As stated unanimously above, taking on debt for a graduate degree in the arts is not advisable. One thing to consider is that even if you end up in a funded MA program, your stipend will probably not cover all of your living expenses. I had a stipend of 20k per year. I still had to take out loans to afford to pay my living expenses. Most college towns are not cheap places to live. I was in a fairly large city where surviving on 20k a year wasn't going to work for me.
Also, many universities fail to spell out additional fees that might cut into your stipend. Like, are they covering health insurance? Or is that cost out-of-pocket? Also, where I studied, the school of the arts charged all grad students 3k a year for the use of their facilities. Just something to consider. Ultimately, I was in a MA/Phd program and decided to bow out with the MA. Best decision ever.
Also, as stated above, the starting salary for most arts jobs is LOW. My first job started at 38k. After years of working my way up, I now make 50k, still low in comparison to other jobs one could get without even going to grad school. Factor in the state of the world right now, and an already competitive field is getting more competitive.
