<p>So I'm leaving for college in about less than a year (May 2015). Yes I know it's a good while from now but I need advice on some things. I live in Louisiana but I will be moving to LA for college, for 3 years. But I actually want to stay after school so I don't come back home. The school I'm going to does have dorms but they suggest us getting apartments and have a list for us to choose from. The cost is about $900-$1,100 a month. My mom has money but not enough to take care of herself here and support me in LA. I was trying to do scholarships but that did NOT work out. It's just so hard and I don't want to depend on them and in the end get my hopes up. So I wanted to do loans. My college tuition is right at a total of $43k. So I know I will need loans regardless. I was thinking about doing a loan for about maybe $70k to help pay for school and pay my apartment rent up a year or so. Then give the rest back. I know it sounds like much, something I probably won't be able to pay off any time soon. But who cares? I'm going to film school and a lot of producers and actors had to take a leap of faith so here I am too. I wanted to know around how much you guys think I should get? Do you think I would get approved for that much? I know I will need private loans as well. And I was wondering when should I actually start calling apartments in LA to ask if they will be available of May. Yes it is a big move. Can I just get a little advice on it all? What are my chances at actually getting enough in loans to afford school and be able to pay rent? How much do you guys think I really need to get? </p>
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You just can’t borrow $70,000 a year on your own - Federal or private loans.
You should: student loans are very difficult to discharge.</p>
<p>I did not plan to get $70k on my own. And I was seeking advice on how to go about this all. Not just to be basically told no. </p>
<p>The answer is really no, you can’t borrow $70,000 a year for your education. You can borrow up to $5,500 from Federal government by filing FAFSA. See <a href=“http://www.direct.ed.gov/applying.html”>http://www.direct.ed.gov/applying.html</a>. Beyond that amount, you need your parent or someones that are willing to borrow on your behalf or co-signing the loans. Do you have anyone? See <a href=“http://www.direct.ed.gov/parent.html”>http://www.direct.ed.gov/parent.html</a>. Again, these loans in a year are limit to the cost of attendance at your school, not $70,000.</p>
<p>OP, you were not given an opinion but a fact. Read the links posted above. Read the pinned threads at the top of the forum. It looks like you need to reassess your college choice.</p>
<p>If you know someone with good credit that is willing to co-sign on a private loan for you, then you can fund everything with private loans. You may be able to do it even with not-so-good credit, but that will put your interest rates pretty high. You should also take into account that the unemployment rate for film majors, etc. is about 12.9% with a median earnings at about $30,000. You have to start paying the interest and the loans off 6 months after you graduate. Signing your name on a student loan has the potential to ruin your credit and your life, not to mention the cosigner. With an average interest rate at about 6.8 percent at lets say 10 years, you’re looking at monthly payments of around $800/month. That would come out to be about $100,000 cumulative over 10 years. Think of a student loan as an investment, what are your chances for return. I’m not trying to discourage you, but you should not downplay the seriousness of taking out a loan. Loans can, and have destroyed lives, and sometimes even pushed people to do things as serious as leaving the US forever or even committing suicide due to financial hardship. </p>
<p>I see that you are from Louisiana and that the $43k is out of state tuition correct? Technically, if you moved to California first and became a resident, you would only have to pay in-state tuition which is usually way way cheaper. Just a heads up. I would look into doing that before pull out any loans.</p>
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<p>lol…you want to borrow 210k for those 3 years? that is INSANE. Hopefully you wont find a cosigner who can qualify.</p>
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<p>You have no business asking a cosigner to put his/her credit at risk for a lottery-win…which it would be if you were to soon earn enough to live in Calif and make the payments.</p>
<p>and even if you were able to keep up with the payments, your co-signer’s credit rating will take a hit until the loans are paid off.</p>
<p>also…your cosigner may qualify the first year, but not the next…then you will be screwed…loans and no degree. or the cosigner may refuse during a later year after realizing the danger.</p>
<p>You dont have to go to LA now…graduate here and then move.</p>
<p>what school is this???</p>
<p>Were you already accepted into this school? Is this a university or an arts school? If you haven’t nailed down a school but LA is the goal, you might look at some of the other programs available. There are many in LA and they range in price. </p>
<p>As to loans, getting 70K for this year isn’t possible without a qualified co-signor. Getting that sort of funding multiple years is even more difficult. </p>
<p>While you are trying to figure all this out, get a part-time job and save every penny. Since you have until May, use this time to research back-up options so you have someplace to go whether it’s a different, more affordable LA option, a university or program with financial aid opportunities, someplace closer to home that would allow you to transfer later, or whatever is open for you.</p>
<p>When I read the OP’s post, I just had to smile. She or he is so young, and so naive about money. I am so glad that the OP did post on this forum as I think the responses she/he will get will definitely open her/his eyes. The OP has a whole year to learn about real costs, to find out more about the school she/he is interested in and whether it is affordable or not, search for other schools, talk to her mother about what she is willing to contribute or take out as a loan. Right now she/he has no idea so I congratulate her/him for actually asking the question and beginning the process. I just wish others were as smart as her/him to ask the questions while she/he still has choices.</p>
<p>Producedonn, going for it is one thing, willing to work hard and make sacrifices and such. But, doing something foolish as you are describing is another story. But, as you probably gather by now, you can’t take out enough in loans for a college that expensive (and no one ever gives more than the Cost of Attendance.) If there was any remote chance your mother could you would be putting her in a situation that would cause her severe harm. These loans can’t be discharged in bankruptcy, they will come after you and her, attach your bank account and any wages that would also make things difficult at work. You can see why they don’t lend that kind of money to kids–like you said, you don’t care if you pay it back.</p>
<p>But let people try to help you find alternatives. Is this a CA public? private? for profit? Why is this 3 years, are you a transfer or is this a commercial outfit? What are your grades/scores like?</p>
<p>I think the message that the loans you’re considering are ridiculous has been hammered home numerous times by now. I’m not going to repeat it - but, I will ask you a few more things.</p>
<p>Let’s say you DO manage to get those loans. As you said, “I know it sounds like much, something I probably won’t be able to pay off any time soon. But who cares? I’m going to film school and a lot of producers and actors had to take a leap of faith so here I am too.” I think this idea that all careers in the arts are a leap of faith is misguided. I think a career in filmmaking should be calculated, planned risks - basically smart and tactical choices - rather than blind shots in the dark. I think accepting the mantra “whatever, it’s a blind leap of faith” is one of the worst things you could do for yourself. </p>
<p>You suspect there’s a chance of you paying off the loans. How? Making a blockbuster within two years of graduating is one way to immediately clear it. That’s very unlikely. Why would a studio trust a fresh college graduate to direct a script with a multi-million dollar budget? So, let’s say you begin at the indie bracket (where most filmmakers do have to start out). The pay usually isn’t very good (if you can even get paid), and it’s quite sporadic. How would you pay off the loans in this situation. Work as a production assistant? Won’t do, there isn’t enough money involved. Make some films? That’s not nearly specific enough. Unless you have a specific, detailed, precise plan for after you graduate (aka, I’m going to pursue X managers or management companies and agencies, use X camera, with a budget range of X dollars acquired from X people, and I’ll use other funding from X sources and use X to market my film) - don’t even consider it. </p>
<p>I think you should watch these two videos (it won’t take up more than 15 minutes of your time). The first one is Kevin Smith talking about film school. The second one is by a program called filmconnection - they claim to be a faster, cheaper, more effective crash course in filmmaking. Since the program’s fairly new, I don’t know if they’re any good, but you could look into it. </p>
<p><a href=“Kevin Smith on film school - YouTube”>Kevin Smith on film school - YouTube;
<p><a href=“- YouTube”>- YouTube;
<p>Lastly, I think you should identify WHY you want to go to film school. I won’t reiterate it here, but I’ve posted several times in the past about why I think students should really reconsider their choice to attend film school in this day in age - you have to have a really, really good reason to attend. If you don’t have that kind of solid, irrefutable justification, you’re going to get screwed. Below are some other responses, if you’re curious. </p>
<p><a href=“Questions for current NYU Tisch students - #5 by Abcde11 - New York University - College Confidential Forums”>Questions for current NYU Tisch students - #5 by Abcde11 - New York University - College Confidential Forums;
<p><a href=“School of Cinematic Arts Hopefuls-Class of 2014 - #297 by Abcde11 - University of Southern California - College Confidential Forums”>School of Cinematic Arts Hopefuls-Class of 2014 - #297 by Abcde11 - University of Southern California - College Confidential Forums;
<p><a href=“School of Cinematic Arts Hopefuls-Class of 2014 - #299 by Abcde11 - University of Southern California - College Confidential Forums”>School of Cinematic Arts Hopefuls-Class of 2014 - #299 by Abcde11 - University of Southern California - College Confidential Forums;
<p><a href=“USC, UCLA, NYU Film? - #2 by Abcde11 - Chance Me / Match Me! - College Confidential Forums”>USC, UCLA, NYU Film? - #2 by Abcde11 - Chance Me / Match Me! - College Confidential Forums;
<p>Good luck! I hope everything works out for you. </p>
<p>The basic answer is as given for a dependent (under 24,usually) student. Such a student can only borrow $5500 for freshman year, unless a specific college does offer up additional loans and that’s at the discretion of the college,usually in conjunction with the financial aid package they offer when the student applies for financial aid and gets something. Otherwise someone else has to borrow for you, in that the person has to put his/her own credit on the line and is responsible for the repayment as well as having the loan on their own credit report. That’s the way it works. A teenager, young adult with little or no credit, not much of a job history is simply not a good risk for loans. </p>
<p>Your post does bring up a lot of questions. Are you in high school right now? Have you applied yet to a college yet? How are you getting this May2015 date.</p>
<p>My friend’s DD applied and was accepted t USC a couple of years ago. She was accepted about this time of the year for the spring semester starting about 7 months later, and no housing was offered to her. She was a transfer student. It was a very expensive experience for her and her family, as those apartments near the school were terribly expensive. Hers did require a year long lease as well. She was able to sublet hers for the summer, however, and that may be something for you to look into if you want to move to an area the summer before school starts. Some students will sublet below market and below the price they are paying , so that they get some money over the summer when they are not there. But then you have to find a place come fall… Sometimes it s possible to find room shares at low prices as there are students who need to watch every dime and will advertize to get a roommate rather than an apartment mate. </p>
<p>Please give us a little more info on your situation. Do you know if you are eligible for fin aid? Where are you in this process?</p>
<p>Either your parents will need to take out a Parent Plus Loan in THEIR name…or they or another person with great income and credit will need to cosign these loans with you.</p>
<p>Keep in mind…you might find a cosigner for one year…but they will have to qualify for ALL of the years you are in college…and they might not do so. If their debt becomes high relative to their income…they just might not qualify in subsequent years.</p>
<p>But supposing they do. You will have well in excess of $200,000 in loans for your college years…which will translate into over $2000 a month payments for ten years. That is absolutely too much debt. </p>
<p>I did NOT need $70k a year… My total tuition is $43k all together</p>
<p>Ok, so even assuming that you can get a co-signer to qualify for a loan to cover your tuition, I feel it is ridiculous to take out a loan to pay for living expenses. You need to get a job (now and while you are in college) to pay for your rent and living expenses. If you plan on working full time in the summers and part-time during the school year, you might be able to cover expenses. Just an example, my D just graduated with a musical theatre degree - she pays $1000/month (rent and utilities). She works 20-25 hours a week in a “regular” job, 5-10 hours a week babysitting, occasional hours as a catering waiter. In between all of this, she fits in rehearsal time for an upcoming show (woefully underpaid, non-equity). Between all of these jobs, she’s just able to pay her expenses (rent, food, car insurance, gas, cell phone, etc). AND she has no loan payments to thing about. I can’t imagine any recent arts graduate being able to handle loan payments. </p>
<p>This post is a train wreck and I was half understood. I do NOT need $70k a year. My college tuition is a complete total of $43k all together, NOT yearly!! I thought I explained that. Everyone saying I can’t take out over $200k in loans had me so confused. It was only a ONE TIME LOAN NOT YEARLY. I’m starting to think I don’t even need $70k at all now. So how about $50k?. I hope its explained better? If not just ask for me to clear it up for you.</p>
<p>I’m going to seek another job here soon but I don’t know where. And how exactly can I find a job in LA if I’m not there currently? And also to the person who asked why May. I’m leaving in May because I wanted to go in the summer to help become familiar with the place before school starts.</p>
<p>You have a year to save money (I assume that you are living at home and finishing HS right now?) So get a job or two in your hometown. If you work this summer, during the school year (15-20 hours or so) and next summer - you should be able to save $2000-$3000. If you have already graduated from HS, then you can work full-time for over a year! That will give you some cash to start your school year with in Fall 2015. Don’t even think about going to LA in May 2015. Just stay home and earn $$. Also, make sure you apply for financial aid from your school (fill out FAFSA) - you may qualify for scholarships and grants that you don’t know about. Plus filling out a FAFSA (in January) will be the only way for you to qualify for federal loans. </p>
<p>You haven’t even applied for college yet, I am assuming. Just take everything one step at a time. Get a summer job, apply for college, fill out the FAFSA, THEN decide whether or not you need loans. </p>
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<p>Ok…we understand now.</p>
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<p>I live in Louisiana but I will be moving to LA for college
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<p>what school is this? what school (private or OOS public) in Calif would have tuition this low for you???</p>
<p>so the tuition right now (goes up each year) is about $11k? What about housing, food, books cost? how much will that be each year?</p>
<p>what will your total costs be each year…tuition, room, board, books, fees, etc??</p>
<p>@ProduceDonn</p>
<p>A quick google gives me the for profit school, offering an AS in film studies. The tuition of 43k is for the two years. You must also buy their computer for $3500ish. An apartment would also require a consigner with good credit.</p>
<p>OP-please run the net price calculator on the school’s website. It will give you a better idea of the financial breakdown and cost of attendance (COA) per year. You can borrow 5,500 on your own the first year. You really need to look at the fine print of the financials. There aren’t any lenders that are going to loan you the full COA (43k per year) without a credit worthy consigner.</p>
<p>It looks like this school starts classes every 4 weeks. This gives you time to work and SAVE. You are going to need a significant nest egg before moving to LA! </p>