The New England Conservatory of Music
Boston, Massachusetts · Private Nonprofit · 41.1% acceptance rate
ROI Score: 25/100 · Below Benchmark
Data: 2024-25 College Scorecard release
The New England Conservatory of Music (NEC) is a classical music school, with an ROI score of 25 out of 100 - Below Benchmark tier by financial metrics, though that label requires significant context. NEC enrolls 393 students at a Boston campus dedicated entirely to performance and music study. Sticker tuition is $60,750 with net price of $46,754, producing a $187,016 four-year all-in cost. Six-year average earnings are $34,000 with effectively no growth by year ten (median $34,483), and the federal Scorecard reports a payback period of 999 years, our convention for 'earnings never recoup the cost of attendance.' The completion rate of 73.4% is a genuine strength - one of the school's highest sub-scores at 83. The debt-to-earnings ratio is 0.794 (median debt $27,000), because NEC students borrow conservatively given the known earnings ceiling. Repayment data is incomplete in current Scorecard reporting. NEC is best understood as a vocational conservatory: outcomes reflect classical performance careers, which are not optimized for earnings. Families weighing NEC should evaluate the institution on artistic merit and career fit, not on financial ROI metrics designed for general higher education.
How The New England Conservatory of Music scores under our methodology
These are the College Scorecard measures that pull this school's CampusROI score down. They describe the published figures, not the quality of the education, and they are our reading of the data. Check them against your own aid offer and intended major.
- ROI Score25/100 - Below Benchmark tier of our scale (below 45). For context, 38% of the schools we score reach 60 or higher.
- Payback period>50 years - In our estimate, the earnings premium over a high school completer is small next to the cost, so the cost may not be recouped within a working career.
The New England Conservatory of Music
Quick Numbers
| In-state tuition + fees | $60,750/yr |
| Out-of-state tuition + fees | $60,750/yr |
| Average net price | $46,754/yr |
| Total 4-year cost (net) | $187,016 |
| Median earnings (10yr post-entry) | $34,483 |
| Average earnings (6yr post-entry) | $34,000 |
| Median debt at graduation | $27,000 |
| Estimated monthly loan payment | $286 |
| Estimated payback period | >50 years |
| 6-year graduation rate | 73.4% |
| Undergraduate enrollment | 393 |
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: $60,750/year, which covers tuition and fees only. After grants, scholarships, and aid, the average student here pays a net price of $46,754/year, or roughly $187,016 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 $47,882/year here, while families earning over $110,000 pay $47,387/year.
Among graduates who borrowed, the median federal loan debt from this school is $27,000, which works out to about $286 a month on the standard 10-year repayment plan. Our debt-to-earnings ratio divides that debt by average earnings six years after entry ($34,000) and comes to 0.79, under 1.0, meaning median debt is less than a full year of those earnings.
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 | $47,882 |
| $30,001 - $48,000 | $44,882 |
| $48,001 - $75,000 | $45,625 |
| $75,001 - $110,000 | $45,608 |
| $110,001+ | $47,387 |
Cost by Income Bracket Explained
Lower-income families (under $30K)
Families earning $0-$30,000 face a net price of $47,882 - actually the highest of the income tiers, an inversion from typical aid patterns. With Pell rate at just 7.4%, NEC enrolls very few low-income students, and the aid policy does not appear to favor this bracket.
Middle-income families ($30K-$110K)
The $30,001-$48,000 bracket pays $44,882 - the lowest tier. The $48,001-$75,000 bracket pays $45,625, and $75,001-$110,000 pays $45,608. Net prices across these brackets are remarkably flat (roughly $44,800-$45,700), reflecting NEC's heavily tuition-driven model with limited need-based aid layering. Middle-income families pay nearly full freight regardless of bracket.
Higher-income families ($110K+)
The $110,001-plus bracket pays $47,387 - effectively full price. NEC's pricing structure assumes most families are full-pay; the institution's aid budget is concentrated in merit and talent awards rather than need-based brackets.
Earnings by Major
Top 1 most popular majors at The New England Conservatory of Music with available earnings data.
| Major | Median Earnings | Grade |
|---|---|---|
| Music | $26,985 | F |
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
Music is the entirety of NEC's program offering, with 105 graduates per year. Four-year out earnings of $26,985 against median debt of $26,991 yield a 1.0 debt-to-earnings ratio and an F ROI grade. These are not earnings figures that reflect freelance performance income, teaching, or graduate-school placement, all of which are common career paths - they reflect federal tax-record earnings, which underrepresent self-employed musicians. Realistic outcomes for NEC graduates depend heavily on graduate study (most pursue master's degrees), orchestral auditions, and supplemental teaching income. The credential has real value within classical music but is poorly captured by federal earnings metrics.
How Graduates Do
Earnings
Loan Repayment
| Metric | This School | Median of schools we score |
|---|---|---|
| 1-year repayment | N/A | 68.8% |
| 3-year repayment | N/A | 73.6% |
| 5-year repayment | 83.2% | 67.7% |
| 7-year repayment | 81.5% | 72.8% |
Completion Rate
Trends Over Time
How The New England Conservatory of Music’s cost and outcomes have moved across College Scorecard releases (2009-2024).
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 | 41.1% |
| Enrollment | 393 |
| Pell Grant recipients | 7.4% |
| Avg faculty salary (monthly) | $7,937 |
NEC reports a 41.1% admission rate, but this is misleading without context - entry is gated by audition, not by test scores. Standardized test mid-ranges are not reported in Scorecard data, which is consistent with audition-based admission. Successful applicants typically have years of pre-college conservatory training. The 73% completion rate aligns with the high level of pre-screening: students who get in have already demonstrated commitment.
Compared to Similar Schools
Peer institutions matched by type, size, and selectivity.
NEC's completion rate is strong and its institutional aid generous.
| School | ROI | Net Price | 10yr Earnings |
|---|---|---|---|
| The New England Conservatory of Music (this school) | 25 | $46,754 | $34,483 |
| Puerto Rico Conservatory of Music | 32 | $7,260 | $19,474 |
| The Juilliard School | 27 | $43,571 | $37,827 |
| Berklee College of Music | 20 | $49,465 | $33,647 |
| Manhattan School of Music | 20 | $51,754 | $26,878 |
| Cleveland Institute of Music | 20 | $28,226 | $32,641 |
Who Thrives Here
NEC enrolls 393 students with a Pell Grant rate of 7.4%. The right student here has already spent a decade or more in serious classical training, has clear artistic vocation, and either has family resources to absorb the $187,016 four-year cost, substantial merit/scholarship support, or a realistic plan involving graduate study and orchestral employment. NEC is not a place for general undergraduate exploration.
The Verdict: Below Benchmark Under Our Scoring
Under our methodology, The New England Conservatory of Music scores 25/100, which falls in the Below Benchmark tier (below 45). At a net price of $46,754 per year, with typical graduate earnings of $34,483 ten years after entry, we estimate the payback period at more than 50 years. In our view that makes the financial case a hard one to make on the numbers alone, but those numbers are averages: your major, your aid package and what you want from a degree all change the picture, so run your own numbers before you commit.
What it has going for it: its 73.4% graduation rate. What to keep an eye on: weak earnings relative to cost, a debt-to-earnings ratio of 0.79 (median across the schools we score: 0.61), a long payback period.
Median debt of $27,000 among graduates who borrowed, against average earnings of $34,000 six years after entry, gives a debt-to-earnings ratio of 0.79. That is under 1.0 (a full year of those earnings); the median across the schools we score is about 0.61. Your major - and how much you borrow - really matters.
The New England Conservatory of Music: Common Questions
Is The New England Conservatory of Music worth it?
In our view, the financial case is a hard one to make on the numbers alone. The New England Conservatory of Music scores 25/100 on our ROI scale, in the Below Benchmark tier (below 45). At $46,754 a year after aid against $34,483 in typical earnings ten years out, we estimate the payback period at more than 50 years. Your major and aid package can change the picture, so run your own numbers.
How much does The New England Conservatory of Music cost after financial aid?
The average net price - the cost of attendance (tuition, fees, books, supplies and average living costs) minus grants and scholarships, for full-time, first-time students receiving federal aid - is about $46,754 a year, or roughly $187,016 over four years. Because it counts living costs, it can run above tuition alone. That is the number to plan around. Actual cost varies by family income, per the U.S. Department of Education's College Scorecard.
What do The New England Conservatory of Music graduates earn?
The typical graduate earns about $34,483 ten years after enrolling, at or below the $41,800 median for high-school graduates (NCES, 2022). With little earnings gap to cover the cost, the financial return is hard to make.
How long does it take to pay off The New England Conservatory of Music?
We estimate the payback period - the time it takes for the earnings bump over a high-school graduate to cover what you spent - at more than 50 years for The New England Conservatory of Music. The median across the schools we track is about 12 years.
How much debt do The New England Conservatory of Music graduates take on?
Among graduates who borrowed, median federal loan debt from this school is about $27,000, against average earnings of $34,000 six years after entry - a debt-to-earnings ratio of 0.79. That is under 1.0 (a full year of those earnings); the median across the schools we score is about 0.61. How much you borrow really matters.
What is the graduation rate at The New England Conservatory of Music?
The six-year graduation rate is 73.4%, at or above the 64% national average for four-year schools (NCES, 2022). Completion is 15% of our ROI score, since a degree you don't finish rarely pays back.
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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.