twentyeleven

Interesting NYTimes article on student debt (pros, cons, current economic climate): http://www.nytimes.com/2011/04/12/education/12college.html?_r=1&hp

Interesting NYTimes article on student debt (pros, cons, current economic climate): http://www.nytimes.com/2011/04/12/education/12college.html?_r=1&hp

Definitely good to know, but keep in mind: IBR - This is only in regard to Federal loans (full list here), not just any loans you take out. - You have to have enough debt relative to your income to qualify for a reduced payment. That means it would take more than 15 percent of whatever you earn above 150% of poverty level to pay off your loans on a standard 10-year payment plan. (You can use their calculator to see if you're eligible.) - Forgiveness after 25 years of qualifying payments. PSLF (Public Service Loan Forgiveness) - Only good for Federal Stafford, GradPLUS, or consolidated loans in the Direct Loan program. - Requires 10 years/120 qualifying payments while working at an eligible job full time. Non-profit/education sector jobs don't pay a lot (remember, you still have to be attempting to pay off your loans with 'qualifying payments' if you hope to have them forgiven), might be tricky to come by, and sometimes lack job security. Just things to keep in mind! Thanks, @Cobalt, for posting. Good food for thought. Options are good.

You might want to look at this thread to help you get a better grip on what the overall cost of school will be: Like many people have said, there's always next year. I know that's not ideal, but saving up to go might make it easier in the long run.

Federal grants are only available for undergraduates. There is no free federal money for grad students (unfortunately). There are GradPLUS loans, but you have to be eligible (i.e. good credit history). Outside scholarships are your best bet for free money, but at this point, most deadlines have probably passed. Good luck, though–keep looking for scholarships, especially need-based ones.

Generally, state and public schools have far greater opportunities for full-funding. Even if you just browse through this year's posts, you'll see that many people have received full packages, some pretty highly ranked to boot (University of Indiana, University of Illinois Urbana, Rutgers, University of California, Tyler, etc). Private schools occasionally have these opportunities, though they're much more limited (for example, SAIC offers one person in each department a full ride). When applying, it's best to consider funding right off bat–try to find a program that really suits you and has money to throw your way. I know it's hard to even imagine turning down your dream school, but also try imagining life beyond that–how to live and pay for art supplies/studios, not to mention basic needs like food and rent. The most important thing to remember when deciding whether or how much debt to take on is that you always end up owing more than you borrow. I think that's the biggest thing people over look. If you borrow $100k, you're going to owe significantly more than that and could spend the next 10, 20, 30 years chipping away at it. Are 2 or 3 years of grad school worth it? I'm not anti-loans–I took them out for undergrad–but I would only borrow a small amount that I could anticipate paying back in 5 years or so for grad school (probably cap at about $20k). I want my future to be focused on art making, not exorbitant loan payments.

With acceptances and aid/funding packages rolling it, many of us are now at the moment of truth: selecting a school. There are numerous factors to take into account: Where did I feel a connection? Which program seems like the best fit for me? What city/town do I want to be in? What reputations do these schools have? How are the facilities and faculty? What size is the program? And perhaps the hardest question of all, How much will it cost or am I willing to go into debt? Whether you feel like you're willing to take out $10k in loans or $50k, it's worth figuring out what you'll actually end up owing. Remember, you have to pay off the principal plus accumulating interest. I've found this student loan calculator to be immensely helpful: http://apps.collegeb...fincalc/sla.jsp It accounts for various types of loans, their interest rates, and what you can be expected to pay for the 10 ensuing years after you've received your MFA. Yes, there are some loan forgiveness programs, but it's probably not a good idea to depend on something like that. You should thoroughly understand your debt and what that means every month for the 120+ months after school. For example, suppose you're eligible for the full Federal Stafford loan ($20,500 per year, only $8,500 of which may be subsidized) at a 6.8% interest rate. Say that's all that you're going to borrow–$20,500 per year, $41,000 total. Using the student loan calculator to account for interest, over a ten year payback plan, you'll actually end up paying the principal of $42,000 plus $15,620 in interest for a grand total of $56,620. Broken down monthly, you'd owe $472 a month for the 10 years (120 months) following graduation. And remember, if you have a longer payback term, like 25 years, you're paying interest for an additional 15 years which means you'll end up owing even more. Suppose $20,500 per year isn't enough to cover the cost of tuition. You might then want to investigate the GradPLUS loan, but keep in mind that this loan requires good credit and an application process. If you do get it, the interest rate is also higher at 7.9%. If you're not eligible for the GradPLUS loan, you're faced with private loans which have notoriously high interest rates and bad terms. In addition to paying for tuition and fees, you also have to account for the cost the living. To help myself better understand what that could potentially mean, I researched the following for rough figures: - rent (including first, last, security) - utilities (heat, gas, water, electricity) - cell phone - food - health insurance (available through school) - internet (for apartment) - travel (locally; public transportation) - travel (visits home) - supplies If you have a car or pets, those are obviously other expenses. I also didn't even account for 'spending money,' so this would be a pretty basic, frugal list. You also need to consider, Do I want to live alone or with roommates? How much can I actually work at a part-time job? The point of going back to school, usually, is to completely throw yourself into your work–having a job beyond TAing could seriously detract from your ability to focus on your art. If you haven't saved enough to live off of for two years, you'll have to build that into what you need to borrow. If you resort to credit card usage, you're playing with dangerously high interest rates, as high as 19%. I'm not writing any of this to try to dissuade people from taking loans, but simply because when I looked at my offers, I realized that the debt just might not be worth it. I asked myself, are two years of awesomeness at a "big name" school worth ten or more of big bills and struggle? An MFA, even from the best school, guarantees nothing. I began asking myself, if I take loans, how will I pay for supplies after school? Will I even be able to stay in the city I attended school in? I realized that I'd probably have to give up travel, something I think is important for seeing new work and informing my own. I'd also probably have to take whatever crappy job I could find right away which wouldn't allow me to put that new MFA to good use. Moreover, that crap job still might not even allow me to cover the full monthly loan payment meaning prolonging–and increasing–the debt. In the end, it's a really personal decision, but I think having some cold, hard numbers really helped me to put things into perspective and turn an abstract idea into something more concrete. I now have a better idea of how much debt I'm realistically prepared and willing to take on. I hope someone else finds the calculator as helpful as I have! Above all, make sure you choose on school based on what you think suits you best, and not the name. Good luck in deciding and even more luck on this wonderful adventure you're about to embark on!

Agreed–a visit can make all the difference. It's where/when your gut feelings really make themselves known. Plus, it gives you a chance to experience the community you'd be joining, check out the city/town/surroundings, scope out facilities, talk to faculty, and talk to current students ( < this last one can be incredibly insightful, especially if you find someone really candid).

@truthbetold Your equation reminded me of this site, found via the New York Times: http://www.collegepick.us Same idea–assigning factors weights and comparing schools–but it takes the legwork out of it.

I agree; good points, Sarah. As for the rankings, this is what I found on the USN website:

On another note, isn't it funny how the majority of the best schools aren't located in NYC? It's pretty spread out–from Rhode Island to Virginia to Connecticut to Chicago. So while going to a NYC school like Pratt, Parsons, SVA won't carry the same prestige, you'll have a different leg-up; location. Another reason why you can't decide on one factor alone... You have to find the best combination of factors for you!

This entire application process, as many of you have noted, feels like–and often is–a crapshoot. Why are you accepted to one school and rejected by another? Why is it that last year you were wait listed and this year, not even an interview? How can a highly ranked school accept you and a nothing school reject you? For most of these questions, there are no clear-cut answers and in fact, it's largely situational. Similarly, life beyond school–as a working artist–will be just as much a crapshoot. You can do things to improve your odds of success (such as attend a reputable art school and make connections), but in the end there are no guarantees. Emphasis: no guarantees. I doubt that every Yale, RISD, and SAIC graduate to walk the earth has gone on to have enormous success or even gallery representation. Perhaps most do, and certainly more so than some little known school with a tiny program, but remember that attending an 'Ivy League' art school is still not a golden ticket to success. You'll have a leg up for sure. For some people, that could make or break a career. For others, particularly those relentlessly driven individuals who are both dedicated but intelligent about their pursuits, their success might come in other (slower) ways. School is a large factor, but not the sole factor. Character, commitment, personality, and, of course, quality/marketability of work also play into it. The fact is that most of us will not succeed in the big-NYC-representation sort of way. The market is huge and always on the brink of saturation. Remember, you're competing with a world (literally) of artists, old and new, some of whom are very established. And, as with fashion, technology, etc, there are trends in art. Perhaps you'll find and lose success because you went from being 'in' to being passé. Perhaps you'll become jaded and realize that the kind of art that sells is no longer the kind of art you want to make. Or, perhaps your entire idea of 'success' won't even include galleries in major cities, but making art and sustaining life. Why should that be dismissed as a lesser form of success? Many people go their whole lives hating their jobs and being forced to sacrifice what they love just to make ends meet–I'd count myself lucky to just do what I love and be able to survive. Anything else is icing on the cake. Here's a question I have to many of you who are torn: if you only wanted to go to a big name, reputable school, then why did you even apply anywhere else? There must have been some qualities about this lesser-known school that really resonated with you or you shouldn't have applied to begin with and you wouldn't have this decision to make. Take some time to look beyond name value and rank and really concentrate on the faculty, facility, and current caliber of student work. Can you get a pretty good, albeit not the best, deal for less and if so, is that worth a debt-free life? Are you in it to become a marketable, clamored-after artist or to make the work you want to make? What, in short, does pursuing an MFA mean to you? Knowing these answers might help you prioritize and decide because only you can answer them! I know I've been playing devil's advocate, but I really have nothing against big name, highly ranked schools and I often think the investment is actually worth it–to an extent. I grew up in a frugal family and I know that I don't want a future mired in debt–it really can destroy your life–but some debt is certainly ok. Obviously if you're good enough to be accepted to any top tier school, you have some components of 'what it takes' to make it as an artist. If you don't get that leg up that goes with attending a Yale or RISD, are still driven enough to make it happen? If you do go, are you confident in your ability to leave school and start selling yourself/your work right away to start paying off loans (because it really is both that you'll have to sell). I say think long and hard about how much debt you can and are willing to assume–maybe there's a middle ground you can bargain your way to (don't forget about counter-offers!). Or, you might find that a fully-paid experience elsewhere is worth the extra struggle to catch up to your Columbia, VCU, etc peers. Or, you might feel confident that borrowing a ton of money is just simply the way to go. In the end, it's up to you. Just be sure to make your decision on more than one factor alone.

I'm not opposed to taking out loans for grad school–not all!–but within reason. I think it's important to act responsibly (something too few people do) and remember that you're young–you might only be 1/4 of the way through your life. Do you want to spend the next 3/4 saddled by debt–a debt that good ultimately hinder your goals? You might not have aspirations to be a home or car owner, but ruined credit could prevent you from even renting an apartment–or a studio space. (I live in NYC and most landlords won't take on tenants with a bad credit history.) Later in life, it could mean diverting money from supplies to make payments on your debt instead. Remember: the amount your borrow is actually less than what you'll owe–you need to account for interest which can compound quickly and make your debt seem never ending. This is on top of any undergraduate debt you may have. Keep in mind that beyond tuition and fees, there's the cost of living and supplies, food and cell phones, travel (if you visit home), etc for the next two/three years. And there's a maximum on how much Federal aid you can even borrow. Beyond that, you'll have to turn to bank loans which have notoriously high interest rates and terrible terms. As with all things, always in moderation–even loans/debt. I took out loans for undergrad and four years later, have paid them off, because I only took an amount that seemed conquerable. I'll do the same with grad school. I don't think that diminishes my commitment to the arts at all–I don't believe you need to be a martyr to be an artist–and I was lucky enough that I got to go where I wanted (because they gave great aid). The fact is that higher education is a business. It's because people are willing to pay these obscene tuitions that the price of education keeps inflating so rapidly. In spite of that, like everyone here, my heart is set on pursuing my MFA and I'll do whatever I can–within reason–to get there. I'm guilty of applying to big price tag schools, but I'll only go if the money's right (hells no to $70k in loans). That might mean going to my #2 school instead of #1, but I just remind myself that I only applied to schools I truly feel excited about. Rather that then the stress of debt–and the lack of freedom that goes with it. Good luck deciding–it'll be hard, but there are options. If you end up applying again next year, there are a lot of independent scholarships you can apply to (like JKC) that offer BIG money. There's also TA-ing, summer jobs, etc. Talk to your potential school about scholarships you might be eligible for in your second year or on-campus job opportunities. Those are just my thoughts, but ultimately, you have to do what you feel good about. Might be different for you than for me. All depends on where you are and where you're going.

Just accepted via phone this afternoon for 3-D. Good luck!

Didn't call, but spoke with admissions via e-mail. All admission notices will go out by March 18th at the latest, possibly (he said hopefully) before then.