School loans, any advice?

[friendofgusgus]

Hello, i'm in need of advice. I just got accepted to my dream school which is great. The trouble is I didn't actually think I would get in! Now that i'm in and actually considering going the money is holding me back. I know that I can take out loans and that a lot of people do. It's just, I don't know how it will be possible to pay back a hundred thousand dollar loan after school on an artist's salary. I know that pretty much all art schools are expensive but it's so much money. People are saying "it's just money, don't worry about it, don't let it hold you back" but it is a big deal. I don't know if I should go to a cheaper school (I have a few options) and try something else instead.

Did you take out loans for school? How do you possibly pay them back?! Thanks for any advice

Don't go if you have to borrow that much money for an art degree.

You are correct - it IS a big deal and can hold you back from doing lots of other things in your adult life.

Added to the sheer reality of starting your life with a loan the size of a mortgage, you need to be aware that student loan funding is drying up - and that as the credit market changes, student loans are no longer considered "good debt" by many lenders.

Student loans never go away - even with private lenders. They will garnish your social security if they have to. They will get their money. Interest will begin to accrue on some of your loans the day they cut the check.

With that kind of debt on an art degree, it is very likely that you will never catch up.

I'm not saying any of this lightly.

I have an 18yo DSD that I think is making the wrong choice by going to a fabulous school that is going to require her to borrow more than $12K/year - and she is a math major.

I am also 41 years old, have an advanced degree in social services that is required for my work and will be paying off my loans for another 20 years if I paid only the minimum.

I pay $800 month on my loans - and I am well out of school. During lean years, when I made smaller payments under my payment plans, I actually lost some ground every month and my balances went up instead of down as each statement came.

I have read that should not borrow more to finance your education that you expect to earn in your furst year out of school. It's not a bad rule.

Since the chances that art school will net you a 100K job right out of the gate - and the employment prospects for artists (especially fine arts, if that's your want) are lousy, I'd tell you to explore alternate educational opportunities.

Sorry.

College choices stink.

 

[DoeWDW]

I have a daughter at SCAD. Feel free to PM me if you need more info.

Becoming an RA (resident assistant) even as early as your sophomore year will help immensely - usually it means a free room, which is worth quite a few thousand dollars a year.

Also, each year you can submit a new portfolio and try to get more scholarship money. They will not lower the initial scholarship but you may get more.

There are jobs on campus. Let the financial aid office know you need one and hopefully you can work some of the money off. There are kids who get jobs off campus too, though you really need to have your own transportation to do this - Savannah isn't the safest city to walk in, especially after dark.

My daughter loves SCAD. I can't imagine her anywhere else. They just don't teach animation at every local school. If you're going into a major that is not traditional, a local school isn't always an option.

Best wishes in whatever you decide to do.

 

[Seewhatimesdone]

Thank you again for the responses. It would be stupid for me not to go with the school that is offering me a scholarship. I will do everything I can to work during school (the resident assistant sounds great). I don't want to give up my dream but I also need to be practical as well.