, $48,001-$75,000 pays $46,638, and $75,001-$110,000 pays $48,042. Aid scales income-progressively but the absolute dollar amounts are eye-watering. Middle-income families should be very clear about the post-graduation career plan before signing on at this price point.
Higher-income families ($110K+)
Families above $110,000 pay $56,540 - essentially full sticker. The school's aid model concentrates discounts at lower incomes. Full-pay families are spending over $200,000 for the four-year credential against $26,878 in expected median earnings. This is justified only by the artistic-vocational outcome and family willingness to fund the path.
Earnings by Major
Top 2 most popular majors at Manhattan School of Music with available earnings data.
| Major | Median Earnings | Grade |
|---|---|---|
| Music | $27,952 | D |
| Drama/Theatre Arts and Stagecraft | $29,400 | D |
Earnings reflect median 4-year post-completion (or 1-year where 4-year unavailable). Grades based on debt-to-earnings ratio.
Program Analysis
Why these programs deliver their earnings outcomes.
Music
By far the dominant program with 89 graduates, this BM/BFA earns a D grade. Four-year median earnings of $27,952 against $27,000 median debt produce a 0.966 debt-to-earnings ratio. The earnings reflect classical performance careers, gig income that often goes unreported in IRS data, and graduate-school enrollment. Many MSM grads pursue MM/DMA degrees, freelance performance, orchestral auditions, and teaching. The standard ROI metric is structurally inappropriate for conservatory music outcomes; students should evaluate this program against artistic-career goals, not earnings data.
Drama/Theatre Arts and Stagecraft
Twenty-one graduates earn a D grade. First-year earnings of $29,400 against $27,000 median debt produce a 0.918 ratio. Like the music program, theatre/stagecraft graduates often work in non-W-2 freelance arrangements (production design, technical theater, opera staging) where Scorecard earnings data underrepresents actual income. The same vocational caveat applies: this is a credential for an artistic career, not a financial-return investment.
How Graduates Do
Earnings
Loan Repayment
| Metric | This School | Nat'l Avg |
|---|---|---|
| 1-year repayment | 68.2% | 52.0% |
| 3-year repayment | 68.6% | 62.0% |
| 5-year repayment | 69.0% | 68.0% |
| 7-year repayment | 72.4% | 72.0% |
Completion Rate
Trends Over Time
How Manhattan School of Music’s cost and outcomes have moved across College Scorecard releases (2009-2023).
Average Net Price
Completion Rate
Median Earnings, 10 Years After Entry (as reported)
Earnings reflect borrowers measured 10 years after entry and publish on an irregular cadence with a multi-year reporting lag, so this series shows only the years the Department of Education reported - the data is never interpolated.
Source: U.S. Department of Education College Scorecard, release years shown. Net price and completion are reported annually.
Admissions Snapshot
| Acceptance rate | 40.8% |
| Enrollment | 539 |
| Pell Grant recipients | 12.0% |
| Avg faculty salary (monthly) | $7,792 |
MSM admits 40.8% of applicants - a relatively low rate driven primarily by audition-based selection rather than academic credentials. SAT and ACT mid-ranges are not reported, consistent with conservatory admissions practice where audition results dominate. The 78.3% completion rate signals that students who survive the audition process are well-matched to the rigorous conservatory environment. Prospective students should treat audition preparation as the primary admissions hurdle.
Compared to Similar Schools
Peer institutions matched by type, size, and selectivity.
MSM's peer set is largely off-target - Adelphi University, Albany College of Pharmacy, Cambridge College, St. Andrews, and Drury are general-purpose privates with no direct conservatory analog. The honest peer comparison would be Juilliard, New England Conservatory, Berklee, Eastman, and Curtis Institute, but those do not appear in this peer array. Among true peers, MSM is widely considered second-tier prestige to Juilliard but a top-15 American conservatory. Earnings outcomes across the conservatory peer group all share the same problem: classical music careers do not pay like business careers.
| School | ROI | Net Price | 10yr Earnings |
|---|---|---|---|
| Manhattan School of Music (this school) | 20 | $51,754 | $26,878 |
| Puerto Rico Conservatory of Music | 32 | $7,260 | $19,474 |
| The Juilliard School | 27 | $43,571 | $37,827 |
| The New England Conservatory of Music | 25 | $46,754 | $34,483 |
| Berklee College of Music | 20 | $49,465 | $33,647 |
| Cleveland Institute of Music | 20 | $28,226 | $32,641 |
Who Thrives Here
MSM enrolls 539 students with a 12% Pell rate (very low for the Poor Value tier, reflecting the largely high-income or artistically-driven student body). The fit is clearest for serious conservatory-track musicians and singers who have chosen music as a vocation, students who can secure significant institutional or family support to absorb the $51,754 net price, and those committed to graduate-level performance training. Students treating music as a backup or career-curious major should expect the financial outcomes the data shows. International students make up a meaningful share of the enrollment.
The Verdict: The Numbers Don't Add Up
We'll be straight with you: the numbers at Manhattan School of Music are a real concern. With a net cost of $51,754 per year and the typical graduate earning only $26,878 ten years out, the estimated payback period exceeds >50 years. For most students, the financial return does not justify the cost - go in with your eyes open.
What it has going for it: its 78.3% graduation rate. What to keep an eye on: weak earnings relative to cost, high debt relative to what graduates earn, concerning loan repayment rates, a long payback period.
Be careful with the debt here. A median $26,994 owed against $26,878 in earnings is heavy, and the debt-to-earnings ratio of 1.00 is past the level advisors flag. Your major - and how much you borrow - really matters.
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Data: College Scorecard API (U.S. Department of Education)
Vintage: 2024-2025 · Last updated: 2026-03-25
Earnings reflect median outcomes for all federal financial aid recipients. Individual results vary by major, effort, and career path.