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<p>I thought that magical thinking ended in childhood?</p>
<p>Well to be honest, I think magical thinking ends because we tend to view only the negative possibilities which causes us to only let negative things happen. I worked at Disney World in entertainment for 2 years, and they didn’t let us think negative lol. Anyway, I’m still going to pursue my dream regardless of what may happen because at least I can say I tried. No point quitting and simply falling into the same soulless dead end job that 90% of the world falls in to. These past couple weeks since I started this thread, I have found a new job, worked out an arrangement with my landlord, and was offered a great gift from my grandfather. My grandfather is extremely sharp and healthy, still working, and knows what he’s talking about. I’m going to continue with Berklee because too many people take the easier or safer route and, although the may be more financially stable afterwards, will still always hold the passions they once had, even if they don’t admit. I’m not going to school to make more money, I’m going to Berklee because it’s where my passion is. Again, thank you everyone for the concerns, but I figure life is more inportant then constantly worrying about the future. I’m simply focusing on the present. I do no want to have kids or get married, so I’m not worried about having to support anyone after school. I’m 21 and have a lot of life ahead of me, and plan on spending some of it at Berklee, because who knows? Maybe I’ll be apart of that small percent that make it. If not, at least I tried.</p>
<p>You can take out loans or you may just have to wait until you are 24 to go to college.</p>
<p>I agree that the OP is not thinking rationally. If grandpa is willing to take out the loan himself or give the OP the money, fine and well. For him to cosign is just putting another monkey on the OP’s back, and he;'s gonna have enough of a zoo on their in his field of interest. Though grandpa may be well versed in the financial world, he may not have much if any knowledge on how things work with school loans. Co signing that loan can be a real problem for both of you. If he has to repay it because you can’t, and if his credit is adversely affected due to it, and, yes, these are real issues, it can be a problem for him. If you should die or he should die, it can be a problem for the survivor. Both of you should have life insurance for that contingency and this is not brought up by the lenders. Your grandpa may be able to pay for the loan if you can’t, but if he is out of the picture and can’t help you, and you don’t get enough in inheritance monies to pay, it can be a real problem for you.</p>
<p>Berklee is not the be all or end all for performing arts success, I guarantee you. I know a dozen at least of grads from there, and not a one of the ones who I know well are even in the performing arts any more. Those teachers that I do know are not making the kind of money where they can take out a loan of that size, I assure you. </p>
<p>My son is in the performing arts, and he is really having a tough time. Considered successful because he can meet his rent each month, but he has very little beyond that in terms of money. It is not an easy go of things. But he has no loans. He would be living here at home paying for the loans for at least 10 long years, had he taken out loans. </p>
<p>If your grandfather is as well to do as you say, and is able to afford paying those loans, let him take them out on his own name and have a separate agreement with you for repayment. Don’t go to those sharks that’ll have both of you on the hook, come hell or high water. </p>
<p>As for the easier or safer route, going to college for performing arts is the easy, safe route. It buys you time and shelter of sorts until going out into the real world where you want to get paid for your work instead of paying others so you can show your work, which is what school does. We pay these schools to let you play and perform, and hopefully learn some things, get some connections, but really it’s to give you an easier, safer place to be during those young adult years. </p>
<p>That loan is not a great gift and if you grandfather has the savvy you say he does, he would have other sources for loans at better terms that don’t involve you. He would not have to go these places that are just there to snap up desperate students and parents who can’t get the money anywhere else . THey are taking advantage of the rules to have both you and your cosigner in their clutches forever with no way of discharging the loan–bankruptcy, death, disability, and they will be able to get the money from tax refunds, government checks, liens in ways that other debts cannot use. It’s no great deal, just easy for the easy prey. </p>
<p>So, please. If you have this wonderful grandfather, explain to him the pitfalls of these loans, and have him go to his personal lenders who have more standard terms, and get the money from there, and then work out a separate contract that protects both of you more than what these lenders have.</p>
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<p>Op,</p>
<p>even if you skip all the advise given you so far, at least follow this one. After all, what does it matter to whom you are going to pay?</p>
<p>Op please run the numbers on the loans you plan on taking out. Direct Stafford loans are at 6.8%. If you take out $52,000 that is $598.42 a month for ten years. If you take out $104,000 that is $1196.84 a month for ten years. Now, government loans will only let you take out so much so to accomplish your dream you will have to take out private loans. Private loans interest rates are much higher, sometimes at 17%. A 17% loan of $52,000 is $903.75 a month. Remember, you will be paying this off for ten years.
Go the loan calculator and play around with it. [Direct</a> Loans—Standard, Extended, and Graduated Repayment Calculator](<a href=“http://www2.ed.gov/offices/OSFAP/DirectLoan/RepayCalc/dlentry1.html]Direct”>http://www2.ed.gov/offices/OSFAP/DirectLoan/RepayCalc/dlentry1.html)</p>
<p>I think magical thinking ends because we tend to view only the negative possibilities which causes us to only let negative things happen.</p>
<p>No, it’s because we realize that magic doesn’t exist. Not the kind of magic that will make $52,000 in loans a reasonable investment in one year of college, anyway.</p>
<p>People aren’t trying to tell you not to do this because they want to take your dreams away. People are telling you this because this is more likely to rob you of your dreams than fulfill them. Even in the event that you do become semi-successful in music, all of your money will go towards paying student loans!</p>
<p>You’re not going to Berklee because that’s where your passion is. You’re going because of a childhood dream, and a misguided idea that that’s the best way to make connections for a year. A hard-working musician with talent and persistence can make connections without going to a ridiculously expensive music school they can’t afford.</p>
<p>Of course in the end you are going to do what you want, and I only hope that you don’t come to regret it. But I do hope that you grow up a little in the future, and realize that worrying about the future (and thinking realistically about the future effects of what we do) is part of being an adult. There is definitely a way to follow a passion and still be responsible and financially stable. Yes, sometimes in life we must take chances, but only chances that are likely to have a payoff that will help us. Jumping off a cliff without a bungee cord, reasoning that even if you splatter on the rocks below it’ll still have been a fun fall, is not a chance.</p>
<p>Not to get too personal Juilet, I believe I’ve grown up too fast due to the life I’ve had in the past. My acceptance into Berklee is probably the happiest thing that has ever happened to me. There is more behind it then simply “my dream.” However, I have chosen not to go. After reading this forum, I’m giving in to the Idea that life isn’t about being happy or fulfilling your dreams, it’s about making logical decisions regardless of how you feel about them. Speaking of which, call me crazy, but I would be happier being dirt poor in the future and have gone to Berklee, then have gone to another school that was second best since it was the more logical decision. Growing up has thousands of different meanings, and magic is what you make of it. But I’m wasting energy arguing a pointless battle. I’m not going to Berklee, I’m going to my local college as an Archeology major. Seconds best, and I will never fully be satisfied. But I want it all or nothing. If I go to school for music, it will be Berklee, and Berklee only.</p>
<p>Tjolmsy, don’t write out Berklee just because you’re not going now. You can always go back later when you have established yourself in the world. You can always keep reinventing yourself. Never think you have to do something because you’re a certain age. There’s even a certain advantage to going back to college when you’re older. In my art/feminism class at Scripps, I was the only one who had kids, so I basically ruled the discussions about what it was like to have children.</p>
<p>Tjolmsy, getting accepted to some of these colleges is like winning a chance to buy an expensive item. Like if there if a certain limited edition car is being offered for this year and only so many people can buy one since only so many are made. Winning that lottery means you have to come up with the money to buy the car. The thing with college admissions, however, is that this lottery occurs every single year so it’s not a once in a life time win. I know you are feeling down right now.</p>
<p>Parent is 100% correct. Don’t write off your dreams. There are many ways to get them. BUt to take on that kind of debt on the terms laid out was really a bad idea. Bear in mind that higher education is a business and part of it is extracting the money from the buyers regardless of the harm it may do to them.</p>
<p>You’re making a good choice, Tj.</p>
<p>The life of a performing artist is full of compromise, and disappointment, and creative problem solving. If you’re having trouble problem solving on the level of looking at other schools, thinking about working for for a year, etc . . . then you’re probably better suited to a more straightforward career.</p>
<p>Good luck with archaeology!</p>
<p>Know also that the big music schools like Berklee, Juliard, Eastman, not to mention the great publics like Bloomington, and the lesser known but still intensely good like St Olaf–churn out thousands in total every year of musicians that are amazing but then have to compete for a very tiny pool of jobs…and every year thousands more are graduated from these schools. And then there are the wunderkinds who don’t bother and still get those jobs. And what happens to the VAST majority of these musicians? They end up in jobs unrelated to music…and it isn’t for lack of talent or effort. If you want to study music it can be done, perhaps at a more affordable school. Musicians in general should not bury themselves in college debt.</p>
<p>Btw, if you are really good there are potentially other colleges that would give you scholarships so maybe a gap year and reapplying is an option.</p>