Hi everyone! So I have been accepted to my absolute DREAM school, and although I won’t put the name here, it has a low acceptance rate for their BFA Acting major and it was such a miracle and blessing that I got in. However, even with a really nice scholarship, I am still going to have to pay 50k per year out of pocket to attend (includes tuition and housing). Right now I have my mind solely set on this university and if it weren’t for the price, I would’ve submitted my deposit as soon as I got in. My current mind set is that if by the end of my freshman year I have not made a significant difference in the amount I owe, I will transfer out. I would love some feedback on this and whether or not I need to be more realistic. Anything helps!!! Thanks so much.
Who is sitting on the 200k you will need to graduate? A parent who is willing to pay? Your college fund?
You cannot borrow that much. So you either have enough money or you don’t. Pretty simple problem to solve.
Congrats on being happy with your admission. Is this school affordable for you? How do you expect to pay it down in the first year? Do you have other schools that are in your family budget?
There are some questions that come to mind. First: Are your parents very, very wealthy? Second: Do you have a way to pay for this? If so, do you have a way to pay for this without taking on any debt?
If you are personally very, very wealthy that could work also.
There will be additional expenses. It is entirely possible that something might go wrong. As one example, not all students manage to graduate in four years.
How are you going to make this “significant difference”?
To me this sounds like a bad idea and there are most likely lots of ways that this could go very wrong. Dreams can turn into nightmares. I do not think that you have told us enough to be sure.
Congrats on your acceptance - but there is no dream school.
All have issues - in your case - it seems unaffordable.
Others - bad food, profs, roomies, etc.
When you apply to schools, budget is the first and most important part of fit - so it can’t be a dream school if you can’t afford it.
Hopefully you have an acceptance that is affordable to your family.
No one wants loans - but especially as a theater major.
I don’t know your budget - so how much in loans this is - but if it’s significant - the answer is no.
Given the major, it’s even moreso important - so what you think today is a dream is likely to actually become a nightmare later in your life.
Fortunately, for you, on your own, you can only borrow $5500 the first year - so i’m not sure what you mean by paying back most of loans. Will you work full time in addition to going to school?
This is such a non starter - you are unfortunately, doing what many of us do in life - thinking with your heart but not your head.
Best of luck.
It’s hard to know how to guide you with so little information. Who is paying that and getting that loan? Is the loan for the full amount? or is 50k/year the total owed but only a portion of that would be loan? Assuming parents are OK with taking the loan? Will they pay it back or are you paying it back (even though it WILL be in their name)? Also, what are the other BFA options? Another thing to consider with your transfer-exit-plan – why would things change financially? (meaning why would you suddenly owe less? are you imagining a scholarship arriving for sophomore year?) And most importantly – would you stay a BFA acting major? if so, know that you might have to start over again as a freshman if you transfer, depending on the school.
Also, it’s hard to answer not knowing the school. There are SO many fantastic acting BFA schools (many VERY affordable – mom of an MT BFA here), so it’s hard for me to imagine which school would be worth so much debt that you are already imagining transferring. And, I will say that there are maybe only two or three schools I can think of that are in the category of truly-different “level” from many of the great BFA programs out there. And even if you are talking about, say, Juilliard, for example, I’m not sure that 200k of debt would be worth it if it’s going to be truly debt. I really believe that what exhausts artists into a full career pivot (meaning “giving up acting”) is the financial weight of life, especially in NYC or LA where many actors go after college. If you start that life with 200k of debt (again – taken out by your parents, but assuming you will carry some responsibility for paying them back), well it seems unlikely that you’ll have a long runway to try to launch your career in earnest after graduation.
So – IF you have someone who will shoulder that 200k for you by tightening the belt, etc, AND it’s like Juilliard, then OK maybe it makes sense. But if you are going in hoping for a “scholarship miracle” for next year, I wouldn’t do it.
I would appeal very earnestly to the financial aid department and get their best offer and then say yes or no.
My sneaky feeling is that you might consider this school your “dream school” but there are probably some fantastic options which will offer wonderful training and allow you to move to NYC debt free in four years to launch your career. Think long game here. The goal is a career, not bragging rights.
Said all with support – cheering you on!!
As a stated too little information. But a bfa in acting doesn’t make it a career. If it’s not debt free then probably not. My daughter didn’t go to her #1 for theater design /costume design but went to her #2 that gave her lots of merit. She went to a preprofessional high school for the arts. It is well known in the NY acting circles. etc. She is now getting her master’s in Speech pathology. Almost all the actors from very well known acting schools are doing something else. It’s very hard to pay back loans when standing in line all day for audition rejections and babysitting or waiting tables. I am not being negative and love the arts. Just being realistic.
Question is not answerable without information on whether the cost can be paid comfortably without loans by you and your parents.
Congratulations on getting into your dream school! It’s a huge achievement, especially for such a competitive program. However, the financial aspect is crucial. Consider the long-term impact of student debt on your future. If the financial burden feels overwhelming, explore options like working part-time, applying for more scholarships, or considering schools with better financial offers. Having a plan to reassess after your freshman year is wise, but also think about whether starting elsewhere and then transferring could lessen the financial strain while still achieving your academic goals. Ultimately, balance your dream with practicality.
Based on the scant information shared, OP should not attend this “dream school” as it is unaffordable.
P.S. Think that I know the school & program. I understand your excitement. Congratulations ! Were you awarded the full $33,000 in aid ? If not, then ask for a reconsideration as the $50,000 figure appears to be a hardship for you & your family. Student loan indebtedness can be crippling.
Attend a more affordable program, then get an MFA for free at one of the schools which offer this option.
Yes I agree. I think I know the school now too from another post and would agree with @Publisher. Great school but lots of great programs that will be way less. I don’t think there is much room to get rid of a big chunk of that 50k.
Hi everyone! Sorry for not responding, it’s been a hectic few days. Sorry for the lack of information in my first post as well, I was just nervously typing on a whim haha. Anyways, a few days ago my parents offered to take out a loan for the first year of tuition, relieving me of the financial burden! Although I am ecstatic about this, the actual realization that I might go to this school has made me rethink a lot of things, the biggest one being that I am not sure being an actor is for me. This realization has shook me to my core honestly, and of course it’s happening the week before decision day! So, currently, I am weighing my options, which I have boiled down to these:
- Go to dream school (or old dream school? haha)
- Go to a school where I can double major (BA degree in Theater and a degree in Marketing)
- Go to a school with a great Theatre Administration program
- Gap Year (last last last LAST resort) I keep going between options and this has been really anxiety inducing, not going to lie! It’s not even about money anymore, just the fact that I am committing to something so important. But anyways, I really appreciate everyone who responded to my last post! If you have any more advice or words pod encouragement I’d appreciate it lol. I’ll post again if I’ve made some breakthroughs and everything haha, thank you all for the advice!!!
The dream school is a nightmare - it’s not a dream - you will realize that later.
You need a back up major because the odds of you making it as an actor are statistically little..
You need to go somewhere you can afford - without loans. Period.
There is no dream - that school is the opposite of a dream.
Is this affordable without loans? If so, then this sounds like a reasonable option.
For students who start university with a dual major, it is very common to at some point step back to just one major. This is entirely reasonable. University will give you the opportunity to learn a lot more about a few subjects that you might major in. Then you can either continue to dual major or pick one.
Just as one example of this, in my first year of university I was on track to major in any of mathematics, physics, or mechanical engineering. After the first year I dropped ME but for my second year was on track to major in either math or physics. Quantum physics convinced me that math was a better choice for me. This sort of “try three things and eventually settle on one” is both reasonable and common.
Also life is not a race. Taking a gap year is also perfectly reasonable.
So your parents will take out a $50k loan for the first year? What about years 2-4? And you would pay back whatever they take out/assume the monthly payments?
Part of your college decision and education is to understand the financial impact of your choice. A 50K loan at current parent plus rate of 9.08% requires a $532 monthly payment for 10 years to pay back. You will also pay a 4.228% vig upfront. A $200K loan would require around $2,100 per month payment. Here is a loan calculator to help you get started:
Do you have options that do not require your parents to take loans? Taking the $27K in total undergrad student loans can make sense, anything beyond that typically means the school is not affordable. Of course each family’s situation is unique, but that’s a good starting point.
Sounds like you are rethinking your long-term goals, which is wise.
And how much of a loan are your parents talking about? If more than you can take out in federal loans, they will have to look at all 4 years. You are wise to revisit this.
Are any of your other acceptances affordable without a $50,000 (or really any) parent loan at all.
Since we have scant information about your other acceptances and their net costs, it’s hard to advise you specifically.
BUT here is my free advice. Your college needs to be an affordable one without jeopardizing the finances of your whole family. And if you need a huge loan for year one…you will probably need that for years 2-4 as well.
I hope you have something on your list that is affordable for your family. Really, that’s your best option.
@ajlols –
Interesting update for sure!
First – know that your parents were always going to have to be the ones to take the loan. The question has always been: is this a good idea for your parents to borrow 50k a year for an education that can be reasonably had elsewhere without the loan? (Again, if I’m right about the school you are considering, I would say it’s a great program but NOT a step-level function “better” than other fantastic programs out there for much less money.)
Throw in now that you aren’t sure about acting, and I would say that for sure changes the equation! The school you are considering (I think) would definitely 100% NOT be worth 200k loans if you aren’t going for performing arts. Like for sure.
(btw – I think it would serve you better to be thinking of this in a four year chunk, not just “getting through the first year” because the first year will fly by and you will suddenly find yourself wondering what miracle is out there that takes care of the next 3 years. so rather than calling this “50k” of loans, think of it as “200k” of loans).
One thing I DO want to call out to all artists is: be wary of advice about studying artistic pursuits from (very well-meaning) people who haven’t themselves studied artistic pursuits. While people mean to give great advice, the idea of a BFA “needing a backup major” as a sort of Plan B is NOT the thinking for most people in the artistic space; people who make fantastic careers, and not “just” as actors. The binary of “make it as an actor” versus “a backup career” is usually imposed by people who are not artists. There’s a lot to unpack there around this notion of “backup majors” or “backup minors” or “backup plans” that is outside of the scope of this post, but I do want to caution you that I’m going to guess many (most?) people who replied to your post do NOT have the experience of being in the artistic space and are therefore offering advice that reflects their particular non-artistic lens and experience. Again, well-meaning, but not even close to the nuanced conversation that this path requires.
That said, since you are thinking you may NOT want acting after all, then I would say: 100% strongly consider a BA where you CAN double major, not because you need a “backup plan” but because you aren’t interested in the artistic intensity of a BFA.
Gap year is always an option, of course.
I think it depends on which specific offers you have on the table now, and what next year could look like for you.
I am happy to discuss specific program options if you want to.
Also, I would suggest, if you aren’t already, checking out the BFA Acting FB group, where people will absolutely understand this artistic/classic-academic path tension.
Spot-on advice about the backup major. Those immersed in artistic pursuits would argue the theater degree itself is the “back-up plan” since you don’t have to have a degree to get an acting job, but there are many entry-level jobs out in the professional world that just want you to have a degree and don’t care about your major. Not blowing your entire education budget on undergrad also gives you the flexibility to go to grad school.
Hi again everybody! I have another update haha. So long story short right now I am currently stuck between two colleges that I will say the names of:
- Kean University BFA Theatre Performance + BS in Marketing
- Rutgers University BA Theatre + BS Marketing
Kean is a college that is local-ish to my area so it is a bit less known. I currently have the goal of becoming the director of marketing in a theater after graduation.
I have made a pros and cons list for the schools too!
Kean Pros: Can Double Major while getting my BFA, Smaller Class Sizes/Student Population, Very Attentive/Well-Connected Faculty, Good Dorms, Current Students (friends of mine) love it there.
Kean Cons: BFA program is not my absolute favorite, Academics Aren’t Great (to my standards), Little Social Life, Double Majoring=Extra Semester (9 sems instead of 8) Meaning extra money and time
Rutgers Pros: Fan of the BA program, Very Credible/Reputable, Familiar with Environment of School, Fantastic Alumni Network, Good Dorms (with less people too), Great Social Life, Friends who go there love it (in the theatre program and out of it)
Rutgers Cons: Very Large Student Population, Competitive Academics and Performing Arts
This is very last minute, but I am seeking any other opinions! Right now I am just focusing on the schools itself since both are roughly the same price. Thank you for taking the time to read this!