 Whether you've always known that you were destined for an art or design career, or you just recently decided on a career path in an art field, once you've chosen a direction and a school the hard part is behind you. Financing your art education can be easy, especially if you know where to look. The first step is simple: complete the Free Application for Federal Student Aid (FAFSA)—which is usually a prerequisite for financial aid eligibility. Here is a basic tutorial on how to tap into the many financial aid resources available to art school students.  Art School Loans As you consider taking college loans, keep in mind that it's an investment in your future. Your education is a worthwhile investment that will pay big dividends later in higher income, better career opportunities and job satisfaction. Because the federal government regulates the maximum interest that lenders can charge on federally guaranteed student loans, college loans have lower interest than other kinds of loans. This helps make the loans easier to pay back, which encourages more people to attend school. Another perk is that loan repayment does not begin until six months after graduation (or when enrollment in school is less than half time). There is also assistance for borrowers having difficulty repaying their education loans, including deferment and forbearance. These options give borrowers more interest-free time on their loans. Stafford Loan Although there are different types of loans, the most common federal student loan is the Stafford Loan. Stafford Loans include both the Federal Family Education Loan (FFEL) Program and the William D. Ford Federal Direct Loan (Direct Loan) Program. These programs are dispersed directly to students, and depending on the student's financial situation, they can be subsidized or unsubsidized. Loan amounts are also need-based, and will be distributed accordingly. Private Loan Private loans are another common type of student loan. These loans offer higher limits and no payments until graduation, but interest starts to accrue immediately upon loan distribution. Both art school students and parents are allowed to take private student loans, which are a better alternative than credit card debt. You'll need to complete federal forms, such as the FAFSA, to obtain private loans. Eligibility often depends on you or your parents' credit score. Having a credit score above 650 will increase your chances of being approved for a private loan. Interest rates and fees are based on your credit score, so it is often better to apply with a cosigner to achieve a lower rate. PLUS Loan PLUS Loans, which are distributed through the FFEL and Direct Loan programs, are geared toward parents. You must be a dependent student enrolled at least half time in your art school in order for your parents to qualify for this type of loan. A good credit score is a requirement for a PLUS Loan, and there is a yearly limit. This limit is equal to your art school costs minus other financial assistance you receive. In addition to the loan limit, the first payment is due 60 days after the loan is distributed. There will also be a small fee that your parents are required to pay (which is usually less than four percent of the loan). Graduate and professional degree students are now eligible to borrow under the PLUS Loan program, under the same terms and conditions. This program is referred to as the Grad PLUS Loan program. For more information about loans, visit these financial aid resources: Art School Grants The biggest advantage that comes with getting grants is that you don't have to pay back the money you receive. Grants are a great way to finance your education because they're "free" money. There are over a thousand federal grant programs in the U.S.—worth over $400 billion. Securing a student grant can help you save hundreds or even thousands of dollars. Although it takes time and energy to apply for a grant, the payoff is well worth the application effort. Often, schools automatically consider you for grants when you complete a FAFSA and apply to art school. For more information, visit these financial aid resources: Art School Scholarships Because scholarships do not need to be paid back, they are an excellent way to help finance your education. However, when applying for art school scholarships, expect to face tough competition. Scholarships generally recognize artistic accomplishments, academic achievement or athletic ability. Some scholarships may come with requirements for qualification, such as applying to a specific course of study or active involvement in an organization or group. Some scholarships apply to general education (such as athletic scholarships), but usually a certain grade point average needs to be maintained to keep these types of scholarships. For art school students, professional associations for your specialty may give scholarships to qualified individuals, so this is a great place to start your search for scholarships. For instance, the American Society of Interior Designers sponsors scholarships for students pursuing interior design. Beyond professional associations, some of the best scholarship resources can be religious organizations, private and public schools, small businesses, large corporations, community groups, generous individuals or philanthropic foundations. For more information, visit this art scholarship resource: Art School Work-Study Programs Work-study programs offer students an opportunity to finance their education by working in on-campus jobs, community-related jobs or teacher assistant jobs. Typically, work-study awards depend on factors such as level of financial need and school funding availability. You can work on-campus with professors or off-campus with a nonprofit agency or public bureau. Often, students choose work-study programs that are related to their field of study. This helps them finance their education and also gives them experience to put on a résumé. Work-study pays at least the federal minimum wage, and often more, depending on the skills and level of experience needed. You can indicate whether you want to be considered for work-study assistance when completing your FAFSA form. For more information, visit these work-study resources: |
