How many student loans did you graduate with? Or are currently taking out??

<p>I want to go to a semi expensive school. (Only "semi" because it's not as expensive as some schools I've researched about). The school is Belmont University. Tuition, room and board is about $37,000 a year. So it's not as bad as Berklee or USC. Anyway, I want to study music there, but in order to study there I would definitely have to take out loans. My family can't pay a single penny of our tuition. I only got $400 from the Pell Grant and the school didn't give me any money (maybe if i ask they will...) because I am a transfer student so I don't qualify for any merit aid...even though my community college grades are excellent (straight A's for the past three semesters with one B). Granted, I still have to audition for the commercial voice major and i COULD get a scholarship from that, but the most they give out for those auditions is 5k which is renewable every year (maybe every semester... i'm not sure). So even if I got the 5k I would still have to take out loans. At my community college I'm taking music theory and ear training so hopefully I could test into at least Muisc THeory 2 and Ear Training 2. I have also knocked off one semester's worth of core class (Math, intro to soc, ethics, college composition) So my hope is that I would only have a maximum of three years (six semesters) left to finish up at Belmont...maybe even less. WIth that being said, each year I would have to take out AT LEAST $20,000 in loans...every.year. SO that means by the time I graduate I would be $60,000 in debt....</p>

<p>Is that worth it? I want to study music, but...what if it's not worth it? Will I be able to pay this money off? I don't even know how to take out a loan or anything like that, but I'm willing to speak with a financial aid counselor at Belmont. I guess what I'm asking for is success stories...Has anyone ever had to take out this many loans? Were you successfully able to pay them off or am currently paying them off? Was it worth it?? Thanks.</p>

<p>You, the student, will have a limit on loans you can take yourself. For sophomore year $6500, junior year $7500, senior year $7500. Beyond that you will need a cosigner. Will your parents cosign a loan for you?</p>

<p>P.S. the cost of attendance at Belmont this year is just over $43,000 a year.</p>

<p>thumper1 I think you replied to another thread i started…haha but yes, my parents were able to cosign for my brother so I think they will be able to cosign for me…but also, when i exhaust all federal loans I know there are private loans with various amounts of interest rates, etc. and I was planning on looking into those. </p>

<p>p.s. I don’t think that the $43,000 is a set tuition…I mean of course it varies, but I have received a cost estimator. 12-16 hours per semester is $13,050, the cheapest dorm option is $2,280 per semester, and the meal plan is $2,175. I know there are undergrad fees and books and travel expenses etc, but seeing as I don’t have a car (wouldn’t have to pay for gas), and I would be very careful with money because I don’t have a lot…lol</p>

<p><a href=“http://www.belmont.edu/sfs/pdf/cost_estimator_13-14.pdf[/url]”>http://www.belmont.edu/sfs/pdf/cost_estimator_13-14.pdf&lt;/a&gt;&lt;/p&gt;

<p>Just an FYI…if you are a sophomore when you transfer…you should know that the level of music theory MOST sophomores are taking is second year.</p>

<p>Honestly, I’m going to call a spade a spade here. Unless your parents can help you out with some of the costs (and I’m not thinking loans), I think this college is not affordable for you. </p>

<p>As noted on your other thread…it is confusing having two…if your parents have consigning large loans for your brother, they could very well be reaching the end of their ability to continue to get loans. Lending institutions do not like to overextend debt to folks.</p>

<p>They did not have to cosign for large loans… He went to a school very close to home. Tuition was about $10,000 per year I believe. He took out about $5000 in loans every year and paid the rest on his own. Since this is his fourth year when he graduates he will be $20000 in debt. Not too bad…pretty manageable I would say.</p>

<p>Sorry I have two separate threads, but to me they are different. This one is asking for testimonies of others who have taken out large sums in loans for college. The other one asks about other colleges in the country that can help me pay my tuition… To me, they are very different, but sorry if they confuse you.</p>

<p>

</p>

<p>I understand and can appreciate that music is your passion, but what type of job are you hoping to get post-graduation with a Music Theory degree? Do you honestly think you’ll make enough to pay off $60K in student loans (most of that being private loans with higher interest rates) as the interest continues to compound? I think you need to take a SERIOUS look at the cost/benefit of attending this school.</p>

<p>Wolverine86 I don’t want a music theory degree…but I would have to take music theory courses. At Belmont they have a “commercial music major” for me it would be voice with an emphasis in music business. My hope is to not necessarily become a famous pop star…but I want to become a professional working musician. Play gigs at small venues, sing backup, work in studios a little bit. I’m not aiming to be famous, but I don’t know if I’d rather sit at a desk for the rest of my career life and be miserable until my death bed and regret my career path…</p>

<p>^Ok, sorry about the mixup on your major. But I’d still ask the same question. If you know you’re going to more than likely start out in small venues and studio work, do you really think you can afford to make payments on $60K in debt? It sounds like you know your path to your passion will be a tough one and you’re willing to make the sacrifices necessary, but if you burden yourself with that debt you may make it impossible to reach. I’d strongly recommend you look for a less expensive option to earn your music degree and pursue your dream.</p>

<p>Yeah I know…but I think it’s just so hard to give it up… I’ve been at my community college for three semester taking music courses and vocal lessons… and to think that after all that I’d have to start over with something new… There are other things that are still interesting, but nothing that I love as much as studying music… I don’t know what to do.</p>

<p>You can’t afford this school. Not even close I’m afraid. Sorry</p>

<p>Muzikgirl -</p>

<p>What about taking time off now from college, and just trying to find work as a back-up singer and the like? You don’t necessarily need to have a full college degree to do that. After you have worked for a while you will be better able to determine whether or not you need to return to college at all, and if so the subject that you might like to pursue then. Not to mention of course, that if you would find your music career to be more lucrative than expected, you would be able to pay for your education without so many loans.</p>

<p>You said your parents wont’ pay anything and tuition is 37 for you. Why do you only have to take 20 in loans then? Where is the rest coming from? 37k x 3 = 111. Either figure isn’t affordable. I hope your parents save you from yourself and won’t cosign. But likely they won’t be able to. They have $20k from your brother, and that will double or triple just your first year. There isn’t an unlimited amount someone will lend them. And look what position you put them in if you can’t get a job that allows you to make your payments.</p>

<p>But as for your question here is recent feedback for you:
<a href=“http://talk.collegeconfidential.com/visual-arts-film-majors/1571799-pursuing-new-degree-after-100k-debt-unfinished-risd-degree-cautionary-tale.html[/url]”>http://talk.collegeconfidential.com/visual-arts-film-majors/1571799-pursuing-new-degree-after-100k-debt-unfinished-risd-degree-cautionary-tale.html&lt;/a&gt;&lt;/p&gt;

<p>I am just curious, how will a music major be able to pay off all that debt?</p>

<p>

Well, that’s a foolish reason to start a thread. If a lot of others have taken out large loans, why should that influence you one way or the other? It’s become a cliche that thousands of college grad are hopelessly over their heads in school debt. You have to make the smart choice for YOU.

In that case, fund a musicians’ forum somewhere and ask if anyone doing that kind of work thinks it makes sense to take on $60,000 in debt for a music degree. Personally, I think your parents would be fools to co-sign that kind of debt, because with that career plan, you won’t be able to pay the off the debt, and they’ll be forced to.</p>

<p>I respectfully suggest that you reconsider your plans. We advised our daughters not to take out any loans, and to attend state schools. At the time, they did as we advised but felt somewhat limited by the choices. Now,with all 4 out of college, they have each said to us independently that they are SO glad they followed our advice. They see their friends floundering under massive amounts of debt, trying to work 2 or 3 jobs just to pay their student loans, and totally stressed out. Think hard about your plans. The amount of pressure you will feel upon graduating with a large loan burden will be enormous, and I just can’t recommend that path for anyone. I have 2 nieces who majored in vocal performance at college. One is now in OT school because she tried the audition root for 3 years and couldn’t make a living at it. The other is living in her parents’ basement giving vocal lessons to neighborhood kids, unable to find any other paying work in her field but not yet ready to give up trying. Vocal performance is a very, very tough field. May you be one of the lucky ones! Graduating without debt will give you more flexibility to follow your dreams.</p>

<p>Between my fiance and I our debt still does not equal the type of money you’re thinking about borrowing and it’s already a PITA. </p>

<p>Seriously, just don’t. Graduate with minimal debt and be able to be more flexible in your career. Debt like that just hinders you.</p>

<p>Zero loans for me. A certain well off Uncle is footing the bill, I’d rather drop out than take out a loan for anything over $10,000 much less $60k. </p>

<p>To be frank, no undergraduate program is worth that much debt unless you have the connections that will guarantee financial prosperity straight out of college. I would very much consider looking into more affordable schools.</p>

<p>Thanks everyone… It looks like I have to make a decision. I love music, but I might have to give it up so I can be more stable and less poor when I graduate. Maybe I will look into schools that require CSS profile to be filled out since they seems to give more aid. Thanks guys.</p>

<p>You NEVER have to “give up” music. There are plenty of civic and community groups who will welcome you!</p>

<p>BrownParent, that is exactly why I said AT LEAST $20,000 in loans. I am also taking into consideration a music scholarship that i COULD get after my audition, but if I don’t get any music scholarship there’s no way I could dream of attending Belmont. Now, I feel like there is no reason to audition. I guess I’m more of a dreamer and a go-getter than a realistic person.</p>