Financing my Tisch Education

College Majors Theater/Drama Majors
1

<p>Hello all!
I was recently accepted into the Tisch School of the Arts at NYU, Atlantic Theatre Company. This is a dream come true for me and i can't think of anywhere else I'd rather be. Big problem though: were I to attend NYU I would be in debt after i graduate with between $150,000-200,000. I would probably end up paying about 75% of it (parents the other 25)
But the thing is, this is my dream school. As soon as I'm done with college I'm going to start looking for a job and so graduate school probably isn't likely. I know NYU has their own mafia and it would be easier for me to find a job, although i don't know how much so.
So I'm basically left with these options: settle for a school with a decent program that I'll probably be fine with and graduate with a still reasonable amount of debt, or go to my absolute dream school were I know I will thrive and enjoy and graduate with crippling debt. please help!</p>

<p>(also, the other schools i got into were: Adelphi University, Pace University, Emerson College, Marymount Manhattan College, Drew University, Wagner College)</p>

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<p>Colin, congratulations on your acceptances. That’s quite an accomplishment to have so many options. My D is a Tisch grad who was in and loved Atlantic. She was fortunate enough to have graduated with no debt and has worked continuously in her field since graduating. She is one of the few, which is why she’s been fortunate. I will tell you, though, that had she had even the average amount of student loans to be making payments on, it would change her lifestyle to a great extent. There is no way that she would be able to make the payments on a debt of $150-200,000, even making an excellent amount of money for three years now. Keep in mind that she has been incredibly fortunate to have worked steadily for three years. Most of her friends have not been so fortunate. </p>

<p>Please do not take on this kind of debt. It’s a killer for any new college grad to have that kind of debt, let alone someone going into theatre who will have zero possibility of ever being able to make those payments.</p>

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<p>Colin, congratulations on all the acceptances, but I have to strongly agree with alwaysamom. The best thing you can do for your career is to graduate with little or no debt so you are free to pursue that career… Even graduating from a top school like Tisch offers no guarantee of employment. It would be interesting to see what percentage of theater graduates ever make enough as actors to even pay back their loans. I suspect that number is vanishingly small. (Full disclosure would probably reduce the applicant pool significantly!) So look at it this way. Would you invest $200k in a stock that not only was unlikely to provide any return, but was likely to lose most of that money? Of course not. But you can’t look at an arts education that way. For one thing, the only reason to pursue such a thing is if you have a deep and irresistible passion for it. For another, if it were an investment instrument, the SEC would shut is down as an illegal Ponzi scheme: it relies for its very existence on the continuing influx of new suckers who think they are going to have acting careers! You got into some fine schools, Colin. Any of them can give you what you’ll need to get started. I’d go with one who believed in me enough to help me out financially.</p>

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<p>I didn’t realize that you were still considering NYU…I just posted on your other thread in which you stated your chances for attending NYU were slim to none.</p>

<p>I have to concur with the other posters that taking on that kind of debt is not advisable. You, yourself used the words, “crippling debt.” Assuming you can get the financing to begin with, what you are considering is potentially a lifelong financial struggle for 4 years of college. </p>

<p>So many HS Seniors seem to have built up this concept of a “dream school” that in reality does not exist and is just that, a dream. NYU Tisch is a terrific school/program but really, at this point you have no idea if you will “thrive and enjoy” it any more than any of the other excellent and less expensive programs on your list. </p>

<p>You have a lot to think about…good luck! :)</p>

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<p>colinH, I have to agree with the previous posters. Even if you are lucky enough to get continuous acting work after graduation–and let me assure you, that is very rare, no matter what program you come out of–it will not be enough to support that amount of debt. Remember also that, for an actor, “getting a job” is a CONSTANT consideration. You never stop looking for the next job, because each one you have has an expiration date. Futhermore, when you’re just starting out as actor (usually non-union and probably without representation) you want to be able to accept work that will build your resume but will probably pay very little. That’s how you “pay your dues,” so to speak, and start to make your way professionally. If you come out of school with that amount of debt you won’t be able to do that kind of thing. An actor’s life is in many ways about sustainability–creatively, physically, spiritually and financially. You owe it to your future in this industry to make the most sustainable choice.</p>

<p>But the sustainable choice doesn’t have to be second best! Like sandkmom, I’d encourage you to really examine why NYU is your dream school. What specific factors can you isolate that really make it the top for you? Really ask yourself if you’re basing this thought on what you know about the program rather than an idea you have about it. You have some wonderful options listed. I’d wager that with some creativity and initiative you could turn your experience at any one of those schools into one that would rival or surpass your idea of what NYU could be.</p>

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<p>Colin, I’m in Atlantic too! Congrats.</p>

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<p>thanks for all the feedback. pretty much everybody has said it’s probably not worth going into that kind of debt and I would prefer to not live with my parents after i graduate. So i mailed in my deposit to Pace University. my fingers are crossed that i won’t regret it.</p>

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<p>colinH, congratulations and best of luck at Pace! :)</p>

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<p>Congratulations! You won’t regret it, I’m sure!</p>

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<p>I think you made a very wise decision! I don’t think it is worth the stress of having that kind of debt at such a young age. Good luck at Pace!</p>

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<p>Hey Congrats on Pace! I hope you will enjoy it too. I just wish I would have gotten to you sooner, maybe the results would have been different.</p>

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<p>I posted this on another thread, just thought it related to your situation as well. It might not be too late, checks can be canceled.
"For some reason, I feel as though you are being mislead by the others on this board. Some have said it’s impossible for you to recoup $200,000 in Loans. But honestly, I don’t think Lady Gaga is still repaying her loans. Yes, it’s very competitive, but you must have known that before applying for such a major as acting. As to the poster that said to account for a family, I doubt as an actor you would plan on having a family before you’ve reached where you’d like to be career-wise. Everyone is also advising you to choose the cheaper and easier option. But what is that? You chose the occupation of an actor to take risks in life, not play it safe. If you wanted a career you could easily plan on a chart, than it would have been better to choose a profession in the medical or law fields. Being an actor requires a certain amount of blind faith. If you “know” that you “will not” get a job in acting that will payback your loans, than why even have Faith in God? or in anything for that matter. Why would you want to live such a secure life? So you’ll have crippling debt, and what? Are you going to plan for EVERY mishap that life decides to throw at you? At what point are you going to say “I decide.” ? If we planned for every unexpected illness, every birth, death, loss, etc. We would not really be living and enjoying our life, but planning for a time that’s not promised to us. I don’t mean to sound critical, I would just hate it if 4 years from now you realize that you regret where you went to college, whether that’s NYU or another school. In LIFE, you just have to roll with the punches. You’ll figure it out when you get there. It looks bad on paper, but you must have known that you would be in for some sort of debt while you were filling out college apps, I know I did. "</p>

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<p>"Like My Tisch Audition, you have to be aware of “Theater Parents.” Not saying that any of you specifically are, but sometimes people don’t want others to succeed because of their vested interests in something. At my Tisch Audition, parents were rude, they were looking me up and down, they were bragging about how their kids were leads in such and such plays, how they went to Yale for the summer Drama Conservatory. The parents even told me not to practice in the hallway because I was disturbing others working in the same building. But did I listen? No, I literally went to the a bathroom, and practiced for 1 hour locked in a stall. And you want to know how many got accepted out of everyone who was there that day? 2. Myself, and a guy who flew from Colorado who’s parent’s merely dropped him off to audition. None of the braggarts or stage parents’ children got in. Beware, people are going to discourage you to do things so that their children can succeed, or their children can be the only ones standing who have those accolades. If we all supported other people’s children, what chance would ours have? "</p>

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<p>“I just wish I would have gotten to you sooner, maybe the results would have been different.” </p>

<p>Ajrover, I don’t know if you have a personal connection with the poster you are addressing, but this sounds a little dramatic. </p>

<p>I do agree with some of what you said in your following posts. There are times when you need to just take a chance and run with it. However, there is a difference between taking a chance and having faith in yourself, and taking a chance without considering reality. You mention that Lady Gaga is most likely not paying back her student loans. First of all, she only attended NYU for one or two years. She was not in $200,000 of debt. And obviously, she most likely has the money now to pay it off. You wrote that the field is very competitive, but we should know that going in. There’s a difference between becoming a successful actor, and a pop-sensation. The latter is even more unlikely than becoming a successful actor. How many pop-sensations do we have? In considering how many talented people there are wanting to become extremely famous–we don’t have that many. They are far and few. And, they were most likely struggling with finances and their careers before they got their big break. It’s called a big break because it is not often that it happens. </p>

<p>No one is saying that we have to plan for every step of our lives. In fact, I would think that most posters here discourage that. We have to have dreams and run with them. We have to sometimes take opportunities and not worry about all of the consequences. But there are also times when we have to be realistic. Going into $200,000 worth of debt can cripple someone. Unless someone becomes a major Hollywood sensation, it will take a while to pay off that amount of debt. It will limit many important things that someone needs to do. Loans are not infinite–if you are $200,000 in debt you cannot take out extra loans for a house, or a car. You cannot afford to transport yourself wherever you need to go. It will limit you very much.</p>

<p>You also mention that an actor may not want a family until later in life. That’s really a personal decision. Are you telling me that actors do not date until their 50’s because they want to progress their careers? Sure, some do. But many start dating as they are struggling to progress their careers because it is a very vulnerable time and they could use comfort and passion. They may decide to take their relationship to the next level, and start a family. I think you would be hard pressed to find that no actor between the age of 30-35 on Broadway has kids. In fact, that’s when many individuals in modern society begin to start a family. Surely by the time an actor is 30, $200,000 worth of student loans will not have been paid off. How can they then support themselves and a family?</p>

<p>I am not at all saying to plan out every step of one’s life. But reality needs to be considered. Many people’s goals and values change as they age. Just because right now you don’t expect to start a family until later in life does not mean that it will stay that way forever. Values change. What we want out of life always changes–it’s part of maturing, a process that occurs all throughout life. </p>

<p>You also make it sound as if attending Pace is just settling–and is second to NYU. Pace has great opportunities, and there are several actors currently attending Pace who are currently on Broadway. It is a short ride into the city from Pace. I don’t know if this is what you meant by what I quoted above, but it seems as if you felt you could have "saved’ the OP from choosing the not-as-ideal option. While the training at NYU is great it is not the be-all and end-all of life. Pace offers great opportunities, and the OP will graduate with less debt than many who are attending NYU. Not only does that give the OP a leg up for covering housing and transportation for auditioning once he has graduated, but it allows the OP to feel less burdened than others with more debt. Remember, many of the loans taken out to attend NYU will acquire interest, so the cost is actually greater than $200,000. It is ok to follow a dream, but reality needs to be considered.</p>

<p>If NYU were moderately affordable, then it would make sense to just go for it. But if it were to cost $200,000 to attend NYU, it would not make sense to just follow the dream and worry about the consequences later. A dream is not enough to make everying work out all the time. Many times we have to compromise and do what is ultimately best for us. And not getting exactly what you want the first time can make you a better person. You become more learned and wise, and learn that not everything in life works out just as we want it to. We simply have to make the best out of it.</p>

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<p>Damn! Now that’s what I call a post!</p>

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<p>LetMeEntertainU – Thank you for such a clear and measured post! </p>

<p>One bit of info about Pace… The acting and musical theatre programs at Pace are at the Manhattan campus… in lower Manhattan close to the South Street Seaport. Not as extensive a city campus as NYU, but in NYC. I do not think th kids take any of their classes at the other Pace campus. :)</p>