All graduates admitted to the department are awarded the Graduate School's MacCracken Fellowships. Students receive five years of financial support (four in the case of those transferring 24 or more credits), which normally consist of two years as a fellow and three as a teaching assistant. The award of fellowship presumes a continued high level of achievement by the student (a B or better average in Music is required). 2007-8 stipend levels are set at $21,000 with an additional $1000 provided by the Music Department from its endowments. All students admitted to doctoral programs with full financial aid will be provided a Dean's Supplementary Fellowship Grant of $1000 to be used at their discretion for costs associated with beginning graduate work. Additional grants may be available to qualified minority candidates. The MacCracken Fellowship covers tuition and services fees and a subsidy for NYU health insurance.

A comprehensive listing of University, graduate school, and departmental fellowships, prizes, and awards appears in the Financial Information section of the NYU GSAS Bulletin.