If you’re looking to earn a degree in acting or drama, you will likely require loans for student tuition to cover the cost of attending acting school and other classes, especially in the case of an elite school.
For example, the tuition and fees at the New York University’s Tisch School of the Arts were $58,552 for the school year 2019-20. year. This does not include the cost of room and board. In The Juilliard School, the cost of tuition, course materials, and the cost of accommodation, and food in a room shared by two students was $68,968 in the 2019-20 school year.
These numbers could cause some sticker shock; however, there are many kinds of student loans available for acting schools like Citrus North — and grants and scholarships could be an alternative.
Student Loans that are for acting schools with approval
Most leading performing schools have accreditation, meaning you have two choices for loans to students, both federal and private. This article will explain the two options…
Federal student loans
Federal loans for students come provided by the U.S. the Department of Education, typically the best choice if you require a loan to cover the cost of attending school. To apply, you have to fill out the Free Application to Federal Student Aid, which is also known as the FAFSA. (The FAFSA is also necessary to apply for grants from the government and numerous college scholarships.) There are three kinds of federal student loans that you could be eligible for:
- Direct subventioned loans: These loans are only available to undergraduate students with a financial need (as determined by the data you submit in your FAFSA). In 2019-20, the interest rate on Direct subsidized loans was 4.53 percent. The maximum amount you’re able to borrow is between $3500 and $5,500 per year, based on the school year you’re in.
- Direct loans that are not subsidized. Anyone an undergraduate or graduate student can avail of these loans regardless of their financial situation. For the school year 2019-20, the interest rate is 4.53 percent for undergraduates and 6.08 percent for graduate school students. The maximum amount you can borrow in a year is $20,500 in the case of a graduate student. For dependent undergraduates, you can borrow a maximum of $7,500 per year. Is $5,500 up to $7,500, based on the academic year you’re attending.
- Direct PLUS Loans. Direct PLUS loans are available exclusively for graduate students or parents of undergraduate students. In the 2019-20 school year, the interest rate is 7.08 percent compared to direct subsidized and unsubsidized loans. There aren’t any borrowing limits for PLUS loans apart from your school’s costs of attendance less any loans you’ve received.
Federal loans can qualify as eligible for specific security measures that private loans don’t. The protections are:
- Repayment plans based on income that set your monthly payment at either 10%, 15 percent, or 20% of your income and offer possible forgiveness in 20 or 25 years.
- The Public Service Loan Repayment This program allows you the chance to wipe off your loan balance after you’ve made 120 monthly qualifying payments while employed by the government or for a qualifying non-profit.
- The terms for deferment and forbearance allow the user to temporarily stop payments (and when you have subsidized loans that are interest-free, suspensions can be made). Specific private lenders also offer forbearance and deferment.
Private student loans
You should only think about the possibility of private loans when you’ve reached the federal borrowing limit for student loans but need to raise funds for acting school or if your acting school does not qualify as a national school for loans (more about that below). If you take out a private loan, you’re able to typically borrow up to the school’s costs of attendance with no other financial aid.
Contrary to federal student loans, private loans can be obtained from credit unions, banks, and online lending. To be eligible, you’ll need credit that’s good (or a cosigner with creditworthiness). The higher your credit score and the better your credit score, the lower the interest rate you’ll be eligible for. Compare student loans from private lenders to determine which lender has the lowest rate.
Student loans for acting schools that are not accredited schools
If you’re enrolled in an acting institution that’s not accredited, you’re not eligible for loans for private students, but in contrast to federal loans. To determine whether you’re eligible for a federal student loan, you can search your school or your program in the department’s Directory of Postsecondary Institutions and Programs.
Although even if a program is accredited does not mean that the Department approves it of Education. Before deciding on a course, it’s recommended to conduct your research. Look up schools on the Department’s college scorecard and then look over the statistics such as the percentage of graduates, the average debt on student loans, and the earnings of students.
Grants, scholarships, and school-based grants
Although student loans for acting schools may be required, you can cut down on the amount you take out by obtaining as many grants and scholarships as you can. But the grants available for drama school are usually targeted toward middle and high school theater programs; therefore, acting school scholarships might be the best option. There are a variety of options to consider:
- American Academy of Dramatic Arts Annual and Endowed Scholarships There are more than 30 scholarships available to AADA students studying the conservatory’s full-time program that leads toward an associate’s degree. Students who are accepted automatically qualify for these scholarships.
- The American Theater Wing’s Andrew Lloyd Webber Initiative provides scholarships up to $10,000 for high school students who enroll in an accredited four-year university theatre program. The application will require an essay, references, along with an audition tape.
- Congressional Black Caucus Spouses Performing Arts Scholarship: The award is $3,000 for up to 10 black students each year who are attending an accredited institution and are pursuing one of the arts of performing. The application will require an application form, a resume, letters of recommendation, and an audition video two minutes long.
- Kennedy Center American College Theater Festival Irene Ryan Acting Scholarship: Awards two annual national scholarships to undergraduate and graduate students who have been nominated by their school or university and are then invited to audition for the event. First-place winners receive $5,000, while second-place winners receive $2500. The festival also grants 16 regional scholarships worth $500 to those invited to the celebration (or runners-up).
- Screen Actors Guild-American Association of Radio and Television Artists Foundation Scholarships The Foundation awards two annually to children whose parent is a SAG-AFTRA member. The application is submitted, and the organization will decide which one you’re best suited to. The application needs an essay on your own and letters of recommendation along with financial and academic details.
How do I pay for acting school?
Between private and public colleges across the nation, There are a variety of acting schools that offer courses for summer training to four-year degrees. While researching schools, be aware of the kind of acting each program is specialized in, whether it’s stage or screen acting, and the cost.
In the meantime, you should be looking for grants as well as grant opportunities to pay your way. If you take out any loans, make sure to have an idea of how you will go about how you will repay the loans. Don’t be too concerned as many well-known actors and other stars have gone through difficulties with student loans of their own, and there’s no reason you shouldn’t too.