How Do I Cover My College Expenses?

[questions]

I'm 33 years old and I'm applying to graduate programs in film
production for 2009. These programs tend to be very expensive, for
instance, a two- or three-year program in cinematography or directing
can run from $100,000 to $130,000 for everything (tuition, fees, and
room and board) during those two or three years.

The less expensive programs ($30,000 to $75,000) will teach you how to
use the equipment but not how to tell a story through the visual medium.
They can be compared to a writing program that teaches someone how to
type and then considers them a writer.

Since getting work after graduation depends largely on the networks
developed with your classmates and professors, it's critical to go to
the best school/program possible. BTW, the median salary in the film
industry is $70,000 per year and a master's in film makes one eligible
to teach film as a university professor (as a back-up if one's career is
slow).

Federal financial aid only covers $20,000 per year...what else can I do
to cover the cost of tuition and expenses other than get private
educational loans? I know that they have much higher interest rates than
federal loans and they tend to be variable (based on LIBOR) too. I
already have $40,000 in federal loan debt from my undergrad education. I
don't have any other significant debt (i.e., credit cards, etc.) I don't
have any savings and don't have parents to help me (I've been an orphan
since I was 13). I do have some extended family scattered around the
country for moral support.

Thanks for any advice!

[jIM_Ohio]

Can you work while going to school? I think the tuition is tax deductable. Meaning it might take you a year to see the benefits, but once you get through the first year, your tax refund might help finance the next year's school.

[anonymous_saver]

Just because a median salary is $70,000 doesn't mean you would get that starting in the field. Could you handle it if someone offered you $40,000 to start? Just food for thought.

Many employers will pay for all or part of tuition if you are taking classes in the field. Have you done any research to see if any such opportunities exist in your area? If you live in a Metro area, this is probably very likely.

Also, couldn't you save money by not doing room and board at the school and instead commute with public transit, walking, biking or a car?

Also, I'm assuming you would be starting in the Fall of 2009? That is 1.5 years from now. Could you work like crazy now (FT job, plus an extra side job) to save as much as possible until then so you can pay some of this with cash?

Lets say it would cost you $100k for 3 years of school. This means that you could take out $60k in student loans for that same time. Then you would still need $40k. If you saved like crazy until then and then worked during this time while you were in school I think you could actually do this. That would be $13,333/year out of pocket, which sounds possible. I still think not using the room/board option would save you tons as well.

What do you currently do for work? How much do you think you could save before school would start?

As a last note, I would definitely recommend getting a roommate or two to keep costs extremely low while you are trying to work towards this goal.

[MonkeyMama]

PErsonally, I would never pay six figures for most degrees, much less for a film degree.

My husband is probably going to go back for a film degree in a few years. I can tell you he is going to state and so cost is not an issue.

As far as networking, it is ridiculous to think that you have to go to the best schools to get anywhere. I come from a long line of successful family members who went to state. Yes, networking was always very crucial. So the assumption is no one successful goes to state???????? We have wonderful networks from going to state.

Anyway, if my husband told me he needed a six figure degree to make it, I would tell him to forget about it!!!!!!!! Particularly because I find it hard to believe he could make $70k out of school. ????

If you really could make $70k quickly out of school, I would take on some loans and pay it back in a few years. At least that would make a little more sense. Or find an employer willing to foot some of the bill. But I am really skeptical. It doesn't seem like big money goes hand in hand with a film degree.

[jIM_Ohio]

Go to a lower price school and work as an assistant in a film studio or newroom for minimum wage. Keep your risks low (low cost of school) and then let the experience create your network, not acadamia.

[tbc32]

A lot of graduate programs offer assistantships and fellowships that cover the majority of tuition costs. I don't know what it's like in the film world but definitely something to check out. I would go to one of the better schools that offer financial assistance.

[Seeker]

Originally Posted by questions

I'm 33 years old and I'm applying to graduate programs in film
production for 2009. These programs tend to be very expensive, for
instance, a two- or three-year program in cinematography or directing
can run from $100,000 to $130,000 for everything (tuition, fees, and
room and board) during those two or three years.

The less expensive programs ($30,000 to $75,000) will teach you how to
use the equipment but not how to tell a story through the visual medium.
They can be compared to a writing program that teaches someone how to
type and then considers them a writer.

Wow.... interesting stuff. My typing class taught me to type; writing never taught me a single thing about typing. Sounds like it came straight from a brochure; a comparison of apples to oranges.

As an undergrad, do you feel that you cannot already tell a story through film? I'm pretty sure that you've already learnt a good deal more than how to handle the equipment. Thus, you probably already know a good portion of what you need to know to get a grad degree.

Since getting work after graduation depends largely on the networks
developed with your classmates and professors, it's critical to go to
the best school/program possible. BTW, the median salary in the film
industry is $70,000 per year and a master's in film makes one eligible
to teach film as a university professor (as a back-up if one's career is
slow).

A master's degree in anything makes you eligible to call yourself a professor of whatever your degree is in.... I wonder how many other film professors are teaching as a side?

Do you really need a six-figure education for film? I can understand the expense for CPA professionals and the needing of accredited education.... but film? 70k is a median salary? What's the probable salary to start? Have you been able to get into the film industry as an undergrad?

You shouldn't have a problem applying to State Universities as well. You can form contacts at any school... "quality" of contacts does not depend on paying more. Contacts/"networking" depends on actions with others in the same field; not what you can afford or not. You don't "buy" contacts.

What is your current financial picture? Are you working in any field?

Federal financial aid only covers $20,000 per year...what else can I do
to cover the cost of tuition and expenses other than get private
educational loans? I know that they have much higher interest rates than
federal loans and they tend to be variable (based on LIBOR) too. I
already have $40,000 in federal loan debt from my undergrad education. I
don't have any other significant debt (i.e., credit cards, etc.) I don't
have any savings and don't have parents to help me (I've been an orphan
since I was 13). I do have some extended family scattered around the
country for moral support.

Thanks for any advice!

You are already 40k in debt at 33 years of age.... how long will it take for you to pay that off at your current earnings?

Do you really need to room & board within the education facility or are there other less costly options? You realize that some (if not all) of the other students that you may end up rooming with (on campus) are going to be considerably younger than you? Wouldn't that hinder your education somewhat?

2 or 3 more years will put you at 100k + 40k at minimum. Beginning from 2009 you'd be 36-37 years old with a grad degree in film? And then maybe you could earn 70k; but probably you'd earn less to begin with. How can you begin to pay the what $1000 per month (I'm guessing) back on your education debt? This with the addition of rent, food, utilities, etc.?

Without an understanding of your financial situation (income versus expenses), I cannot begin to imagine taking on such a huge amount of debt for a piece of paper. 2009 is awhile away. Work and put away all the dollars you can.

I don't know your current expenses, but in your shoes, I'd probably not be looking at furthering my education until I have a good solid savings behind me (if then).

[anonymous_saver]

I just wanted to note that I think Seeker gave some good advice for you to think about.

[lucasrd]

I thought it was a rule of thumb to only take out 1/3 of your projected salary in student loans... My wife and I make 180K/yr combined and have 26K in student loans... I don't think I could ever get myself to pay 130K in student loans for a 70K job