How are you going to pay off your loans?

[UrsusArctos]

It's not fun to think about when you are perusing Art school websites, or just starting out- but sooner or later you are going to need to pay off those loans.

It's uncomfortable, but really- how are you going to pay them back? What is the average (not super, top of the line dream job position) salary of a Concept Artist or Illustrator? We all know that top illustrators can make huge figures- but what does the average, hard working joe make? Will that be enough to pay the bills?

This is something that I struggle with constantly. Half the time I feel like I should go for the MFA or second BFA to get the skills to REALLY be marketable and able to compete, but then I realize that the 800 per month loan payment for the next 10-15 years would probably make my life miserable, even if I were making good money.

So just wondering- how do you plan on paying back your debt? Are you working on anything now to ease the pain once your 6 month grace period ends? Are there ANY students on this board who took out the mega loans and are now thriving, despite their monthly payments? People always point to scholarships or grants- but what if those options arn't available- What do you do?

[Justin.]

I plan on working my ass off so that I'm not an 'average joe'. being an average joe coming OUT of art school is not a good place to be. Salaries vary a tremendous amount depending on both skill and experience. It could be anywhere from a no-pay or minimum wage intern position, to a fairly comfortable position. Let it be a motivator for you in school, not a depressor. I'm taking out about 15k in loans for the first semester alone, so it's a pretty hot fire under your chair. also, being smart with money helps... I know some people who complain about having no cash, but they buy an iPhone and a ps3 and new rims for their car and go on pricey vacations.

[thrilafrommanila]

one thing i'm doing now while still in college is applying for a lot of scholarships and looking for a lot of art contests and comissions.

i suggest looking into scholarships that don't send money directly to the school, i.e. they give you a check.

and of course working like crazy. i need to start saving my work money though. :/ i hate making less that minimum wage, because i pretty much live on about $70 a week, and most of the time the $30 left over goes to supplies and what not.

*sigh* i need to get a better job.

[Shantih]

Someone in The Guardian fianancial section mentioned faking your own death the other day. I'm giving a fair bit of thought to this plan of action.

[Storyboard Dave]

Someone in The Guardian fianancial section mentioned faking your own death the other day. I'm giving a fair bit of thought to this plan of action.

Uh huh... and you plan on applying for a job as whom and with what sort of credentials?? And what about your family and friends that you're going to put through hell??? Lies have a way of catching up to you big time.

Listen to what Justin said above. Work your butt off and do it in an honorable way. A few ways to look at this debt is to realize that it's an investment. You've heaved a big chunk of money towards YOUR future- it's a payment for you obtaining skills that will eventually pay off in the long run. While you might not get back something physically tangible like a car or a house, it is YOURS to build upon.

Look at other people who are in debt and understand why they're in debt. Your parents probably have a mortgage. Friends probably have car notes they're paying on. Being in debt is actually okay if you can find a way to manage it because ultimately in the end you'll end up owning it. My investment person actually told me not to look at the big lump sum of what you owe but at what the monthly payments are. Manage it in smaller quantities. No one's asking you to pay it all back in big lump sum, are they?

I'm in no way glossing it over in saying it's going to be a cakewalk, but be smart about things (sorry, no new iPhone, PS3, swanky rims, big dinners, and other forms of bling) and work your butts off. Your parents did it, those of us in the field did it and plenty of other folks are doing it as well.

It can be done.

[Shantih]

Uh huh... and you plan on applying for a job as whom and with what sort of credentials?? And what about your family and friends that you're going to put through hell??? Lies have a way of catching up to you big time.


I can't believe someone really thought I was going to get my John Darwin on.

[EddTQ]

I can't believe someone really thought I was going to get my John Darwin on.


Sorry.. i'm going to be giggling about that for weeks..!

In the UK we get a pretty fair deal, firstly we have to be earning over £15,000 ($30,000) per year to even start paying any money back? Then even when we do start hitting the higher wages the rate goes up depending on how much we earn?

The only thing i worry about is from what i can see you have to pay the loan via yearly direct debit if you move abroad and the rates dont change - they are fixed depending on the cost of living in the country you move too!
i don't really want to stay in the UK..

[Storyboard Dave]

I can't believe someone really thought I was going to get my John Darwin on.

People have done stupider things to avoid paying back debt.

http://findarticles.com/p/articles/mi_qn4191/is_20060413/ai_n16171117

http://www.nzherald.co.nz/section/2/story.cfm?c_id=2&objectid=10523308

Who are we to know you weren't of that same moral fiber?

[WhizBang]

I can't believe someone really thought I was going to get my John Darwin on.

Don't laugh. I've known people who were 3/4 of the way of pulling this off!

The crazy bastard eventually got cold feet and backed out. He was going to fake a drowning but then felt remorse. Besides his girlfriend at the time would've kicked his a$$ if she found out he tried it. :wtf:

Dude, in this day and age when debt gets up there without a clean cut way out, people are liable to do all sorts of stupid sh!t. You think people dig having their houses foreclosed and declaring bankruptcy?

[Justin.]

Dave, that first guy only had that much debt?

Good thing he didn't go to art school. Deadbeat.

Honestly guys, he wasn't missing the sarcasm, he was reading past it. Perhaps the fact that he TEACHES at an art school where he meets thousands of people plunging head first into debt would indicate he has at LEAST a lick of experience about students trying to hide from debt. This isn't the section to throw off sarcastic one liners.

[Kismet]

Wow, sarcasm is just a foreign language nowadays, isn't it?

[Storyboard Dave]

Dave, that first guy only had that much debt?

Good thing he didn't go to art school. Deadbeat.

My point exactly.

[Demonique768]

I would gladly exchange his 7000 for my 40000. Grr. Work hard people every summer I manage to make 4 grand to support me the rest of the year. Its not much but it helps.

[BubbaGump]

Uh huh... and you plan on applying for a job as whom and with what sort of credentials?? And what about your family and friends that you're going to put through hell??? Lies have a way of catching up to you big time.

Listen to what Justin said above. Work your butt off and do it in an honorable way. A few ways to look at this debt is to realize that it's an investment. You've heaved a big chunk of money towards YOUR future- it's a payment for you obtaining skills that will eventually pay off in the long run. While you might not get back something physically tangible like a car or a house, it is YOURS to build upon.

Look at other people who are in debt and understand why they're in debt. Your parents probably have a mortgage. Friends probably have car notes they're paying on. Being in debt is actually okay if you can find a way to manage it because ultimately in the end you'll end up owning it. My investment person actually told me not to look at the big lump sum of what you owe but at what the monthly payments are. Manage it in smaller quantities. No one's asking you to pay it all back in big lump sum, are they?

I'm in no way glossing it over in saying it's going to be a cakewalk, but be smart about things (sorry, no new iPhone, PS3, swanky rims, big dinners, and other forms of bling) and work your butts off. Your parents did it, those of us in the field did it and plenty of other folks are doing it as well.

It can be done.

This post oozes with so much truth. Work hard and be smart about your money.

[MCM]

I highly advise finding a stable sugar momma or sugar daddy to pay of your loans. Just clean their house naked once in a while.

[Stone_Walker]

Here's a great blog post on student debt: Student Debt Legacy (http://www.gailvazoxlade.com/blog/archives/192)

There are other short helpful articles linked in the blog post too

[Psychotime]

Work. Good thing I'm a cheap turd who hates spending money.

[Sleep_Eden_sleep]

I plan on working my ass off so that I'm not an 'average joe'. being an average joe coming OUT of art school is not a good place to be. Salaries vary a tremendous amount depending on both skill and experience. It could be anywhere from a no-pay or minimum wage intern position, to a fairly comfortable position. Let it be a motivator for you in school, not a depressor. I'm taking out about 15k in loans for the first semester alone, so it's a pretty hot fire under your chair. also, being smart with money helps... I know some people who complain about having no cash, but they buy an iPhone and a ps3 and new rims for their car and go on pricey vacations.

I admire this response. And that's pretty much the same route I'm in. I'm not sure if it's good or bad but for some reason I'm not scared of taking out loans. Almost apathetic even. On one hand I view it as a good thing because it won't get me down while I'm in art school, on the other hand I'm afraid that since there's no fear (pardon the irony), there's no motivation. Eh. I'm dead broke with no job experience and no other financial resources, and if by some unfortunate chance that I don't get financial aid, I'll be taking out 15k per semester (assuming that covers all the supplies, housing and of course, tuition.) Not sure how I'm gonna pay it off. I'm just hoping I would develop some sort of method of paying it back while I'm in art school or before/as soon as I get out of art school. When I develop connections or something, live off selling my art. Hopefully it works out. Kind of scary, "hopefully". Life's great isn't it? LOL.

[Mescher]

with more loans.

[Brashen]

There are plenty of ways to make extra cash....some less dignified than others but it has to be done. The internet is chock full of tips and aid on ho to get money fast. Do the rsearch and it will eventually pay off!!

[Fireflights]

I'm going to work my ass off (as somebody mentioned earlier) for the same reason. The better I am, the more likely I am to get a job...and the more likely it is to earn a larger salary that can be used to pay off my loans!

That or win the lottery, of course. Mmmmm...absolving debt.