<p>I realllly want to major in Entertainment and Arts Management at Drexel. I am a singer, and I love the arts. Instead of getting a degree in acting or musical theatre, I want to have a stronger academic foundation and learn business, marketing, etc. The major is so perfectly suited for me that it seems like something I would have custom designed, and Drexel is in a perfect location for me. With this major I can stay in the entertainment industry, but still maintain a career (rather than struggle as an actress/singer) </p>
<p>My problem is that Drexel is very expensive. I received a small theatre scholarship and filed a financial aid appeal. Even so, I will still graduate with about 112,000 in loans. I'll probably live off campus to save money after freshmen year, which will cut the costs substantially, but it is still a big expense. </p>
<p>Drexel is a fantastic school, and there are lots of opportunities (co-op + internships + networking = career opportunities) but I don't know if the debt is worth it. Should I just go anyway? Is this kind of debt reasonable for a great rigorous education from Drexel? Helppp :(</p>
<p>In my opinion, absolutely not, unless your parents are willing and able to borrow the bulk of that, and they probably will have to do so, since you aren’t going to be able to get that kind of money yourself. Don’t fool yourself, having them co-sign is the same danged thing as having them take out the loan themselves. It just means the lender has 2 of you on the hook in case one of you can’t pay or dies. It goes on both of your credit reports, and you are each equally liable for the payments. The minute the payment does not get made, they go after both of you.</p>
<p>My son is a MT major who is now taking some state school courses at very low prices that he can afford to get a certificate in arts management after getting a BFA. He is a working artist who is living hand to mouth despite the fact that he has zero loans and in lives in NYC where job opportunities are bountiful, and has parents who are nearby and in position to help out if things get tight, and they do get tight all of the time. He can just meet his rent sometimes and camps out here during those lean times, eating our food, getting rides, and a few bucks here and there for transportation to work and auditions, maybe getting some toiletries and some clothing items here and there. We are not flush since we have 2 kids in college right now, but, yes, we do help him out. And he has been employed. So do i thing a $112K loan would be a problem? What do you think? He can’t quite make ends meet without such a loan, and guess what? He is doing better than a lot people in his situation.</p>
<p>Unless you are going into a type of program that pretty much guarantees a certain pay and a job waiting for you, forget it. I see kids who have gone to any and every school, who are flat broke, with loans and working interim jobs. </p>
<p>Now if your parents can handle the loan, if they are in financial shape to pay if things don’t work out right away for you, and are willing to do so, then that is a whole other story. Actually, we could have taken out loans in about that amount and he could be repaying us right now, but he would have to live at home and be paying us what he pays in rent which means he wouldn’t be in the middle of it all. This is only possible even because we live near enough to NYC to do this., also. If we lived much further away, it would not work out at all.</p>
<p>Print out the course descriptions for this program at Drexel, and then sit down with the course catalogs of your affordable schools. Chances are that you can build an equivalent program elsewhere that will fit your budget.</p>
<p>I agree fully with happymomof1 and cptofthehouse. Regardless of how well you would do in that program, the reality is that the jobs you would find in this field, at least to start, will not be high-paying. I won’t comment on the availability of such jobs; others know better than I do.</p>
<p>I am sorry the Drexel option is not workable financially. On the plus side, your ability to articulate what you are looking for is impressive. You will be able to figure out how to piece together a program and relevant experience wherever you go. Best of luck.</p>
<p>*Even so, I will still graduate with about 112,000 in loans. *</p>
<p>OH MY!!!</p>
<p>Even half that debt would be tooooo much. Even a 1/3 of that debt would be too much. </p>
<p>Do you realize how hard it will be to get well-employed after graduation? And even if you are employed, how hard it would be to pay back large debt?</p>
<p>No. Do not do this. Not even half that much.</p>
<p>Besides, it’s doubtful that your parents would foolishly co-sign that much in loans. Very bad idea.</p>
<p>Well, the short answer is don’t do it…that said, Drexel has a great co-op program, so while finding a job is not guaranteed, you would be in a btter position going thru the program there,imho…I would suggest if you can somehow cut the debt down to less then 30k,go for it…anymore debt then that would be foolish</p>
<p>Wow, thanks to everyone for the advice. It is extremely helpful to get outside opinions. Luckily, I was awarded a small scholarship after I started this thread. I also discovered that if I commute and work study my debt will go down to about 40,000. Is this still to much??? Its a huge improvement from 112,000 at least I also filed an appeal but I have yet to recieve an answer.</p>
<p>Anything beyond what you can take on our own with the Stafford Loans (27k total over the course of the four years) will require a co-signer or that your parents take PLUS loans. Those limits are in place for a reason. Run your numbers through this handy calculator, and see what you think: [FinAid</a> | Calculators | Award Letter Comparison Tool](<a href=“Your Guide for College Financial Aid - Finaid”>Award Letter Requirements - Finaid)</p>
<p>Drexel is not worth 112,000 in debt and really not even that 40,000 if you commute. You can probably receive your degree at another higher ranked university and dorm there for cheaper than Drexel.</p>
<p>Since you already know the financial situation offered there is not good, it might be worth it to attend a cheaper school for the first 2 years and then transfer. You could plan your studies for the first two years based on Drexel’s program and general ed. requirements. </p>
<p>An alternative would be to attend a college that allows you to create your own major and which has a large variety of course offerings in your area of interest, then create your own “Entertainment and Art Management” degree and get your degree at the cheaper school (btw - cheaper does not mean less rigorous or lower ranked; you could get better aid or lower tuition rates at a higher-ranked school). I think it’s a good idea to have a foundation in management in addition to the arts, as that will open a few more doors for you. </p>
<p>I graduated with a little more than half that debt ($65k), and I would certainly agree to keep the debt under 20k considering the uncertain job market you’d be entering in that field. If it were something like nursing or another high-demand field, 40k wouldn’t seem so bad, but I think 112k is too much regardless of how much money you think you’ll make after graduating. You’ll thank yourself later if you keep your costs low. You’ll want nice things after graduation, too, like a place to live, food to eat, and clothes to wear, so as hard as it may be, go for the cheaper options.</p>
I also filed an appeal but I have yet to recieve an answer.</p>