student loan debt

[imogen]

Just out of curiosity, does anyone have any idea of the average student loan debt for an MFA program? What's reasonable? Is 20K or 30K the norm? 40-50K?

Put differently, how much would you feel comfortable borrowing?

[jldstudio]

I'm not sure what's average, but there are plenty of students looking at upwards of 40k. I personally wouldn't attend somewhere if I'd have to borrow to cover tuition 100%. I'd rather wait and apply another round if I didn't get an offer of some kind.

[Grizbert]

Don't do it.

Certainly not for an MFA.

Anything more than about $10,000 total is going to financially sink you when you graduate and have to start repayment. Especially since an MFA is unlikely to substantially increase your earning potential (unless you want to teach, then I suppose it's necessary - but, still, you won't be making enough to pay back $50K). Therefore it is not "reasonable."

/ Depressing reality check from 30-something literature student with an MA and considerable student loan debt who has spent the last ten years working in admin.

[TheStranger]

Well I have been researching schools and working on my own work but I have neglected the price tag of schools thus far (seemed like it would be a buzz kill). However, it would seem pointless to get into a great school but be faced with insurmountable debt...that is no way to start a life!---And on an artist salary--- if I am lucky! Has anyone gotten into a 'top' school and can inform us of what kind of debt you are looking at having to pay back? I suppose 10-20k is understandable and worth it without much question...but I can't imagine having to pay more than that. I have been thinking about which schools to apply to a year from now but after reading more about debt and price tags, I am now thinking about applying to schools which are either cheap or offer full tuition---Hunter, Rutgers? USC?

Like most of you, I am not rich by any means and just the thought of paying out-of-state tuition plus living costs freak me out. I live paycheck to paycheck afterall. After grad school I would actually like to start my life working in art as a professor (working towards it as an art instructor I suppose) and be married with all those responsibilities. With 25k+ debt and no stability in a career there's no way I'd be able to move on with life! Anyway, this is kind of a reality check for myself. I've heard some schools will give you 25%-50% funding but that is if you are lucky.

Here's some popular schools people apply to...

Out of state rates if applicable:

Columbia- $43,304 per year ($86,608 two year program)

Yale- $38,300 per year ($76,600 two year program)

RISD- $38,295 per year ($76,590 two year program)

MICA- $35,690 per year ($71,380 two year program)

SVA- $33,080 per year ($66,160 two year program)

Tyler- $21,044 per year ($42,088 two year program)

Hunter-$10,359 per year ($20,718 two year program)

Anyway, my question is...how does one pay for these schools we are all so excited applying to? Are the scholarships plentiful if you are accepted? Or that generous? Do you all apply just hoping for a huge scholarship? Is it common to get huge financial aid due to the high costs of these schools? How big of a worry should this be for me?

[truthbetold]

things to keep in mind:

these are sticker prices, and you really need to consider actual cost to YOU, which can only be estimated until you get an actual offer

these tuition numbers are old and most of these schools have higher tuition now -- some will increase in the second year while you are there

many schools do not post specific information about how much funding they offer

schools do not offer the same amount of funding to everyone -- so can't really say it is common to get huge financial aid packages (it isn't) but some do

getting in to multiple schools may give you some bargaining power (assuming the schools are similar caliber)

outside scholarships exist, but most are smaller and have lots of requirements on what kind of people they fund (great for you if you meet those requirements)

but the most important thing to consider is value and practicality. you get more for your money at Yale than at MICA or RISD so Yale is a better value. if you were to get in to Hunter and Columbia, the practical thing to do from a financial point of view would be to go to Hunter. but, if you get in to Columbia, most people will still go to Columbia because the long term odds of success are thought to be greater (b/c a school like Columbia is the practical choice if you want to catalyze your career -- though plenty of folks from Hunter have great careers). but if you were to get in to Hunter and MICA, you'd probably be better off at Hunter since MICA doesn't offer a proportional increase in odds of success for its higher tuition.

how big of a worry it should be depends on your existing financial means, how competitive you are for scholarships (and how motivated you are to apply for them), your long term drive and your long term plans. if you want to move to berlin after grad school and just "be an artist" then you probably don't want to take on a lot of debt that will require you to have a job and make monthly payments. if you want to make yourself more competitive for teaching gigs and grant apps etc, knowing that you are making a commitment to maintaining a higher cash flow for the next 10-20+ years to pay off loans, then take the risk for the programs that ARE worth it, but not for the ones that are not. ...use your best judgement for your situation.

and finally, moving to new york and getting a studio, going to free lectures (from hunter, sva, new school, columbia plus all the museums), going to openings (meeting people), going to galleries every week to see work, etc is perhaps an equally good or better investment of time and energy as applying to / going to many grad schools. especially since you'll probably have to / want to do it after you graduate anyway.

[michaelwebster]

Only taking out 10-20k may not be possible even if you get a full ride. You need loans for living expenses too. I am taking out 40k in loans to go to SAIC. It is a lot, but I have a wide variety of skills and I am already working on setting up job opportunities when I get out. That said, 40k was my limit. I did turn down one incredible offer from one school, but the quality of the education at SAIC is so much better. For me its been worth it.

[TheStranger]

@truthbetold

Thank you for your thoughts. Looks like I'll have to be prepared to take on some debt and balance out what is worth it for me when deciding on schools...

@michaelwebster

Wow, $40,000...is that figure going to incur interest or is it subsidized? With interest I imagine it can grow to $80,000. And yes...living costs will surely add a lot more to the figure...especially if I go to New York. But in terms of setting up job opportunities out of grad school, would it be easy to do that for another state or are all the connections within the area of your studies in Chicago? I ask because I want to go to the east coast but return to California. It would be detrimental for me to have little connections upon my return as well as a large debt to pay off. I would imagine grad school professors would be able to give good recommendations when applying for teaching positions however?

Thanks guys.

[michaelwebster]

Over half of mine is subsidized and the rest has a pretty low interest rate because its a Stafford Loan, but in actuality people in most MFA programs take on close to this much. Most programs have limited funds to dole out, especially the highly ranked schools. I believe I am getting what I am paying for. My first year at SAIC was very good, and I wouldn't have learned as much at my cheaper option school.

[imogen]

michaelwebster, what are you doing about living expenses? does the 40K you've taken out include loans for that? or is that additional?

or maybe you're working to support yourself?

[varioussmallfiresandmilk]

Only taking out 10-20k may not be possible even if you get a full ride. You need loans for living expenses too. I am taking out 40k in loans to go to SAIC. It is a lot, but I have a wide variety of skills and I am already working on setting up job opportunities when I get out. That said, 40k was my limit. I did turn down one incredible offer from one school, but the quality of the education at SAIC is so much better. For me its been worth it.

question, and feel free to not answer this. what was the cheaper school and what was their offer, if you dont mind me asking?