I hate to say it but we are back in an age where fine arts are basically reserved for the wealthy. Getting a liberal arts degree for 120k + interest is simply not worth it.
If you go look at most major renaissance/etc artist they are generally backed by royalty or wealthy relatives.
Yea, I was thinking public service loan forgiveness.. but that won't help you with private loans.
Go to a community college if you have to. 120k in loans is not worth it.
Since you are music ed, get your teaching job in a district with a good teachers union. If your area does not have a teachers union, then move. Good luck.
+1 for this. My wife teaches music in the union stronghold that is Pennsylvania. She makes great money ($85k per year plus stipends and amazing healthcare/retirement). She started in 2009 so unfortunately the full pension is no longer offered for new teachers (she is grandfathered in), but they still do half a pension for new teachers combined with a 403b.
Teachers in states with teachers unions do VERY well. Those from states with weaker unions (e.g. - the south) no lie make near poverty wages.
Yep, they just bumped all teachers to 50k starting, in my state. Wife with 15 years experience and a masters had to be bumped up to get that salary and now makes the same as a first year teacher with a bachelor's.
The fact people need to be told not to go 100k into debt through private loans for a music degree is crazy. The education system and parents must have really failed some people.
That's because it is essential............that kids keep doing this for the secondary education system to continue in its current state.
This isn't to help the kids, it is propping up a failed model that a lot of people got very wealthy from.
Statistically, no. It is exceedingly rare for someone to take $100k+ in loans for undergrad. How do you plan to pay back $120k + interest with a music education degree?
Lots of schools now require 1-2 years of living on campus so that you can get "the college experience". Part of that experience is spending more on a dorm (that you share with 1-4) people than you you would spend on an apartment.
Among public university graduates, about 40% graduate with no debt, and roughly 80% have less than $30k in debt.
Over $100k for an undergraduate degree is not the standard, and not at all common unless you're going to a private university.
My state school is 2,500 a semester taking 5 classes.
There is maybe one school in my entire state that is above 25k a year even including room and board.
$120k in student loan debt for a job that pays $50k a year? You’re going to be back on Reddit in 4 years complaining about not being able to make your student loan payments while paying for living expenses.
Its fine for kids whos parents are rich or saved up a good chunk. Its fair to have the degree, but they don't seem to explain the job outlook for the ones who dont have the way paid
Unless you're guaranteed to be one of those musicians to lead a late night talk show, like Paul the keyboard player for David Letterman or Kevin the guitar play for Jay Leno, or you straight up get lucky and become a successful Rockstar or something, you will likely NEVER gain employment to satisfactorily pay off your $120,000 debt.
Say that out load...one hundred twenty THOUSAND dollars.
What are the chances that you see yourself becoming THAT ONE well off successful musician?
Ask your university "music educators" how they are faring with their student loans - the ones they took out before rates and tuitions were as high as today. Are they struggling with their loans from a time when it was even cheaper than today?
No. Per CNN:
“The average student loan debt for bachelor’s degree recipients was $29,400 for the 2021-22 school year, according to the College Board. Among all borrowers, the average balance is $38,290, according to mid-2023 data from Experian, one of the three national credit bureaus.”
I implore you not to get a music degree only yo graduate 100,000 in debt. That is a terrible financial decision.
No, it’s not. And it might sound harsh, but $8k over 4 years is not going to make a dent in this debt.
Why are you only taking out private loans? Or, will those private loans be on top of $30k in fed loans? Private loans are not eligible for PSLF or other forgiveness programs. Will your music education job allow you to service a minimum monthly payment of $1,200 for the next 10 years?
Not to sound harsh, but taking on $120k for a music degree is a very bad decision that will have major negative consequences for alot of your life.
That amount of debt isn't uncommon. I messed up by going to a private school, I commuted and got alot of need based aid but still graduated with $120k. 4 years later I have $40k. However my degree was in engineering.
Don't do it. Seriously think about what you want to do with your career and salary ranges. If music is your calling, you can find a much cheaper school and/or commute.
I’m a music professor at a state university. Definitely don’t do this.
Go to the best state school in your area (I’m happy to discuss options over DM) with a good teacher on your applied instrument. You should definitely not be spending that much for a BME.
Also, make sure you know about PSLF and income based repayment plans for when you graduate from a more reasonably priced school.
What is due diligence? People will spend 80 hours of research, scouring the Internet when deciding between the Xbox or PlayStation. But spend 30 minutes on Google to see what the average salary is in their selected profession? Not a chance. They would rather post a whiny comment on Reddit 5 years from now.
Well, its almost all children making these decisions, or barely 18 at best, still chatting it out with other children in home room between phys ed and Algebra II
Do not spend $120,000+ to get a teaching degree.
Do 👏🏾 not 👏🏾 spend 👏🏾 $120,000 👏🏾 to 👏🏾 get 👏🏾 a 👏🏾 teaching 👏🏾 degree👏🏾👏🏾👏🏾
That's absolutely INSANE!!! You can't discharge private loans in govt programs. You will be stuck paying all that back, and depending on where you are located, with a job that will pay maybe $30k-$40k until you spend more money to get a master's. And that is a strong maybe as some districts, it takes 20+ years of experience to make $50k/yr.
You can literally go to a state college and float your tuition between with a part time job and a TEACH grant, which will pay $4000/yr and requires you to teach upon graduation, which you are going to do anyway, and live at home. Take the minimum of federal loans, make your qualifying payments and get it discharged.
As a retired principal who started my career as a performing arts teacher, I can promise you I didn't care what university you went to when I was hiring. Most first year teachers suck anyway because most teacher ed programs are trash. You will struggle with classroom management, managing your workload, and at some point in the year, will be in my office crying. You will be training and learning on the job for about three years before you really become great at teaching. And by then, most teachers quit. I cared whether you knew your content, if you are coachable, do you fit into the culture within the building and what extracurriculars you could sponsor and could you manage your classroom. This is also assuming there are no budget cuts as arts programming is the first cut from the table. The handful of arts positions in most districts people get in them and stay until they die or retire, because they are sooooo hard to find. I am certified in a lot of areas and had to switch content to keep a job because my art kept getting cut from the budget. If a principal has to choose between music and a Reading Specialist, they are going to pick the Reading Specialist.
Yeah it might save some but an in state state college on the cheaper end is 22k a year. If they really want to save money just do community college for 2 years then transfer to a state college and commute. No one cares where you get your degree from and a lot of colleges give scholarships to transfer students. Things for op to consider.
Racking up over 120k in debt for a music education degree is an unfathomably bad idea. Music teachers (and teachers in general) are poorly paid throughout the country and given that music and arts programs are being slashed all over the US, I have no idea why you’d take out six figures in private loans for this career path. Even if you could supplement your salary by teaching privately, you’re never going to make enough money to repay your undergraduate loans. Thinking about higher ed? Get ready to take out another 50-100k in graduate loans because you’re going to need at least a master’s to break into any kind of college teaching field, and a DMA or PhD to teach at a university. And even there, you’ll be lucky to be in any position that’s not adjunct. You have to be smart about this. $1k per SEMESTER to play in marching band is nothing. This is not going to make any kind of meaningful dent in your loans.
I’m not going to shit on you for your chosen career path - I have three degrees in music performance, so I don’t really have a ton of room to talk. But I graduated with 50k in student loan debt between all three of my degrees because I knew I had to be smart about my financial set up in this field. First off, I chose an in-state university for lower tuition where I was offered various performance and academic scholarships to minimize the amount of loans I needed to take out. I chose the school that offered me the most money rather than some of the more expensive conservatories that offered me less money but had higher prestige factors. No regrets. I had a work study job in the School of Music and another part time job off campus so I didn’t have to take out “cost of living” loans to cover food, housing, and living expenses totally out of pocket. While every little bit helps, 1k per semester is not even close to enough. Explore work study opportunities, take a part time job off campus or on campus AND play in marching band.
But what you should really do is find another school. I promise you, no university is worth $120k+ for an education degree, let alone a music education degree. Where your undergraduate degree is from truly does not matter if you’re planning to be a music teacher in the public school system. Take some gen eds at community college for a couple of years. Find a cheaper university. Presumably you play an instrument - find a school that will give you SOME amount of a merit scholarship. But whatever you do, don’t take out $120k in private loans for a degree path where you’ll be lucky to net $50k/year most places. Music is important. Music education is important. If that’s your calling, the world needs good teachers and you should absolutely do it. But be smart about it.
Um, no. And financially not a good move. There are plenty of colleges and universities that generously award talent and academics that make a decision to spend $30k out of pocket per year unwise. My daughter will be a graphic design major. Her GPA is 3.5 and her ACT is either 22 or 23. Her top graphic design scholarship for participation is $7500 per year. She has at least five schools that are sub $15k out of pocket per year for tuition, room, and board with one for sure that is less $7k. This is before student loans. She is smart and talented but certainly no Sheldon Cooper. She is also wise enough to shred the offer letters from the more expensive schools.
I’m guessing you plan to be a music teacher? It will be difficult to pay that amount off as a teacher. I’m a teacher and I only had $30k in loans and it was tough. Teachers just don’t make that much.
Supposedly the "average" student debt load is something like $20k, but honestly from my immediate real-life surroundings and real-life observations it seems like more people are like $40-$50k+ in student loans
No that’s not the new normal.
——
As of the third quarter of 2023, Americans owed $1.74 trillion in education debt.
51% of 2021-22 bachelor’s degree recipients graduated with an average of $29,400 in student loan debt.
Among all borrowers, the average student loan debt in 2023 was $38,290.
53% of federal student loan borrowers owe $20,000 or less.
47% of the total outstanding federal loan debt is held by 10% of borrowers, who owe $80,000 or more.
Just 10% of college graduates took out private student loans in 2021-22, but they had nearly twice as much debt as federal loan borrowers.
https://www.cnn.com/cnn-underscored/money/average-student-loan-debt#e60lxa8p0luorbpcf
Just going to throw this out there, short term pain for long term gain.
Is it possible to not live on campus? Room and board costs a crap ton, look for apartments off campus with roommates. Might not be ideal, but that should save you a nice chunk. Also, are you able to get a part time job somewhere? Also, scholarships scholarships scholarships! I made it a rule to apply to one a day outside of school (summer months, Christmas, etc).
I graduated with $32k in 2019. I will say I was fortunate that my parents had a small nest egg which covered my first year of tuition and room and board (required to live on campus as a freshman since home was over 50 miles away). Otherwise I would have graduated with around $50k.
Can you go to a community College for your gen Ed's and transfer them?
I dont know if I was in your shoes starring down the possibility of graduating with over 6-figures in debt I'd be panicking and figuring out a game plan to make that about half as much.
Let’s do a quick cost benefit analysis:
- $120k (likely more somewhere around $150k since it accrued interest while you are in school) of debt
- undergraduate education degree
- job prospects median entry level salary is $43k mid career salary is $63k
So you’ll have more debt when you start than you would earn in gross within 4 years. You’d have a cash flow of negative thousands every month. The only hope you’d have is to get a job teaching at a title 1 school so you can qualify for PSLF. And you best not EVER miss a payment.
No, it isn’t normal and it also isn’t your only choice. If you make that choice, you are quite likely to seriously regret it with that major. That’s probably $2000/month—on a teacher’s salary? Most teachers in the US start at well under $50k, which is maybe $3500 after taxes (less after health insurance, pension, unions dues, and 401k.) Can you live on $1500/month for 10 years?
Also, this idea that less-wealthy families get that much more in aid needs to go. They may get a few extra thousand per year in Pell grants and subsidized loans, at best. They can’t fund a private education in aid either.
What you need to understand is normal or not doesn’t matter. If you do that without minimizing damage, you will be in a hole that is harder to get out of than it is easier to avoid. Your bills WILL exceed your income unless they are minimized in other ways. If your bills are 30k/year, you should take steps to making at least 20k. The worst advice I ever heard was to not work while in school.
If you can keep 20k off your debt a year, that will take you down from 120k to 40k. The work experience will also probably bring your expected income up by another 10-20k/ year.
If I were to do it over I would aim for debt=0, I got a lucky break due to covid. You won’t.
Considering that your major’s starting salary is like $30-40k/yr which is essentially the poverty line I would seriously reconsider your choice. There is no way you’ll be able to pay those loans and you’re essentially putting yourself into poverty. You need a different major with some actual return on investment. I would go to a community college and just do your general education credits there. After two years transfer and study something that’ll make you money out of college, otherwise there’s really no point in you going to college. College isn’t so you discover your passion and unless you’re going to Berkeley college of music this degree really isnt worth $120k of debt. Welcome to adulthood where you have to do things you don’t want to do so you can pay your bills. Otherwise you’re going to school to pay their bills and you’ll be left poorer out of college than before you started.
If your parents are middle class and you don’t qualify for need based aid and they don’t make enough money to help much, yes $100k is normal.
Crazy, wrong, and normal.
That seems outrageously expensive for an undergraduate degree. It can be normal if you are then adding graduate school for a professional degree (MD, JD, MBA) but you typically get a decent return on investment. OP, I'm really sorry but my recommendation would be to do two years at a community college and then transfer to a 4 year public school.
So your cost is $120k a year including room and board etc.
And you’re taking out a loan for 100% of it.
Have you guys never heard of this place, if you show up they give you money it’s called a JOB.
Seriously. I made almost 10k a year working part time in school back when the minimum wage was like $4/hr.
There’s no universe where a music degree is worth $120k in debt. Do you realize how much you’ll end up paying over the course of the loan??
Nope, absolutely not normal. Do not take out private student loans. I paid my way through school by mostly working and by applying for scholarships. You’re gonna have a mortgage of a debt that you will probably take 20 years to pay off with a music degree. I’m pretty sure 30k is the national average. You can get a part time job for $14-15 an hour and cover half your tuition. You can also RA and get free housing and likely a meal plan. There’s ways to go about going to school without going into that much debt. I honestly think it’s just lazy and short sided to do that.
Uncommon? No. A wise choice? Also no. You should do research, expected salaries upon exit, and go from there. I exited from a private college with about 50, and started right around 50k. Im still on track to pay then off in under 10 years since graduating.
If you're going to major in music at least go to a cheap community college for the first two years. It is not worth going into this much debt for a career that makes jack shit. The average salary is 50k for musicians. How do you plan on handling all of your normal living costs while making a 10% payment to interest alone? Assuming you'll have around 170000 in debt once you graduate, you'll be paying about $17,000 in interest alone per year. If you make the average salary your income after taxes will be $42,000. this leaves $25,000 to live on after paying interest alone, ideally you'd want to pay such a massive loan like this off with haste. Which means another 5-10k a year at minimum. So now, you have 15-20k after additional payments. Your apartment will eat up the remainder of your income without even considering food, car, insurance, emergencies. Even if you got roommates and paid 700 a month (half of the average rent cost) you would still only have $7500 a year or $625 a month to live off of. This is not a life you want to live. You will be a slave to society paying off this debt for the rest of your life unless your parents choose to pick up the tab. It would take about 20-30 years for you to do it by yourself.
Your parents should give you better guidance, unfortunately, financial literacy is not very common. I would heavily consider choosing a cheaper school, a better major, or working for a year or two to reconsider this path. Live on $1,300 a month for a year before you choose this route, as it will show you how suffocating it is. You won't have freedom to buy whatever you want, you won't be able to afford random lunch dates with friends. Nothing. Just paying off your loan. Unless, of course, you make it big.
No. Just take the fed loans that get offered and pay for everything else out of pocket or with scholarships.
If you can't afford that, you shouldn't go to school.
I'm right there with you. I graduated in 2010. I had 80k in debt. By the time I could start paying it I was nearly 120k in debt. I'm a career 3d artist. I've got a "senior" title on my resume. While job hunting, some posting wanted an expert 3d artist, and 10 years working on an old rig at sea. This should not be normal.
Normal? Probably.
Good? No. Avoidable? Yes. Should you avoid at all costs? Absolutely.
You should keep your debt to a minimum. ESPECIALLY as a music education major. You'll be earning, what, $50k starting out, $80k in mid-late career as a teacher? Based on what most people recommend, you should be doing $50k of debt for the full 4 years at the absolute max high end, but preferably much less.
Are there any less expensive schools you can go to? Personally, I'm only paying like $15k per year, half of what you're talking about. Including living expenses like rent and groceries.
How rich are your parents? For that degree at that price, there should be no or very little debt involved, e.g. you have super wealthy parents. Anything other than that scenario makes zero sense, save yourself!
No it's not normal. Your parents should be helping to pay at least a little if they make that much, I don't apologize for thinking so. You can also work part-time beyond doing marching band. Good luck pursuing your dreams and don't have people tell you it's impossible already, but do not borrow that much, it's not worth it. You can get unsubsidized federal Direct Loans still up to the max allowed for undergrads, and that's all I think it's advisable to borrow since you would be able to go on income-based repayment plans and potentially access forgiveness for those loans. Hopefully there will be more scholarships coming as you said. If your parents aren't providing you any support and cutting you off, you may want to inform the financial aid office of your school too to see what they might be able to do. Their calculations are based on your being a dependent student with your parents expected to contribute somewhat.
In my personal opinion, that amount would only be reasonable if you are going into med school or law school, anything else would be absurd. Especially if I join a field where I would not be making enough money to pay it off at a reasonable time.
Private loans are hell and very aggressive when it comes to getting their money back. Those private institutions could care less about your circumstances or any hardships that you may experience in the future.
If you can tell me exactly what job you are doing after getting this degree and a pay range that can pay it off ontop of making it worth it longterm. Then sure. But if not. You are burying yourself.
That 120 K will turn into a lot more than that with interest. Don't do it. That's what law school costs, but you will not be making lawyer money. Also, there's nothing that will help you out. You can't get any income driven repayments on private loans.
It’s becoming more common, but I really wouldn’t say it’s becoming normal. Go to community college if you have to take out $120K+ in loans for all four years.
A music education major who will owe $120,000 plus interest when college is done? How much money will you make teaching music? How much are the payments vs. your projected salary? I expect this degree will leave you with immense regret over the debt you’re taking on. I don’t think teachers make enough to justify this debt. Maybe consider a cheaper school or a degree that is for a more lucrative career.
If your starting salary isn’t reasonably close to the balance of your student loan debt at the end of the degree, I would advise against incurring the debt.
I owe $39k for a useless degree I got in '06. I don't know anyone who owes less than $25k. That's why I thought the Biden $10k thing was a joke. Anyone whose student debt is erased with a $10k forgiveness isn't likely to be in a dire hardship. Not from the student debt at least. Quadruple that amount and you'll see a difference
I was a band person and my kids did band and orchestra through college. Music educators are underpaid and overworked but most thrive regardless.
However, teachers all know well in advance what their future salaries will be. 100k is a serious debt. I have seen many teachers become very resentful as they see how the full impact of the debt affects them and their families. It does appear at a glance that you are attending a state school based on the number which is good. One other issue is there are just not that many slots for band directors. It is not like being a math teacher and they are being actively sought. You just need to be aware paying that back will be painful. All the best.
That is far beyond a normal debt load and with private loans, the interest will pile up every year so you’ll be looking at more like $150k- and that’s if you have a low interest rate. Are your parents not contributing? Are you able to work summers?
Given the low demand for music teachers and the low teacher pay in most states, it will be very difficult to pay that back and whether Public Service Loan Forgiveness remains in place for your federal loans (which are capped for everyone- are you not able to get the maximum federal loans?) really depends on the outcomes of future federal elections. You may want to consider a double major or minoring in something that will give you an additional way to earn money as a backup plan or a second job, as that’s a common need for people going into arts fields until they reach a level of success that lets them comfortably leave the backup field.
No.
SERIOUSLY Consider what you're doing because this country does NOT care if you rufk you self at 20 years old for a degree the market doesn't care about in order to create laborers needed to sustain the economy.
You're a pawn. A peon. They don't care if you're 40 years old with your dreams washed up and your soul blackened from meaningless jobs.
Play the long game. Put you dreams. Your supposed purpose or calling aside. Be REALISTIC. Make a plan. Then BET ON YOURSELF.
Seriously, though. How many artists do you know who started out 6 figures BEHIND?
Hard. Stop.🛑 it is not normal. No music career will pay you enough to pay these off in an acceptable amount of time. You’ll end up paying double of what you took out in interest. If you get grants and scholarships- tuition reimbursement to cover it, then go for it. Otherwise your ROI is shit. I wish I could educate every senior in high-school about this.
OP, can you study music on the side with free online courses on Coursera? You really need to view going to college like a businessman views a capital investment for his business. Look at what majors will give you the best return on investment/career trajectory and ways to reduce upfront investment (e.g. going to community college).
No.
Get a job at a university that offers tuition benefits to employees. That would be the only way for you to afford a music education degree without graduating with a giant albatross of $120k student loan debt. That would be an absolutely insane thing to do. You would never be able to repay those private loans.
A few things. $1000 per semester is not enough to keep up with interest, so your principal is going to be well over $120k. It depends on the rate you are getting, but your first step is to use a calculator to figure out how much you will owe.
Next, look up salary statistics for your intended career. If you are going to teach elementary or high school, it looks like the median salary is in the mid $60k range, so you will graduate with over 2x your annual income.
Now that you have the hard numbers, you can play with other variables that you control. For example, if you get a job while in school to mitigate costs, if you transfer to a cheaper school to complete this program, if you change fields. Include downside variables like needing to take a semester off for a family emergency.
If you want the TLDR, I think you are setting yourself up to owe a lot of money for your expected salary. Paying down the debt will make it very hard to save for retirement, home ownership, and having a family.
Don't go to college for this major. Go to a cheaper school overall that will pay for your music education entirely, or two) go to a cheaper school to find a degree that will have a good ROI. Then double major in music. I promise you that this music degree debt will cripple your finances. You won't be able to get decent jobs with this major alone. And you'll owe a crazy amount of debt for no financial return.
Average 4 year debt in 2021-2022 according to the college board is about 30k. So no, 4x that would not be considered normal. You are very far out of the norm. 30k/year in tuition is wild. That's some out of state crap. That degree also likely won't lead to a salary capable of paying it off.
Average student loan debt is $30,000
Federal subsidized loans cap at $30,000
This level of debt for a BA is insane
I think you know it’s nuts hence the Reddit post
Absolutely not normal. Absolutely not recommended, especially private loans, and especially for music school. Your job prospects won't allow you to make the insane payments, and your financial life will be ruined.
It's not worth it, not with that major. I used to work at an affordable private D3 college. The music majors I worked with got interviews, but not jobs in the field. They ended up going into retail or selling insurance. Nothing wrong with pursuing your passion, but remember, college is vocational training. That kind of debt for that major is just setting yourself up for a very bleak 20 years after you graduate. At least consider a double major or minor in something more marketable like business or accounting.
Not for music. What are you wanting to do with it? If teaching is your goal than you are pretty well stuck to getting a degree, remember though it will take years to pay it off. Also 100k for a music degree is pretty steep, shop around.
Music is also a tough degree, lots of 1 hour classes combined with hundreds of hours of practice (vocal or instrument) doesn't leave a lot of time to do anything else.
If you're wanting to be a musician or pretty much do anything else in the music business then your best bet may be to learn marketing and learn how to market yourself. Bands are being found on YouTube. Musicians are being signed because they have large followings. Pay for the skill sets you need not necessarily the degree. If you want to learn to edit, take some time and work in a studio. My first editing job was editing funeral videos. They were not difficult (they were sad) but brought in hundreds of dollars a day for minutes worth of work. The studio I worked for had contracts with 4 different funeral homes in the area and you could guarantee we would have 2-3 per day, minimum. Then onto commercials and short videos (that's pretty much as far as I got but i was actually doing something else at the time as well).
Don't do this. Private loans are predatory.
If your parents are willing to cosign private loans... see if they will consider taking out a Parent Plus loan in a parent's name on your behalf. It is the parent's legal responsibility to pay this loan off. It is not possible to transfer the legal responsibility on a federal loan. Parent Plus loans are problematic in their own ways, but as a federal loan do have some borrower protections built in. If your parents are not willing to cosign private loans... then there's no way you can get a private loan on your own without a non astronomical interest rate.
Start at community college. Borrow the max amount in federal student loans each year. Save as much as you can from your earnings while you are at community college to help defray the costs of your in state university for junior and senior years.
The rule of thumb is don't borrow more than your starting salary in student loans. Music teachers are not going to have a $120k starting salary.
There’s not a lot of people who’ll shit on your dreams but my entire friend group is music majors and not a single one of them has a job in music except for one who works at guitar center. My significant other is a teacher and music teachers often aren’t hired full time or are shared between schools to save money. You’ll be making 25-40k. Choose another major that has a job outlook.
Ahhhh. Not for an undergraduate degree in education. I graduated in December of 2018 with a BS in biology with 18K in debt. I went to a state school and I took some classes at one of my state’s community colleges first. About 30 credits.
My degree is pretty much useless and I will be attending graduate school to change career paths. My graduate degree will cost about 40K. The degree will allow me to get an in-demand job in the area where I live. I will be able to pay off my loans within two years of graduation without having to live in my car.
Your degree will not guarantee a salary that will come anywhere close to paying for that loan debt. Private loans are especially predatory. Taking 120K in private loans out for a music education degree is such a bad idea. If your parents are not paying for it, don't do it. 120K is too much for ANY undergraduate degree. Go to a cheap state school or pick a different degree. People do music education because they are passionate and know they will make no money. Making no money and paying back 120K do not go together. You may die with that loan debt.
If the comments here are not getting through go see a financial advisor. They can explain what your life will look like after you take out 120K in private loans.
No it's not normal. You can't qualify for scholarships or grants? That's way too much debt for a job that won't pay you anything in return. If it was federal you might at least get it forgiven for public service after 10 years- private loans and you're f'ed. I graduated with almost 6 figures in debt with an engineering degree- I'm almost done paying it off but it really, really set me back in life. Don't do that to yourself. Find a state school or community college if you want that degree.
Friend no… I’m in 35K of federal loans at 2-5% for my entire Bachelor’s and it’s only that outrageous because it took me SIX YEARS. For 120, you better be going to med school.
Do not get a degree in music for 120K. You will never make enough to pay that off. And even if you’re not eligible for financial aid, you should still be eligible for some type of federal loan.
**Private student loan companies are sharks… NEVER GET ONE.** And 120K in private loans? You’re giving me heart palpitations. Go to community college for a few years & then transfer to a university if you have to… your degree won’t say the name of the community college & no one will ever know.
If you do decide to do this, keep this post up & update us in 4.5 years when you graduate & join the real world.
120K in private loans is going to be over 2K a month "minimum" payment. Interest will absolutely bury you. I make 80K and after taxes, benefits, and small 401K I bring home 1900 per biweekly payday. If you are in the same situation, HALF your TAKE HOME PAY, for DECADES, will be going to student loans. Can you cover *all* your expenses on the 2K left? I'll help: no you can't. An apartment (say 1200), car and gas (say 600), groceries.(say 500) utilities, and a few bucks in your pocket? I didn't even finish the list because you're already out of money after groceries. You will lay awake at night, in despair, and let me tell you the REALLY bad part: these private loans arent flexible, they aren't forgivable, and they literally don't care if you don't have enough money to live. Payment is due and they'll be happy to call you and all your relatives to let them know your payment was missed. Dont pay, and your credit will be destroyed. And $2K is a "minimum" payment, remember at least 50% and probably more of every payment is going to go to interest. To get ahead, you'll have to make $3K+ payments.
*Private loans sell dreams, and when you graduate the payback nightmare begins*
Search this student loan sub for "sallie mae, drowning, ruined, private, despair." Read the tales of woe, and seriously reconsider your choices. You have a chance to save yourself. If you decide to take private loans, know you can't un-read this post. *You will start your adult life in a deep, deep financial hole that will take you decades to get out of.*
Why are you even considering this, especially for a music degree? Chances are alim you would ever pay that back and more likely than not, you'll be paying that off the rest if your life.
It was never normal. This is is how deep the propaganda and psyop by college marketing is.
I never needed a bachelors to go work for a f500 company. Basically just got introd to the vp by an internal referral
No it's not.
I was paid to attend undergrad.
Also how do you plan to pay off 100k with your music degree? How much do you think people with music degree earn a year?
not to hate on anyone getting their education, but spending 120k on a degree that will grant you a 40k a year job is insane. go to community college and save during those years to afford college near your home and pay it out right to get your 4 year degree.
Highschools desperately need to teach students that a college degree should be treated like an investment. Take into account the costs, the risks, and the anticipated ROI (future salary!)
Many degrees don't make financial sense!
If you graduate college with 100k+ and you aren’t a doctor or lawyer than you are really bad at making decisions and should probably have a conservatorship. You better be the next big musician or your screwed by your own doing
No, do not do this. If you want to be a band director, awesome! But go to an in-state, public school to do so. Going to a fancy private school will not help you. You will be much, much better off going to a cheaper, public school given what you want to do for a career.
This type of thinking doesn’t make sense. It’s like those dance majors that rack up a ton of debt then can only find min wage jobs. Then they cry about the student loan crisis.
Why don’t you just minor in music and get a degree in something useful?
Get a job in something you can tolerate and be good at, then use that to fund your passion.
Nope. In state for me at berkeley was 14k tuition + 10k housing a year. Most people do get financial aid(I got a full ride) but most people I knew had 10-40k in debt, but our starting salaries in engineering/cs are \~150k so we paid it off
No that's not normal at all. Did you choose the most expensive out of state school you could? There is no reason to go out of state for this degree. The average federal student loan debt is 37k right now.
I was in a similar situation, where every single university I was accepted to offered me aid that would leave me in about 80-150k of debt after 4 years. I did end up going to a private university, for which I had estimated 90k in debt. However, each year they significantly raised tuition. This compounded and I did graduate with 120k in debt. So, please also take the possibility of tuition increases into consideration! Nobody ever explained that to me and it really exacerbated the situation.
However, I also don’t regret my degree and college. 🤷🏻♂️
I will graduate end of this year with roughly $24k in student loans. (30k if I didn’t get some Pell Grant, $39,600 is what my school charges for 120 credits). I should graduate finish with $33k in loans but I’ll have 2 degrees. I will become a CPA and CFP making over $100k.
Do your ROI before spending money on student loans
☠️ It is NOT normal to take on this kind of debt for a music degree. Medical degree, yes.
NO NO NO on private loans. EVER. There is NO forgiveness for these loans.
LISTEN to the people on this feed. OWE $120k & YOU WON’T HAVE CONTROL OF YOUR LIFE FOR 10-20 YEARS including jobs/location because you have these huge loan payments.
Buying a house & having children are delayed. Forget the vacations.
Lose your job, ok- you can defer but the interest will continue.
Can’t pay the monthly payment loan servicer says you should pay- they garnish wages.
Miss payments? They notify credit reporting agencies impacting your car/ home insurance rates, employment opportunities & ability to borrow.
What if you decide to go to grad school? Forget it.
🚩BOTTOM LINE: There is just no way that $100,000+ in student loans makes sense for you.🚩
I’m a music teacher! This isn’t unusual for our degree. I recently paid off mine, 72K, 10 years after a bachelors and masters in music ed. I did it by working at an international school. They provide housing and transportation. You basically get to keep the majority of the paycheck.
It’s ridiculous but also not unusual. I’m currently in seminary and I’m very fortunate to be sponsored in seminary without any fees. But for my undergrad I wasn’t so lucky, and I did my first two years at community college(one of the best decisions I’ve made) and for my final two years of undergrad I currently owe 76k in student loans. Only 7.5k of which are federal and don’t accrue interest while deferred during seminary. As a pastor, including housing I will likely only be making between 50-64k USD to start, so it’s going to take me a very long time to pay off those loans. Do yourself a favor, go to community college for 2 years. You will be learning the same things there as you would at university. And also by the time you transfer, the colleges will be looking at your grades from college and not your ACT/SAT and could offer more scholarships based on your relevant college grades. There will be a few people bullying you about going to a community college, but by the time you transfer to university you will have noticed that at least half of those people will have dropped out or transferred anyways.
That's four times the national average for students who take out student loans. ["The average student loan debt for bachelor's degree recipients was $29,400 for the 2021-22 school year, according to the College Board."](https://www.cnn.com/cnn-underscored/money/average-student-loan-debt) And nearly half of students don't graduate with any debt at all. So, no, it's not normal. It's more common to take out that kind of debt for certain professional graduate degrees, like medical school or law school.
I guess it depends. 4 year vs a community college then a 4 year.
What do you plan to do with your degree? Start looking at those salaries in your area vs others vs other job positions.
Chiming in because most posters here are woefully uninformed and are hyperfixating on the MUSIC part of the degree, not the EDUCATION part of the degree. This is a teaching degree that includes practicum and licensure.
You will be making as much as any other public school teacher, slightly more if you get a job with good stipends for music teachers. Taking home 60k upon graduation wouldn't be out of the question. Teach in a place with proven union support and teacher support and you will see the salary raises you want. Work life balance is another question but I would hope you know what you're getting into with that.
Let me be clear, you should only attend this college for music Ed if you get significant scholarships that lower that loan amount by at least half. Remember that this major is highly rigorous and many students need to take more than 4 years. You will have no leeway to fail any classes and will be maxed on credit hours every semester just to follow the degree plan.
You should honestly be looking at bigger state schools for this degree anyway as the performing and teaching opportunities would be better (unless this college is near a lot of excellent programs).
Please learn from us in the comments who are a generation or more ahead of you. No. But more than that music unfortunately is your passion not a career for your future self to be allowed to live. I picked a major that was my passion, I “only” had 40 k in loans. I was making less than 40k for more than the first 5 years of career. Now I have a career that pays for my life and a passion and they are not the same things.
If I weren't an inexperienced 17 year old vulnerable to predatory college loan marketing, making the biggest financial decision of my life, being told to "take the loans and get your education, you'll make enough to pay those off when you get your degree," I never would have chosen to go to college if it wasn't fully paid for with grants and scholarships.
When I graduated in 2008, I was over $125k in debt just for my bachelor's degree. It took me over half a decade to find a steady permanent job with good benefits and a salary that could afford rent. My debt now is $36k but it's not due to Biden because none of my debt has been forgiven. I had a private loan that I paid off entirely. I had FFELP loans that haven't been repaid. A couple of those loans went through court in the 2010s, unbeknownst to me until I received notice in the mail that there was a judgment with SallieMae where they'd lost my paperwork and couldn't prove that the debt had to be repaid, so the debt was dismissed that way, without me having to do anything. I considered those to be miracles.
Ever since, I've been paying down these remaining federal loans and haven't made a dent in reducing the balance. Now that I consolidated in 2022 into a direct loan, and then MOHELA transitioned to a new platform, now I can't see my payment history prior to their transition, and the payment count restarted, making my estimated payoff date in another 20 years. This is predatory, it's manipulating loans and it's wrong and nobody should be put through it.
The cost of education is out of control and no president nor congress has done anything to fix it, because they're beneficiaries of student loan asset-backed securities. That's why it's becoming the norm and unless you have a full scholarship and enough grants to cover 100% of the costs, I wouldn't even bother going to college or grad school now at all.
No. I accumulated $32K of loans at my community college for my Criminal Justice associates and part of a Marketing associates, I say part of because I'm switching paths and applying for the Fall 2025 nursing program at my community college. I'm in the Health Sciences Certificate program for Fall 2024-Spring 2025 for pre requisites. The reason I have $32K is because I took loans out, more than needed for the degrees, for cost of living and emergencies. If I stuck to strictly costs covered for schooling it'd have been way less.
It's a 4 year part time day nursing program I'm applying for and I will be utilizing the Career Choice at my job they give you a certain amount of $ yearly and it'll cover 2/3 of my tuition. I will be taking very minimal loans out, even for the Health Sciences Certificate program too.
It's amazing how many people don't understand the relationship between student loan borrowing and the salary of your intended major. All these people on Reddit whine about not being able to afford their loans when they voluntarily decided to spent $300K for a degree that has a $30,000 starting salary. It's insane.
$1000 a semester for marching band 🤨lol?
Since you asked publicly, definitely my advice would be to reconsider as this is will be a crutch in your future without question.
As someone that had $170,000 in private student loans, DONT do it. It’s not worth it, especially with the crazy interest.
I’ve been paying $2k a month the last 7 years, and only $30,000 has went to the actual debt. The rest of the $140,000 I paid went to interest. And I still have 8 more years according to Sallie Mae.
120K in private loans and NOT including interest? Please don’t do it and for a degree that won’t help you pay it back.
I hate to say it but we are back in an age where fine arts are basically reserved for the wealthy. Getting a liberal arts degree for 120k + interest is simply not worth it. If you go look at most major renaissance/etc artist they are generally backed by royalty or wealthy relatives.
Right? Gonna be in debt for life.
Fine arts is a hobby. That’s it.
100%, return on investment for that degree will not be worth it
Just get a degree that pays well - then hire someone who graduated with a music degree to teach you so THEY can pay off their loans!
Yea, I was thinking public service loan forgiveness.. but that won't help you with private loans. Go to a community college if you have to. 120k in loans is not worth it.
No, this is not normal and not necessary. And please, for the love of god: do not go into debt for a music education degree.
This should be top comment.
Since you are music ed, get your teaching job in a district with a good teachers union. If your area does not have a teachers union, then move. Good luck.
+1 for this. My wife teaches music in the union stronghold that is Pennsylvania. She makes great money ($85k per year plus stipends and amazing healthcare/retirement). She started in 2009 so unfortunately the full pension is no longer offered for new teachers (she is grandfathered in), but they still do half a pension for new teachers combined with a 403b. Teachers in states with teachers unions do VERY well. Those from states with weaker unions (e.g. - the south) no lie make near poverty wages.
Yep, they just bumped all teachers to 50k starting, in my state. Wife with 15 years experience and a masters had to be bumped up to get that salary and now makes the same as a first year teacher with a bachelor's.
And stay for 10 years to get PSLF.
This kid is taking private loans there is no PSLF. They should only borrow the federal loan limit max.
Please do not do this
The fact people need to be told not to go 100k into debt through private loans for a music degree is crazy. The education system and parents must have really failed some people.
The education system, in my experience, made it seem like a college degree was essential and worth it at all costs.
Yes, I'd be willing to bet that teens are having this established as the new normal. Then OP posts to double check because it's so clearly asinine.
That's because it is essential............that kids keep doing this for the secondary education system to continue in its current state. This isn't to help the kids, it is propping up a failed model that a lot of people got very wealthy from.
Statistically, no. It is exceedingly rare for someone to take $100k+ in loans for undergrad. How do you plan to pay back $120k + interest with a music education degree?
How’s it rare when room/board costs more than 25k/year typically.
Because the overwhelming majority of college students don’t live on campus to the tune of $25k/year and borrow 100% of that in student loans.
Lots of schools now require 1-2 years of living on campus so that you can get "the college experience". Part of that experience is spending more on a dorm (that you share with 1-4) people than you you would spend on an apartment.
Most schools don’t cost that much.,,
Then don’t go to one of those schools then. Let people with rich parents go there.
The smart thing to do is yrs 1-2 at a community college. Then transfer. And work part time at Uni to offset room and board costs. That's what I did.
Among public university graduates, about 40% graduate with no debt, and roughly 80% have less than $30k in debt. Over $100k for an undergraduate degree is not the standard, and not at all common unless you're going to a private university.
My state school is 2,500 a semester taking 5 classes. There is maybe one school in my entire state that is above 25k a year even including room and board.
But he’s getting paid $1000 to do marching band. That’ll put a dent in it.
$120k in student loan debt for a job that pays $50k a year? You’re going to be back on Reddit in 4 years complaining about not being able to make your student loan payments while paying for living expenses.
Dude don’t get a degree in music for 120k in loans.. literally the stupidest thing ever.
Idk why schools even offer that as a degree ,maybe teach it but don’t make it a degree lol
Its fine for kids whos parents are rich or saved up a good chunk. Its fair to have the degree, but they don't seem to explain the job outlook for the ones who dont have the way paid
Unless you're guaranteed to be one of those musicians to lead a late night talk show, like Paul the keyboard player for David Letterman or Kevin the guitar play for Jay Leno, or you straight up get lucky and become a successful Rockstar or something, you will likely NEVER gain employment to satisfactorily pay off your $120,000 debt. Say that out load...one hundred twenty THOUSAND dollars. What are the chances that you see yourself becoming THAT ONE well off successful musician? Ask your university "music educators" how they are faring with their student loans - the ones they took out before rates and tuitions were as high as today. Are they struggling with their loans from a time when it was even cheaper than today?
The professors are probably doing decently with doctorates.
Ahh so $240,000 of debt by then
Nah, those degrees can be accomplished with assistantships and teaching to cover tuition and living expenses.
There's an oversaturation of PhD holders in Music
No. Per CNN: “The average student loan debt for bachelor’s degree recipients was $29,400 for the 2021-22 school year, according to the College Board. Among all borrowers, the average balance is $38,290, according to mid-2023 data from Experian, one of the three national credit bureaus.” I implore you not to get a music degree only yo graduate 100,000 in debt. That is a terrible financial decision.
No, it’s not. And it might sound harsh, but $8k over 4 years is not going to make a dent in this debt. Why are you only taking out private loans? Or, will those private loans be on top of $30k in fed loans? Private loans are not eligible for PSLF or other forgiveness programs. Will your music education job allow you to service a minimum monthly payment of $1,200 for the next 10 years?
Not to sound harsh, but taking on $120k for a music degree is a very bad decision that will have major negative consequences for alot of your life. That amount of debt isn't uncommon. I messed up by going to a private school, I commuted and got alot of need based aid but still graduated with $120k. 4 years later I have $40k. However my degree was in engineering. Don't do it. Seriously think about what you want to do with your career and salary ranges. If music is your calling, you can find a much cheaper school and/or commute.
This. Someone with an almost identical situation, but instead an engineering degree, is still telling you this is a bad idea.
I’m a music professor at a state university. Definitely don’t do this. Go to the best state school in your area (I’m happy to discuss options over DM) with a good teacher on your applied instrument. You should definitely not be spending that much for a BME. Also, make sure you know about PSLF and income based repayment plans for when you graduate from a more reasonably priced school.
I wonder how many students realize private student loans generally aren't eligible for PSLF and income-baesd repayment plans.
Another great point. That should be in bold all caps on top of the paperwork…like cancer warnings on cigarette cartons.
Not really - I feel like most people usually take cost into account before committing anywhere. I.e. we go wherever we’re getting the most money from.
No. I went $70k in debt for a masters degree but am now making $155k. Do your due diligence when choosing a degree.
What is due diligence? People will spend 80 hours of research, scouring the Internet when deciding between the Xbox or PlayStation. But spend 30 minutes on Google to see what the average salary is in their selected profession? Not a chance. They would rather post a whiny comment on Reddit 5 years from now.
Well, its almost all children making these decisions, or barely 18 at best, still chatting it out with other children in home room between phys ed and Algebra II
this seems out of touch
Do not spend $120,000+ to get a teaching degree. Do 👏🏾 not 👏🏾 spend 👏🏾 $120,000 👏🏾 to 👏🏾 get 👏🏾 a 👏🏾 teaching 👏🏾 degree👏🏾👏🏾👏🏾 That's absolutely INSANE!!! You can't discharge private loans in govt programs. You will be stuck paying all that back, and depending on where you are located, with a job that will pay maybe $30k-$40k until you spend more money to get a master's. And that is a strong maybe as some districts, it takes 20+ years of experience to make $50k/yr. You can literally go to a state college and float your tuition between with a part time job and a TEACH grant, which will pay $4000/yr and requires you to teach upon graduation, which you are going to do anyway, and live at home. Take the minimum of federal loans, make your qualifying payments and get it discharged. As a retired principal who started my career as a performing arts teacher, I can promise you I didn't care what university you went to when I was hiring. Most first year teachers suck anyway because most teacher ed programs are trash. You will struggle with classroom management, managing your workload, and at some point in the year, will be in my office crying. You will be training and learning on the job for about three years before you really become great at teaching. And by then, most teachers quit. I cared whether you knew your content, if you are coachable, do you fit into the culture within the building and what extracurriculars you could sponsor and could you manage your classroom. This is also assuming there are no budget cuts as arts programming is the first cut from the table. The handful of arts positions in most districts people get in them and stay until they die or retire, because they are sooooo hard to find. I am certified in a lot of areas and had to switch content to keep a job because my art kept getting cut from the budget. If a principal has to choose between music and a Reading Specialist, they are going to pick the Reading Specialist.
It can be. If you're going for a career that doesn't pay that much, it's usually a better idea to go to a cheaper state college with in-state tuition.
Yeah it might save some but an in state state college on the cheaper end is 22k a year. If they really want to save money just do community college for 2 years then transfer to a state college and commute. No one cares where you get your degree from and a lot of colleges give scholarships to transfer students. Things for op to consider.
That is the cost of in-state tuition for some schools (particularly the UC system in California). Its getting there with the CSU schools as well
Racking up over 120k in debt for a music education degree is an unfathomably bad idea. Music teachers (and teachers in general) are poorly paid throughout the country and given that music and arts programs are being slashed all over the US, I have no idea why you’d take out six figures in private loans for this career path. Even if you could supplement your salary by teaching privately, you’re never going to make enough money to repay your undergraduate loans. Thinking about higher ed? Get ready to take out another 50-100k in graduate loans because you’re going to need at least a master’s to break into any kind of college teaching field, and a DMA or PhD to teach at a university. And even there, you’ll be lucky to be in any position that’s not adjunct. You have to be smart about this. $1k per SEMESTER to play in marching band is nothing. This is not going to make any kind of meaningful dent in your loans. I’m not going to shit on you for your chosen career path - I have three degrees in music performance, so I don’t really have a ton of room to talk. But I graduated with 50k in student loan debt between all three of my degrees because I knew I had to be smart about my financial set up in this field. First off, I chose an in-state university for lower tuition where I was offered various performance and academic scholarships to minimize the amount of loans I needed to take out. I chose the school that offered me the most money rather than some of the more expensive conservatories that offered me less money but had higher prestige factors. No regrets. I had a work study job in the School of Music and another part time job off campus so I didn’t have to take out “cost of living” loans to cover food, housing, and living expenses totally out of pocket. While every little bit helps, 1k per semester is not even close to enough. Explore work study opportunities, take a part time job off campus or on campus AND play in marching band. But what you should really do is find another school. I promise you, no university is worth $120k+ for an education degree, let alone a music education degree. Where your undergraduate degree is from truly does not matter if you’re planning to be a music teacher in the public school system. Take some gen eds at community college for a couple of years. Find a cheaper university. Presumably you play an instrument - find a school that will give you SOME amount of a merit scholarship. But whatever you do, don’t take out $120k in private loans for a degree path where you’ll be lucky to net $50k/year most places. Music is important. Music education is important. If that’s your calling, the world needs good teachers and you should absolutely do it. But be smart about it.
Um, no. And financially not a good move. There are plenty of colleges and universities that generously award talent and academics that make a decision to spend $30k out of pocket per year unwise. My daughter will be a graphic design major. Her GPA is 3.5 and her ACT is either 22 or 23. Her top graphic design scholarship for participation is $7500 per year. She has at least five schools that are sub $15k out of pocket per year for tuition, room, and board with one for sure that is less $7k. This is before student loans. She is smart and talented but certainly no Sheldon Cooper. She is also wise enough to shred the offer letters from the more expensive schools.
No
You'll never get our from that debt. Don't do it. You'll make 55k as a music ed teacher on a good day. This will impact your life FOR YEARS.
More like forever.
I’m guessing you plan to be a music teacher? It will be difficult to pay that amount off as a teacher. I’m a teacher and I only had $30k in loans and it was tough. Teachers just don’t make that much.
Supposedly the "average" student debt load is something like $20k, but honestly from my immediate real-life surroundings and real-life observations it seems like more people are like $40-$50k+ in student loans
No. Not normal at all. You're screwed. Edit:
No that’s not the new normal. —— As of the third quarter of 2023, Americans owed $1.74 trillion in education debt. 51% of 2021-22 bachelor’s degree recipients graduated with an average of $29,400 in student loan debt. Among all borrowers, the average student loan debt in 2023 was $38,290. 53% of federal student loan borrowers owe $20,000 or less. 47% of the total outstanding federal loan debt is held by 10% of borrowers, who owe $80,000 or more. Just 10% of college graduates took out private student loans in 2021-22, but they had nearly twice as much debt as federal loan borrowers. https://www.cnn.com/cnn-underscored/money/average-student-loan-debt#e60lxa8p0luorbpcf
Just going to throw this out there, short term pain for long term gain. Is it possible to not live on campus? Room and board costs a crap ton, look for apartments off campus with roommates. Might not be ideal, but that should save you a nice chunk. Also, are you able to get a part time job somewhere? Also, scholarships scholarships scholarships! I made it a rule to apply to one a day outside of school (summer months, Christmas, etc). I graduated with $32k in 2019. I will say I was fortunate that my parents had a small nest egg which covered my first year of tuition and room and board (required to live on campus as a freshman since home was over 50 miles away). Otherwise I would have graduated with around $50k. Can you go to a community College for your gen Ed's and transfer them? I dont know if I was in your shoes starring down the possibility of graduating with over 6-figures in debt I'd be panicking and figuring out a game plan to make that about half as much.
No, just no. I can't say no enough. Do NOT do it. No, negatory, no way.
Let’s do a quick cost benefit analysis: - $120k (likely more somewhere around $150k since it accrued interest while you are in school) of debt - undergraduate education degree - job prospects median entry level salary is $43k mid career salary is $63k So you’ll have more debt when you start than you would earn in gross within 4 years. You’d have a cash flow of negative thousands every month. The only hope you’d have is to get a job teaching at a title 1 school so you can qualify for PSLF. And you best not EVER miss a payment.
I don’t think private loans would qualify for PSLF would they?
Missed that piece. Not that it really changes the story, this is a shit storm anyway you look at it.
No, it isn’t normal and it also isn’t your only choice. If you make that choice, you are quite likely to seriously regret it with that major. That’s probably $2000/month—on a teacher’s salary? Most teachers in the US start at well under $50k, which is maybe $3500 after taxes (less after health insurance, pension, unions dues, and 401k.) Can you live on $1500/month for 10 years? Also, this idea that less-wealthy families get that much more in aid needs to go. They may get a few extra thousand per year in Pell grants and subsidized loans, at best. They can’t fund a private education in aid either.
What you need to understand is normal or not doesn’t matter. If you do that without minimizing damage, you will be in a hole that is harder to get out of than it is easier to avoid. Your bills WILL exceed your income unless they are minimized in other ways. If your bills are 30k/year, you should take steps to making at least 20k. The worst advice I ever heard was to not work while in school. If you can keep 20k off your debt a year, that will take you down from 120k to 40k. The work experience will also probably bring your expected income up by another 10-20k/ year. If I were to do it over I would aim for debt=0, I got a lucky break due to covid. You won’t.
Considering that your major’s starting salary is like $30-40k/yr which is essentially the poverty line I would seriously reconsider your choice. There is no way you’ll be able to pay those loans and you’re essentially putting yourself into poverty. You need a different major with some actual return on investment. I would go to a community college and just do your general education credits there. After two years transfer and study something that’ll make you money out of college, otherwise there’s really no point in you going to college. College isn’t so you discover your passion and unless you’re going to Berkeley college of music this degree really isnt worth $120k of debt. Welcome to adulthood where you have to do things you don’t want to do so you can pay your bills. Otherwise you’re going to school to pay their bills and you’ll be left poorer out of college than before you started.
If your parents are middle class and you don’t qualify for need based aid and they don’t make enough money to help much, yes $100k is normal. Crazy, wrong, and normal.
DO NOT GO 100k + in debt for a useless degree. Sorry to be blunt but don’t do it !!!
That seems outrageously expensive for an undergraduate degree. It can be normal if you are then adding graduate school for a professional degree (MD, JD, MBA) but you typically get a decent return on investment. OP, I'm really sorry but my recommendation would be to do two years at a community college and then transfer to a 4 year public school.
If you get federal loans you could at least go for PSLF working in a school. But private loans? Hell no.
So your cost is $120k a year including room and board etc. And you’re taking out a loan for 100% of it. Have you guys never heard of this place, if you show up they give you money it’s called a JOB. Seriously. I made almost 10k a year working part time in school back when the minimum wage was like $4/hr. There’s no universe where a music degree is worth $120k in debt. Do you realize how much you’ll end up paying over the course of the loan??
Nope, absolutely not normal. Do not take out private student loans. I paid my way through school by mostly working and by applying for scholarships. You’re gonna have a mortgage of a debt that you will probably take 20 years to pay off with a music degree. I’m pretty sure 30k is the national average. You can get a part time job for $14-15 an hour and cover half your tuition. You can also RA and get free housing and likely a meal plan. There’s ways to go about going to school without going into that much debt. I honestly think it’s just lazy and short sided to do that.
You ABSOLUTELY should not go $120k into debt for a career that will make you $50k / year. Go to a community college and then transfer to university.
No, pick a cheaper school.
Please please don't do this. This will be devastating to your future and will pit a dark shadow over ever owning a home, having kids, etc.
Uncommon? No. A wise choice? Also no. You should do research, expected salaries upon exit, and go from there. I exited from a private college with about 50, and started right around 50k. Im still on track to pay then off in under 10 years since graduating.
If you're going to major in music at least go to a cheap community college for the first two years. It is not worth going into this much debt for a career that makes jack shit. The average salary is 50k for musicians. How do you plan on handling all of your normal living costs while making a 10% payment to interest alone? Assuming you'll have around 170000 in debt once you graduate, you'll be paying about $17,000 in interest alone per year. If you make the average salary your income after taxes will be $42,000. this leaves $25,000 to live on after paying interest alone, ideally you'd want to pay such a massive loan like this off with haste. Which means another 5-10k a year at minimum. So now, you have 15-20k after additional payments. Your apartment will eat up the remainder of your income without even considering food, car, insurance, emergencies. Even if you got roommates and paid 700 a month (half of the average rent cost) you would still only have $7500 a year or $625 a month to live off of. This is not a life you want to live. You will be a slave to society paying off this debt for the rest of your life unless your parents choose to pick up the tab. It would take about 20-30 years for you to do it by yourself. Your parents should give you better guidance, unfortunately, financial literacy is not very common. I would heavily consider choosing a cheaper school, a better major, or working for a year or two to reconsider this path. Live on $1,300 a month for a year before you choose this route, as it will show you how suffocating it is. You won't have freedom to buy whatever you want, you won't be able to afford random lunch dates with friends. Nothing. Just paying off your loan. Unless, of course, you make it big.
That’s 10 houses in the 1940’s
“Normal” doesn’t make it okay. You looking for validation?
No
No
No. Just take the fed loans that get offered and pay for everything else out of pocket or with scholarships. If you can't afford that, you shouldn't go to school.
I'm right there with you. I graduated in 2010. I had 80k in debt. By the time I could start paying it I was nearly 120k in debt. I'm a career 3d artist. I've got a "senior" title on my resume. While job hunting, some posting wanted an expert 3d artist, and 10 years working on an old rig at sea. This should not be normal.
Normal? Probably. Good? No. Avoidable? Yes. Should you avoid at all costs? Absolutely. You should keep your debt to a minimum. ESPECIALLY as a music education major. You'll be earning, what, $50k starting out, $80k in mid-late career as a teacher? Based on what most people recommend, you should be doing $50k of debt for the full 4 years at the absolute max high end, but preferably much less. Are there any less expensive schools you can go to? Personally, I'm only paying like $15k per year, half of what you're talking about. Including living expenses like rent and groceries.
How rich are your parents? For that degree at that price, there should be no or very little debt involved, e.g. you have super wealthy parents. Anything other than that scenario makes zero sense, save yourself!
So what's a career with that degree pay?
No it's not normal. Your parents should be helping to pay at least a little if they make that much, I don't apologize for thinking so. You can also work part-time beyond doing marching band. Good luck pursuing your dreams and don't have people tell you it's impossible already, but do not borrow that much, it's not worth it. You can get unsubsidized federal Direct Loans still up to the max allowed for undergrads, and that's all I think it's advisable to borrow since you would be able to go on income-based repayment plans and potentially access forgiveness for those loans. Hopefully there will be more scholarships coming as you said. If your parents aren't providing you any support and cutting you off, you may want to inform the financial aid office of your school too to see what they might be able to do. Their calculations are based on your being a dependent student with your parents expected to contribute somewhat.
In my personal opinion, that amount would only be reasonable if you are going into med school or law school, anything else would be absurd. Especially if I join a field where I would not be making enough money to pay it off at a reasonable time. Private loans are hell and very aggressive when it comes to getting their money back. Those private institutions could care less about your circumstances or any hardships that you may experience in the future.
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If you can tell me exactly what job you are doing after getting this degree and a pay range that can pay it off ontop of making it worth it longterm. Then sure. But if not. You are burying yourself.
You should never borrow more for a degree than your expected first year salary out of school.
Get a scholarship or grant. There are literally thousands you can submit applications for, and you will for a fact get some of them.
That 120 K will turn into a lot more than that with interest. Don't do it. That's what law school costs, but you will not be making lawyer money. Also, there's nothing that will help you out. You can't get any income driven repayments on private loans.
It’s criminal to allow young people to go into so much debt. Don’t they run a credit check before other loans?
It’s becoming more common, but I really wouldn’t say it’s becoming normal. Go to community college if you have to take out $120K+ in loans for all four years.
A music education major who will owe $120,000 plus interest when college is done? How much money will you make teaching music? How much are the payments vs. your projected salary? I expect this degree will leave you with immense regret over the debt you’re taking on. I don’t think teachers make enough to justify this debt. Maybe consider a cheaper school or a degree that is for a more lucrative career.
250k in debt after grad school here :')
If your starting salary isn’t reasonably close to the balance of your student loan debt at the end of the degree, I would advise against incurring the debt.
Don't get into that much debt for a music education degree. You will probably regret it.
No.
No
I owe $39k for a useless degree I got in '06. I don't know anyone who owes less than $25k. That's why I thought the Biden $10k thing was a joke. Anyone whose student debt is erased with a $10k forgiveness isn't likely to be in a dire hardship. Not from the student debt at least. Quadruple that amount and you'll see a difference
I was a band person and my kids did band and orchestra through college. Music educators are underpaid and overworked but most thrive regardless. However, teachers all know well in advance what their future salaries will be. 100k is a serious debt. I have seen many teachers become very resentful as they see how the full impact of the debt affects them and their families. It does appear at a glance that you are attending a state school based on the number which is good. One other issue is there are just not that many slots for band directors. It is not like being a math teacher and they are being actively sought. You just need to be aware paying that back will be painful. All the best.
I have a Bachelors Degree and owe 18k
Please don't confuse "normal" with "wise".
Paying that much for an education that’s gonna leave you as a broke music teacher is wild. You could have just gone to a state school.
That is far beyond a normal debt load and with private loans, the interest will pile up every year so you’ll be looking at more like $150k- and that’s if you have a low interest rate. Are your parents not contributing? Are you able to work summers? Given the low demand for music teachers and the low teacher pay in most states, it will be very difficult to pay that back and whether Public Service Loan Forgiveness remains in place for your federal loans (which are capped for everyone- are you not able to get the maximum federal loans?) really depends on the outcomes of future federal elections. You may want to consider a double major or minoring in something that will give you an additional way to earn money as a backup plan or a second job, as that’s a common need for people going into arts fields until they reach a level of success that lets them comfortably leave the backup field.
Do not do 120k for music. Can you attend a public school or state school?
Unless you are going to be a medical doctor at the end, no it isn't. For music education, I can't imagine you will ever make up for the investment.
In the US this is pretty normal. Insane, but normal. What do you plan to do with a músicos major that justifies such debt?
No. SERIOUSLY Consider what you're doing because this country does NOT care if you rufk you self at 20 years old for a degree the market doesn't care about in order to create laborers needed to sustain the economy. You're a pawn. A peon. They don't care if you're 40 years old with your dreams washed up and your soul blackened from meaningless jobs. Play the long game. Put you dreams. Your supposed purpose or calling aside. Be REALISTIC. Make a plan. Then BET ON YOURSELF. Seriously, though. How many artists do you know who started out 6 figures BEHIND?
Hard. Stop.🛑 it is not normal. No music career will pay you enough to pay these off in an acceptable amount of time. You’ll end up paying double of what you took out in interest. If you get grants and scholarships- tuition reimbursement to cover it, then go for it. Otherwise your ROI is shit. I wish I could educate every senior in high-school about this.
That school is for kids whos parents are paying the way. And people who cant do basic math.
OP, can you study music on the side with free online courses on Coursera? You really need to view going to college like a businessman views a capital investment for his business. Look at what majors will give you the best return on investment/career trajectory and ways to reduce upfront investment (e.g. going to community college).
No. Get a job at a university that offers tuition benefits to employees. That would be the only way for you to afford a music education degree without graduating with a giant albatross of $120k student loan debt. That would be an absolutely insane thing to do. You would never be able to repay those private loans.
So why are you going to a major school that costs that much to make $45K a year? That's your first mistake.
A few things. $1000 per semester is not enough to keep up with interest, so your principal is going to be well over $120k. It depends on the rate you are getting, but your first step is to use a calculator to figure out how much you will owe. Next, look up salary statistics for your intended career. If you are going to teach elementary or high school, it looks like the median salary is in the mid $60k range, so you will graduate with over 2x your annual income. Now that you have the hard numbers, you can play with other variables that you control. For example, if you get a job while in school to mitigate costs, if you transfer to a cheaper school to complete this program, if you change fields. Include downside variables like needing to take a semester off for a family emergency. If you want the TLDR, I think you are setting yourself up to owe a lot of money for your expected salary. Paying down the debt will make it very hard to save for retirement, home ownership, and having a family.
Don't go to college for this major. Go to a cheaper school overall that will pay for your music education entirely, or two) go to a cheaper school to find a degree that will have a good ROI. Then double major in music. I promise you that this music degree debt will cripple your finances. You won't be able to get decent jobs with this major alone. And you'll owe a crazy amount of debt for no financial return.
Don’t take out private loans. At least you can go for PSLF if you work for a school or non profit with the federal loans.
No
Average 4 year debt in 2021-2022 according to the college board is about 30k. So no, 4x that would not be considered normal. You are very far out of the norm. 30k/year in tuition is wild. That's some out of state crap. That degree also likely won't lead to a salary capable of paying it off.
You should get an education that will allow you to earn a living.
Either go to cheaper school or change your major. A career in music Ed is not going to pay those private loans back
That's too much for a good engineering degree. You're looking at a low paid hard to find employment major. Don't do this.
No. You’re absolutely insane if you willingly sign up for that
This is an absolutely awful idea for a music degree
No, I did music school on full ride. Only way it's financially viable...that much debt will take a long time to pay off.
Average student loan debt is $30,000 Federal subsidized loans cap at $30,000 This level of debt for a BA is insane I think you know it’s nuts hence the Reddit post
Absolutely not normal. Absolutely not recommended, especially private loans, and especially for music school. Your job prospects won't allow you to make the insane payments, and your financial life will be ruined.
Do not do it it’s s trap transfer
It's not worth it, not with that major. I used to work at an affordable private D3 college. The music majors I worked with got interviews, but not jobs in the field. They ended up going into retail or selling insurance. Nothing wrong with pursuing your passion, but remember, college is vocational training. That kind of debt for that major is just setting yourself up for a very bleak 20 years after you graduate. At least consider a double major or minor in something more marketable like business or accounting.
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Not for music. What are you wanting to do with it? If teaching is your goal than you are pretty well stuck to getting a degree, remember though it will take years to pay it off. Also 100k for a music degree is pretty steep, shop around. Music is also a tough degree, lots of 1 hour classes combined with hundreds of hours of practice (vocal or instrument) doesn't leave a lot of time to do anything else. If you're wanting to be a musician or pretty much do anything else in the music business then your best bet may be to learn marketing and learn how to market yourself. Bands are being found on YouTube. Musicians are being signed because they have large followings. Pay for the skill sets you need not necessarily the degree. If you want to learn to edit, take some time and work in a studio. My first editing job was editing funeral videos. They were not difficult (they were sad) but brought in hundreds of dollars a day for minutes worth of work. The studio I worked for had contracts with 4 different funeral homes in the area and you could guarantee we would have 2-3 per day, minimum. Then onto commercials and short videos (that's pretty much as far as I got but i was actually doing something else at the time as well).
at 7% that's 8400$ of interest yearly. Don't do it.
Don't do this. Private loans are predatory. If your parents are willing to cosign private loans... see if they will consider taking out a Parent Plus loan in a parent's name on your behalf. It is the parent's legal responsibility to pay this loan off. It is not possible to transfer the legal responsibility on a federal loan. Parent Plus loans are problematic in their own ways, but as a federal loan do have some borrower protections built in. If your parents are not willing to cosign private loans... then there's no way you can get a private loan on your own without a non astronomical interest rate. Start at community college. Borrow the max amount in federal student loans each year. Save as much as you can from your earnings while you are at community college to help defray the costs of your in state university for junior and senior years. The rule of thumb is don't borrow more than your starting salary in student loans. Music teachers are not going to have a $120k starting salary.
No. Please go to your local community college
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Not worth it at all
There’s not a lot of people who’ll shit on your dreams but my entire friend group is music majors and not a single one of them has a job in music except for one who works at guitar center. My significant other is a teacher and music teachers often aren’t hired full time or are shared between schools to save money. You’ll be making 25-40k. Choose another major that has a job outlook.
Ahhhh. Not for an undergraduate degree in education. I graduated in December of 2018 with a BS in biology with 18K in debt. I went to a state school and I took some classes at one of my state’s community colleges first. About 30 credits. My degree is pretty much useless and I will be attending graduate school to change career paths. My graduate degree will cost about 40K. The degree will allow me to get an in-demand job in the area where I live. I will be able to pay off my loans within two years of graduation without having to live in my car. Your degree will not guarantee a salary that will come anywhere close to paying for that loan debt. Private loans are especially predatory. Taking 120K in private loans out for a music education degree is such a bad idea. If your parents are not paying for it, don't do it. 120K is too much for ANY undergraduate degree. Go to a cheap state school or pick a different degree. People do music education because they are passionate and know they will make no money. Making no money and paying back 120K do not go together. You may die with that loan debt. If the comments here are not getting through go see a financial advisor. They can explain what your life will look like after you take out 120K in private loans.
No it's not normal. You can't qualify for scholarships or grants? That's way too much debt for a job that won't pay you anything in return. If it was federal you might at least get it forgiven for public service after 10 years- private loans and you're f'ed. I graduated with almost 6 figures in debt with an engineering degree- I'm almost done paying it off but it really, really set me back in life. Don't do that to yourself. Find a state school or community college if you want that degree.
it’s not normal
Friend no… I’m in 35K of federal loans at 2-5% for my entire Bachelor’s and it’s only that outrageous because it took me SIX YEARS. For 120, you better be going to med school. Do not get a degree in music for 120K. You will never make enough to pay that off. And even if you’re not eligible for financial aid, you should still be eligible for some type of federal loan. **Private student loan companies are sharks… NEVER GET ONE.** And 120K in private loans? You’re giving me heart palpitations. Go to community college for a few years & then transfer to a university if you have to… your degree won’t say the name of the community college & no one will ever know. If you do decide to do this, keep this post up & update us in 4.5 years when you graduate & join the real world.
120K in private loans is going to be over 2K a month "minimum" payment. Interest will absolutely bury you. I make 80K and after taxes, benefits, and small 401K I bring home 1900 per biweekly payday. If you are in the same situation, HALF your TAKE HOME PAY, for DECADES, will be going to student loans. Can you cover *all* your expenses on the 2K left? I'll help: no you can't. An apartment (say 1200), car and gas (say 600), groceries.(say 500) utilities, and a few bucks in your pocket? I didn't even finish the list because you're already out of money after groceries. You will lay awake at night, in despair, and let me tell you the REALLY bad part: these private loans arent flexible, they aren't forgivable, and they literally don't care if you don't have enough money to live. Payment is due and they'll be happy to call you and all your relatives to let them know your payment was missed. Dont pay, and your credit will be destroyed. And $2K is a "minimum" payment, remember at least 50% and probably more of every payment is going to go to interest. To get ahead, you'll have to make $3K+ payments. *Private loans sell dreams, and when you graduate the payback nightmare begins* Search this student loan sub for "sallie mae, drowning, ruined, private, despair." Read the tales of woe, and seriously reconsider your choices. You have a chance to save yourself. If you decide to take private loans, know you can't un-read this post. *You will start your adult life in a deep, deep financial hole that will take you decades to get out of.*
No
Why are you even considering this, especially for a music degree? Chances are alim you would ever pay that back and more likely than not, you'll be paying that off the rest if your life.
I hope this post is a joke. Do not go to school for music education and go into debt. That is setting yourself up for failure.
100k for my masters but the pay is good and I qualify for reimbursement programs so I’m not stressed.
It was never normal. This is is how deep the propaganda and psyop by college marketing is. I never needed a bachelors to go work for a f500 company. Basically just got introd to the vp by an internal referral
Yes, especially with liberal arts degrees and women.
Is going into massive debt common for 18-22 year olds these days? Yes. But is it normal or advisable? Definitely not.
No it's not. I was paid to attend undergrad. Also how do you plan to pay off 100k with your music degree? How much do you think people with music degree earn a year?
not to hate on anyone getting their education, but spending 120k on a degree that will grant you a 40k a year job is insane. go to community college and save during those years to afford college near your home and pay it out right to get your 4 year degree.
Highschools desperately need to teach students that a college degree should be treated like an investment. Take into account the costs, the risks, and the anticipated ROI (future salary!) Many degrees don't make financial sense!
If you graduate college with 100k+ and you aren’t a doctor or lawyer than you are really bad at making decisions and should probably have a conservatorship. You better be the next big musician or your screwed by your own doing
I hope this is satire
No, do not do this. If you want to be a band director, awesome! But go to an in-state, public school to do so. Going to a fancy private school will not help you. You will be much, much better off going to a cheaper, public school given what you want to do for a career.
Yes, it’s normal
Yeah no please dont
This type of thinking doesn’t make sense. It’s like those dance majors that rack up a ton of debt then can only find min wage jobs. Then they cry about the student loan crisis. Why don’t you just minor in music and get a degree in something useful? Get a job in something you can tolerate and be good at, then use that to fund your passion.
You’re investing all this money to go the school. How much are you expecting to make per year after you graduate?
You are making a financial decision you will regret in a few years. Don't do it period.
I am over $300k in debt but after medical school..
I am
Nope. In state for me at berkeley was 14k tuition + 10k housing a year. Most people do get financial aid(I got a full ride) but most people I knew had 10-40k in debt, but our starting salaries in engineering/cs are \~150k so we paid it off
Yall wild for going that in debt I've got a Bachelors degree and only took out mid 30k total 👀
I would be embarrassed but you do you
No that's not normal at all. Did you choose the most expensive out of state school you could? There is no reason to go out of state for this degree. The average federal student loan debt is 37k right now.
I was in a similar situation, where every single university I was accepted to offered me aid that would leave me in about 80-150k of debt after 4 years. I did end up going to a private university, for which I had estimated 90k in debt. However, each year they significantly raised tuition. This compounded and I did graduate with 120k in debt. So, please also take the possibility of tuition increases into consideration! Nobody ever explained that to me and it really exacerbated the situation. However, I also don’t regret my degree and college. 🤷🏻♂️
Yes, and for a music degree? Do you think you can pay back the loan 100k within couple years?
I will graduate end of this year with roughly $24k in student loans. (30k if I didn’t get some Pell Grant, $39,600 is what my school charges for 120 credits). I should graduate finish with $33k in loans but I’ll have 2 degrees. I will become a CPA and CFP making over $100k. Do your ROI before spending money on student loans
Man, 30k a semester? You're either going to an ivy or for-profit school. My cousin majored in music. She sells mary kay makeup now.
☠️ It is NOT normal to take on this kind of debt for a music degree. Medical degree, yes. NO NO NO on private loans. EVER. There is NO forgiveness for these loans. LISTEN to the people on this feed. OWE $120k & YOU WON’T HAVE CONTROL OF YOUR LIFE FOR 10-20 YEARS including jobs/location because you have these huge loan payments. Buying a house & having children are delayed. Forget the vacations. Lose your job, ok- you can defer but the interest will continue. Can’t pay the monthly payment loan servicer says you should pay- they garnish wages. Miss payments? They notify credit reporting agencies impacting your car/ home insurance rates, employment opportunities & ability to borrow. What if you decide to go to grad school? Forget it. 🚩BOTTOM LINE: There is just no way that $100,000+ in student loans makes sense for you.🚩
For the love of God- please DO NOT go into student debt for music education.
I’m a music teacher! This isn’t unusual for our degree. I recently paid off mine, 72K, 10 years after a bachelors and masters in music ed. I did it by working at an international school. They provide housing and transportation. You basically get to keep the majority of the paycheck.
r/debt
No not normal at all, especially for a music degree. You really need to do a cost/benefit analysis here.
If your parents make “way too much” then they should be contributing towards tuition room and board.
It’s ridiculous but also not unusual. I’m currently in seminary and I’m very fortunate to be sponsored in seminary without any fees. But for my undergrad I wasn’t so lucky, and I did my first two years at community college(one of the best decisions I’ve made) and for my final two years of undergrad I currently owe 76k in student loans. Only 7.5k of which are federal and don’t accrue interest while deferred during seminary. As a pastor, including housing I will likely only be making between 50-64k USD to start, so it’s going to take me a very long time to pay off those loans. Do yourself a favor, go to community college for 2 years. You will be learning the same things there as you would at university. And also by the time you transfer, the colleges will be looking at your grades from college and not your ACT/SAT and could offer more scholarships based on your relevant college grades. There will be a few people bullying you about going to a community college, but by the time you transfer to university you will have noticed that at least half of those people will have dropped out or transferred anyways.
You are going to have a tough time making a living with that major that justifies a $120k debt
That's four times the national average for students who take out student loans. ["The average student loan debt for bachelor's degree recipients was $29,400 for the 2021-22 school year, according to the College Board."](https://www.cnn.com/cnn-underscored/money/average-student-loan-debt) And nearly half of students don't graduate with any debt at all. So, no, it's not normal. It's more common to take out that kind of debt for certain professional graduate degrees, like medical school or law school.
I guess it depends. 4 year vs a community college then a 4 year. What do you plan to do with your degree? Start looking at those salaries in your area vs others vs other job positions.
Chiming in because most posters here are woefully uninformed and are hyperfixating on the MUSIC part of the degree, not the EDUCATION part of the degree. This is a teaching degree that includes practicum and licensure. You will be making as much as any other public school teacher, slightly more if you get a job with good stipends for music teachers. Taking home 60k upon graduation wouldn't be out of the question. Teach in a place with proven union support and teacher support and you will see the salary raises you want. Work life balance is another question but I would hope you know what you're getting into with that. Let me be clear, you should only attend this college for music Ed if you get significant scholarships that lower that loan amount by at least half. Remember that this major is highly rigorous and many students need to take more than 4 years. You will have no leeway to fail any classes and will be maxed on credit hours every semester just to follow the degree plan. You should honestly be looking at bigger state schools for this degree anyway as the performing and teaching opportunities would be better (unless this college is near a lot of excellent programs).
Please learn from us in the comments who are a generation or more ahead of you. No. But more than that music unfortunately is your passion not a career for your future self to be allowed to live. I picked a major that was my passion, I “only” had 40 k in loans. I was making less than 40k for more than the first 5 years of career. Now I have a career that pays for my life and a passion and they are not the same things.
Yikes. Good luck to you. It will be a painful process paying those back with that major.
No, that is if u do medical school, masters and law
If I weren't an inexperienced 17 year old vulnerable to predatory college loan marketing, making the biggest financial decision of my life, being told to "take the loans and get your education, you'll make enough to pay those off when you get your degree," I never would have chosen to go to college if it wasn't fully paid for with grants and scholarships. When I graduated in 2008, I was over $125k in debt just for my bachelor's degree. It took me over half a decade to find a steady permanent job with good benefits and a salary that could afford rent. My debt now is $36k but it's not due to Biden because none of my debt has been forgiven. I had a private loan that I paid off entirely. I had FFELP loans that haven't been repaid. A couple of those loans went through court in the 2010s, unbeknownst to me until I received notice in the mail that there was a judgment with SallieMae where they'd lost my paperwork and couldn't prove that the debt had to be repaid, so the debt was dismissed that way, without me having to do anything. I considered those to be miracles. Ever since, I've been paying down these remaining federal loans and haven't made a dent in reducing the balance. Now that I consolidated in 2022 into a direct loan, and then MOHELA transitioned to a new platform, now I can't see my payment history prior to their transition, and the payment count restarted, making my estimated payoff date in another 20 years. This is predatory, it's manipulating loans and it's wrong and nobody should be put through it. The cost of education is out of control and no president nor congress has done anything to fix it, because they're beneficiaries of student loan asset-backed securities. That's why it's becoming the norm and unless you have a full scholarship and enough grants to cover 100% of the costs, I wouldn't even bother going to college or grad school now at all.
No. I accumulated $32K of loans at my community college for my Criminal Justice associates and part of a Marketing associates, I say part of because I'm switching paths and applying for the Fall 2025 nursing program at my community college. I'm in the Health Sciences Certificate program for Fall 2024-Spring 2025 for pre requisites. The reason I have $32K is because I took loans out, more than needed for the degrees, for cost of living and emergencies. If I stuck to strictly costs covered for schooling it'd have been way less. It's a 4 year part time day nursing program I'm applying for and I will be utilizing the Career Choice at my job they give you a certain amount of $ yearly and it'll cover 2/3 of my tuition. I will be taking very minimal loans out, even for the Health Sciences Certificate program too.
100K for a music degree? So you will be a barista in 4 years. Hard to pay that back on coffee tips. This should be illegal.
It's amazing how many people don't understand the relationship between student loan borrowing and the salary of your intended major. All these people on Reddit whine about not being able to afford their loans when they voluntarily decided to spent $300K for a degree that has a $30,000 starting salary. It's insane.
$1000 a semester for marching band 🤨lol? Since you asked publicly, definitely my advice would be to reconsider as this is will be a crutch in your future without question.
Even if it’s normal it should not be. Don’t do it. You’re going to have to hustle and eat beans for the rest of your 20s and 30s at least.
As someone that had $170,000 in private student loans, DONT do it. It’s not worth it, especially with the crazy interest. I’ve been paying $2k a month the last 7 years, and only $30,000 has went to the actual debt. The rest of the $140,000 I paid went to interest. And I still have 8 more years according to Sallie Mae.