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When you’re looking for funds to pay for your college education, you’re likely to go after federal funds and all of their benefits first — and, if that isn’t enough, then you’ll seek private loan funding. But, what is a signature student loan, exactly? Does it make sense to take out this type of funding? This post will share insights into a student signature loan.

What Are Student Signature Loans?

Known as a “sig student loan” for short, it’s a type of loan that people use to pay expenses for college. They can also be known as “good faith loans” because they’re granted to a borrower on the basis of a signature only with no collateral. The borrower takes on a certain amount of private (non-federal government) debt in the form of a loan at a predetermined interest rate, agreeing to pay it back in a series of installments, and then uses the funds to pay expenses.

What Type of Loan is a Signature Student Loan?

As you explore options, you’ll come across different types of student loans. In general, there are two broad types: federal and private student loans. Federal loans require the filling out of a FAFSA to see if a student qualifies for any type of aid from the federal government; some colleges and universities require a FAFSA even for scholarships and grants. A student signature loan, however, is a form of private funding, one where collateral is not needed, making it an unsecured private loan for college expenses.

Common Uses of a Signature Student Loan

Common uses of a signature student loan include for tuition/attendance, books, and housing. Here’s more about each.

Tuition/Attendance

Tuition costs can vary but a typical student could pay $10,000 a year for in-state tuition at a public four year institution and up to $40,000 to $50,000 in tuition at a private university each year. So, a student may decide to use a sig student loan to cover costs of tuition/attendance that aren’t covered by grants, scholarships, and federal student loans.

Books

The average college student spends between $600 and $1,500 each year to pay for their books and supplies. One single hardback textbook can now cost as much as $400 although the average is between $80 and $150. So, just about 30% of students use some form of loan funding to pay for their college books.

Housing

Although some students continue to live at home during college, many pay for room and board. At a public, four year institution, this could cost $9,000 to $13,000 a year. At a private, non-profit institution, it could cost a similar amount, depending on whether the student lives on or off campus.

Should You Get a Signature Student Loan?

It depends on your unique situation because signature student loans come with pros and cons that we’ll explore soon in this post. As general guidance, students who don’t receive enough funding through grants, scholarships, and federal student loans often look towards private funding to make up the difference. Private loans, sometimes called signature student loans, are offered by banks, credit unions, and online lenders.

Pros and Cons of Signature Student Loans

Pros of Signature Student Loans

Pros of signature student loans include the following:

•   Extra Source of Funds

•   Variety of Repayment Terms

•   Flexibility of Usage

•   Here’s more about each

Extra Source of Funds

Private student loans, also called a student signature loan, can provide a source of funding for college after grants, scholarships, and federal options have been exhausted. Federal financial aid can include grants and scholarships typically being awarded without repayment requirements. Federal loans are also considered financial aid. Students who demonstrate financial need may qualify for a subsidized loan, meaning that the government covers the interest while the student attends school. Student signature loans can help fill in funding gaps.

Variety of Repayment Terms

With a private student loan, funds are obtained from a private lender. Some offer better rates and terms than others with some of them deferring payments while the student is attending college classes. Compare rates and terms to choose which route is best for you.

Flexibility of Usage

In general, a private loan can offer flexibility with the funds used; for example, this funding can be used as one of the undergraduate student loan options or one of the graduate student loan options: for tuition, books and supplies, and/or housing expenses.

Cons of Signature Student Loans

Unlike a federal student loan, private lenders of student signature loans don’t rely upon information found in a FAFSA. Instead, a student interested in receiving private funding would fill out an application with the lender of interest. In other words, the student must qualify for the loan.

Qualifying for a Sig Student Loan

Loan terms can vary by lending institution. This includes the interest rates offered, borrowing limits allowed, and the length of the loan.Some require payments while the student is in school while others will defer payments until the student is out of school. Choose parameters that fit your needs with the understanding that you’ll need to qualify for the loan program.

Credit Score

The private lender may require you to have a certain credit score to obtain the loan or to get the best rates and terms. The three main credit bureaus that issue scores are Equifax, Experian, and TransUnion. A private lender will likely have a certain credit bureau that they use to get an applicant’s credit scores, and yours will need to fit within their lending guidelines to get loan approval.

Income

The lender will also want to see proof of a steady income, one that’s sufficient to pay back the loan. If you don’t have enough on your own, perhaps a parent would cosign the loan for you, reassuring the private lender that the loan will be appropriately paid back.

Other Ways to Pay for College

Ways to pay for college include:

•   Financial aid

•   Federal loans for students

•   Federal PLUS loans for parents

•   Work study jobs

•   Part time jobs

•   Private student loans

•   Here’s more about each

Financial Aid

In general, student financial aid can be a combination of grants and scholarships, federal student loans, private student loans, and funds from jobs (work study or part time jobs).

Federal Loans for Students

Federal Direct loans, also known as Stafford loans, can be either subsidized or unsubsidized. With the first, the government covers the interest while the student is in school; with the latter, the interest accrues while the student is in school. In either case, finding out what you qualify for in federal funding can be a logical first step.

Federal PLUS Loans for Parents

Parents can take out a Parent PLUS loan for an undergraduate with fixed interest rates and flexible repayment methods. These loans do require a credit check and can also be taken out by graduate/professional students. The maximum amount that can be borrowed is the full cost of tuition minus other financial assistance the student receives.

Work-Study Jobs

There is a federal work-study program that allows students with financial need to earn income to pay their education-related expenses. Ideally, the work will be connected to community service and/or the student’s academic study courses. This program is managed by the colleges themselves, so check with yours to see if they participate and if you qualify.

Part Time Jobs

If you don’t qualify for work study, you can still seek part time employment in the general location of your university, perhaps at a restaurant or coffee shop or by babysitting or dog walking. This allows the student to earn income, hopefully on a schedule that is flexible enough to work around college commitments.

Private Student Loans

This can be a source of funding for college expenses when grants, scholarships, and federal funding options have been exhausted. Private lenders can have different loan programs, so compare carefully before making a decision.

The Takeaway

In short, a signature student loan is a type of unsecure (no collateral) form private funding to help with educational expenses. It’s a private form of lending. There are pros and cons to this type of lending as this post demonstrates.

If you’re exploring private student loan options, SoFi can help. SoFi offers a low-interest rate, no fee form of private lending — a student signature loan — that covers costs that are school certified: tuition, books, supplies, room and board, and transportation.

Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.

FAQ

Is a signature student loan a good idea?

It depends on your unique situation, and whether you’ve explored all of the options for grants, scholarships, and federal loans. This article lists pros and cons of signature student loans.

Is it easy to get a signature student loan?

A signature student loan is a form of private funding, so the lender will likely check your credit scores and ability to pay back the loan. You may or may not need a cosigner.

When do you have to start paying a sig student loan back?

It depends on the private lender. Some have you start paying it back right away while others allow you to wait until you’ve finished school. Be clear about what you’re agreeing to, including when the loan must be paid back.

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Photo credit: iStock/FatCamera

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SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs. SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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You can typically use a debit card when traveling in another country as long as the merchant accepts transactions from the card issuer. Debit cards are especially useful when withdrawing cash from ATMs internationally, but cash and credit cards may make more sense for other purchases abroad.

In this guide, we’ll cover the ins and outs of this scenario, including:

•   Can you use a debit card internationally?

•   Are you charged fees when using a debit card internationally?

•   How can you safely use a debit card in another country?

•   Can you withdraw money at an international ATM?

•   What can you do if your debit card doesn’t work?

Can You Use a Debit Card Internationally?

Yes, you can use your debit card internationally, though you may incur foreign transaction fees. Depending on where you travel, you might find merchants that only accept cash — or may only accept cards from specific issuers — so it’s a good idea to have a mix of payment methods with you.

Visa and Mastercard are almost universally accepted anywhere you can pay with plastic. While Discover and American Express have historically been less accepted outside the United States, the two card issuers have made significant strides in recent years. To be safe, it’s a good idea to carry cards from more than one issuer, as well as cash, when traveling abroad. Just be sure you have details like the customer service phone numbers in case you were to lose your cards or be the unfortunate victim of a pickpocket (see more safety tips below).

Recommended: How to Travel on a Budget

Will I Face Fees If I Use My Debit Card Internationally?

While you can typically use a debit cards in another country, you may have to pay a foreign transaction fee. Though these fees vary by bank and card issuer, they are usually around 3% of any transaction abroad.

In addition, you may be given the option by a merchant to pay in local or U.S. currency. If you opt for the latter, it is known as dynamic currency conversion (DCC), and you will likely face an upcharge, possibly a steep one. It’s wise to decline this offer.

If you want to avoid foreign transaction fees, you may need to open an international credit card designed for travelers or find a bank account offering a debit card without these fees.

While you can use a debit card for purchases abroad, experts often recommend paying with cash or a credit card as it can offer better protection if a thief gets their hands on your plastic.

Instead, debit cards are ideal for taking cash out of an ATM. If your bank offers in-network ATMs in foreign countries, you can avoid ATM fees by withdrawing money from those specific ATMs — though you may still contend with foreign transaction fees.

What to Do Before You Travel to Another Country

Traveling to another country is exciting, but there’s a lot to do before you hop on that plane. You may have to find a pet sitter, book hotels, or renew your passport, but there are also a lot of important financial moves to make before traveling internationally:

•   Informing your bank: Banks and credit unions offer a wealth of services to prevent fraud. Unexpected transactions in foreign countries can be a red flag to your financial institution; in attempting to protect you from fraud, they may decline the transaction or freeze your card. It’s a good idea to let your bank and/or credit card issuer know where and when you’ll be traveling so there aren’t any interruptions to your banking service.

   It can also be wise to note customer service numbers for your bank and credit cards in a safe place but not in your wallet in case you were to lose your wallet or be robbed while traveling. You can then spring into action quickly to report losses.

•   Exchanging your money: You’ll want cash in the local currency for your trip, but it’s a good idea to exchange your money before setting out on your travels. Airport kiosks, hotels, and train stations have notoriously high exchange rates; you’ll likely get a better rate if you exchange in advance with a bank or credit union near you.

   That said, you don’t want to carry too much cash on you when traveling in another country, meaning you’ll need to exchange money as you go. You can avoid high exchange rates abroad by getting cash from an in-network ATM using your debit card and staying within your ATM withdrawal limits.

•   Getting travel insurance: If you’re paying for your travel with a rewards credit card, you may already carry special credit card travel insurance. But if cash and debit cards are your primary resources, you’ll likely want to find travel insurance through a third party. Travel insurance can help with the challenges and costs of trip cancellations, lost luggage, rental car issues, and even medical care in foreign countries.

•   Getting an international phone plan: Even the best laid plans can go wrong. If you get lost, want to use a translator, or need to call your bank to troubleshoot an issue with your debit card, you’ll want a call, text, and data plan from your phone provider. It’s a good idea to ask your provider in advance about their international plans and see if you can work it into your travel budget.

Recommended: How to Save Money on Hotels

Tips for Safely Using Your Debit Card Internationally

Taking your debit card with you abroad can be convenient, but it’s important to prioritize safety when spending money in another country. Here are a few tips for safely using your debit card internationally:

•   Wear a money belt: Pickpockets can ruin a vacation in a matter of seconds. Keep your valuables (wallet, passport, smartphone, etc.) safe by keeping them out of your pockets, and don’t lug around a purse on your shoulder, either. Instead, wear a money belt — a pouch on a belt that keeps your money securely attached to your person. You can store your debit cards, credit cards, and cash in the pouch.

•   Tell your bank you’re traveling: Avoid becoming stranded in another country without access to your funds by alerting your financial institution of your travels. This should prevent them from freezing your card because of unusual activity.

•   Bring multiple forms of payment: Because something can go wrong — lost or stolen funds, payment type not accepted, etc. — it’s wise to have multiple forms of payment with you when traveling internationally. Ideally, your money belt may have a credit card, a debit card (from a different issuer), and cash in the foreign currency.

•   Practice ATM safety: When using your debit card to withdraw funds at an ATM, there are a few things you can do to protect yourself and your money.

◦   Don’t use the ATM alone, if possible.

◦   Don’t use the ATM at night.

◦   Memorize your PIN (and make sure it’s unique); don’t write it down anywhere.

◦   Watch someone else use the ATM first; if they can successfully retrieve their card and their money, that’s a good sign that criminals haven’t tampered with the machine.

◦   Learn to check ATMs for card skimmers. If a machine looks like it’s been tampered with or has an extra bit of plastic around the card slot, don’t insert your card and find another source of cash.

Recommended: Renting a Car With or Without a Credit Card

Can You Withdraw Money at an International ATM?

If you’re wondering “Can I use my debit card internationally?” you may well be thinking about withdrawing money from an ATM while abroad. That is a top reason to bring your debit card with you when traveling overseas. Before traveling, you can research which ATMs are in your bank’s network in the country you’re visiting — and even make a list of their locations so you know where to go during your trip.

While using an in-network ATM may help you avoid ATM fees, some banks and card issuers may still charge foreign transaction fees. If you regularly travel abroad, it may be worth opening a checking account with a debit card that does not charge foreign transaction fees.

Pro Tip: If you are worried about ATM fees abroad, you may be able to use your debit card at a store and request cash back at the register. However, foreign transaction fees may apply.

What to Do If Your Debit Card Does Not Work?

If you’re in a foreign country and your debit card isn’t working, don’t panic. There are a few things you can do to ensure you can safely spend your money abroad, like:

•   Calling your financial institution. Making an international call might be expensive, but talking to someone at your bank can usually rectify any issue with your debit card. Also, some financial institutions have numbers to use when traveling internationally. It can be wise to note that information down in advance so it’s handy.

•   Using another form of payment. If you’re in the midst of a transaction, it might make sense (at least temporarily) to pay with a credit card or cash until you’re in a calmer place. Then, when you’re back at your hotel or another quiet place, you can resolve your debit card issues.

•   Finding a U.S. embassy. As a last resort, if you have no way of getting money and are stranded abroad, find a U.S. Embassy or Consulate. In emergencies, they may offer temporary loans to travelers.

Recommended: Credit Cards vs. Debit Cards

Banking With SoFi

If you’re planning on traveling internationally, you probably know that you may be hit with various foreign fees. Here’s some relief: When you bank with SoFi, you’ll have a debit card you can use without foreign transaction fees. That’s just one of the perks of opening an online bank account with SoFi. Our Checking and Savings account offers a competitive APY and no monthly fees, plus the convenience of spending and saving in one easy place.

Plan ahead for your international vacation by opening a SoFi bank account today.

FAQ

Is it better to use cash instead of a debit card internationally?

When traveling internationally, it’s a good idea to have a mix of payment methods: cash, credit cards, and debit cards. Some experts advise using credit cards and cash for purchases and relying on your debit card exclusively for ATM transactions.

Can I use my debit card in all countries?

In most cases, you can use your debit card in other countries, as long as the merchant takes credit cards and accepts cards with your logo. Visa and Mastercard are the most universally accepted, with Discover and American Express following closely behind. When you use your debit card abroad, you may have to pay foreign transaction fees and ATM fees.

Is it better to use a credit card or debit card internationally?

When traveling abroad, you may want to prioritize payment methods that do not charge foreign transaction fees, whether that’s a credit card or a debit card. However, it’s a good idea to carry both kinds of cards (plus cash). Experts recommend using a credit card or cash for purchases and utilizing a debit card to withdraw more money at ATMs as needed.

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Photo credit: iStock/Anchiy

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SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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More and more young people are on the fence about going to a traditional four-year college. One popular decision-making strategy is to create a list of pros and cons of going to college. To get you started, we’re going deep into the benefits and downsides of attending college.

Keep reading to learn how college is correlated to more positive outcomes for grads, from lower unemployment to better health, as well as the financial risks.

On the Fence About Going to College?

Feeling torn about college can be a natural result of low motivation to continue schooling, a good job situation, or nontraditional career goals. Most people of all educational backgrounds would agree that college is not for everyone.

If you have a great job lined up now, waiting to attend school might make sense. On the other hand, if you need a degree to fulfill your goal of becoming a wildlife biologist, you may have little choice but to sign up for classes. The key is to be honest with yourself and clear about the consequences of your decision.

Pros of Going to College

It’s important to look at reasons both for and against going to college to avoid falling prey to “confirmation bias.” The term refers to our tendency to look for evidence, information, and ideas that confirm our beliefs. For example, if your gut is telling you college is not for you, you may unconsciously look for evidence that you shouldn’t go — without considering opposing reasons why you should.

Higher Earning Potential

One of the major reasons to attend college is salary potential. Let’s take a look at the median weekly earnings across various degree levels, according to the Bureau of Labor Statistics:

•   Doctoral degree: $1,909

•   Professional degree: $1,924

•   Master’s degree: $1,574

•   Bachelor’s degree: $1,334

•   Associate degree: $963

•   Some college, no degree: $899

•   High school diploma: $809

•   Less than a high school diploma: $626

According to these figures, a worker with a bachelor’s degree makes $27,300 more per year than a high school grad.

For recent bachelor’s degree graduates (ages 22 to 27), the median annual income reached $52,000 in 2021. Meanwhile, their same-age peers who obtained high school degrees only earned $30,000 per year.

Access to More Jobs

Candidates with a college degree have access to a wider variety of jobs. Prior to the 1980s, two-thirds of jobs required at most a high school diploma. But by 2027, 70% of all workers will need some college under their belts, according to the Georgetown University Center on Education and the Workforce.

Value of Learning

When you head into a college classroom, you learn more than just the job skills required in the white-collar workforce. You also learn critical thinking, time management and organization, money management, writing and speaking, teamwork, and project management.

Those who don’t attend college may not have the opportunity to develop specific skills that employers are looking for.

Networking

College offers opportunities to network on campus, through classes, career fairs, student organizations, and more. Career development offices at colleges and universities also help students network and connect with career and internship opportunities.

Some College Degrees’ High Return on Investment

Certain college programs offer a higher return on investment by allowing students to recoup their educational investment in five years or less. The list of bachelor’s degree programs with a high return on investment (ROI) include:

•   Nursing – including nursing administration and research

•   Engineering – including electrical, industrial, aeronautical, and petroleum

•   Dental support services and allied professions

•   Construction management

•   Quality control and safety technologies

Associate degree earners can find the highest ROI in the following majors:

•   Nursing – including nursing administration and research

•   Dental support services and allied professions

•   Health diagnostic, intervention, and treatment professions

•   Medical laboratory science / research and allied professions

•   Computer programming

•   Electromechanical instrumentation and maintenance technologies

•   Electrical engineering technologies

•   Industrial production technologies

•   Drafting/design engineering technologies

Lower Unemployment

Individuals who earn a bachelor’s degree are half as likely to be jobless compared to high school grads. And during times of economic upheaval, college graduates fare better.

For example, the unemployment rate for recent college grads hit 6.9% during the recession of 2008-2009. Not so bad compared to the unemployment rate for all young workers, which crested at 15.8% in 2010.

Today, the jobless rate for bachelor’s degree holders is less than 2%.

Lower Poverty

A total of 10% of the U.S. adult population reported earnings at or below the poverty level in 2019, according to the U.S. Census Bureau. Digging through the data shows that adults with a bachelor’s degree or higher experience the lowest levels of poverty.

Adults who reported being at or below the poverty line obtained the following levels of education:

•   Less than a high school diploma: 26%

•   High school degree or equivalent: 35%

•   Some college or associate’s degree: 26%

•   Bachelor’s degree or higher: 14%

Healthier

College graduates, on the whole, are more likely to be healthier. They may lead healthier lifestyles than non-college graduates because a college education stresses human development, which encompasses health and longevity.

College graduates are also more likely to have health insurance. Adults with some college or an associate degree are twice as likely not to have insurance coverage compared to those with at least a bachelor’s degree.

Better Educated Children

Studies suggest that parents who place a priority on educational attainment and model achievement for their kids (including going to college) typically have children who also value education. This leads to better-educated children.

More Likely To Save for Retirement

Most companies no longer offer pension plans to workers, so individuals must create their own retirement savings plan or join one offered by an employer. College graduates are more likely to contribute to a retirement plan like a 401(k). Even when high school graduates have access to similar plans, college grads contribute 26% more to their retirement plans than their high school graduate counterparts.

Cons of Going to College:

The cost of college, the availability of high-paying jobs that don’t require a degree, and underemployment — there is a long list of reasons why paying for college may not make sense for you.

Cost of College

The average cost of attendance (tuition, fees, and room and board) for an undergraduate education increased 169% between 1980 and 2020, according to the Georgetown University Center on Education and the Workforce.

These costs may encourage you to begin thinking about alternatives to college, particularly if you or your family will struggle to come up with the money to pay for college. Student loans may also be a challenge to pay back later on.

Recommended: Private Student Loans vs Parent Plus Loans

Cost of Tuition

Tuition is typically the most expensive part of attending college. According to the most recent information from the National Center for Educational Statistics, the average tuition cost for first-time, full-time undergraduate students in 2019-2020 was:

•   Public four-year institutions: $9,400

•   Private nonprofit four-year institutions: $36,700

•   Private for-profit four-year institutions: $19,100

However, it’s important to remember that many students pay far less than the sticker price to attend college. The cost of attendance displayed on a college website may not be the amount it will cost you to attend.

Opportunity Cost of Time Spent Not Working

When you attend college, your available hours to work are reduced by classes and studying. You may spend up to two years in a classroom for an associate degree, or lose four years to obtain a bachelor’s degree. You’ll also lose out on income you could have been earning.

High-Paying No-Degree Jobs

Some high-paying jobs don’t require a college degree. Often, individuals can make up for a lack of degree by showcasing on-the-job experience. Here is a list of jobs that don’t require a degree:

•   Patrol officer

•   Home health aide

•   Personal care aide

•   Wind turbine technician

•   Recreation and fitness worker

•   Massage therapist

•   Landscaper and groundskeeper

•   Medical assistant

•   Computer support specialist

Underemployed College Graduates

Underemployment refers to recent college graduates (ages 22 to 27) with a bachelor’s degree or higher who are working in a job that doesn’t require a bachelor’s degree. In February 2022, about 41.4% of recent U.S. college graduates were underemployed in the United States.

Dropping Out

Less than half of college students graduate on time, and more than 1 million students drop out of college every year. The problem with dropping out is that you might get saddled with student loan debt but not have the degree to show for it.

Some of the risk factors for dropping out include part-time enrollment in college, full-time employment while attending school, gap years and leaves of absence, and students who are not dependent on their parents.

Earning Potential of Different Majors for College Graduates

The major you choose can affect your income. However, it’s important to remember that majoring in history doesn’t prevent you from going to work for an insurance company. Still, according to the Georgetown University Center on Education and the Workforce, your major still matters.

Top-paying college majors earn $3.4 million more over a lifetime than the lowest-paying tier of majors. The highest earners belong to STEM fields (science, technology, engineering, math), health, and business. These jobs typically earn $65,000 or more annually over the course of a career, with an entry-level salary of $37,000.

Is College Right for You?

Let’s put some pros and cons of college side-by-side. You may consider adding to them based on your own thoughts and research.

Pros of Attending College	Cons of Attending College
Higher earning potential	High cost
Access to more jobs	Opportunity cost of time spent not working
More learning opportunities	The availability of high-paying, no-degree jobs
Networking opportunities	Underemployed college graduates
High ROI for some degrees	The possibility of dropping out
Lower unemployment
Lower poverty
Health benefits
Better educated children
Higher likelihood of saving for retirement

Alternatives to College

A traditional four-year institution isn’t the only type of college you can attend. You can also consider attending a trade school, community college, industry-specific education program, or even learning on-the-job. Let’s go over the details of each of these opportunities, which can be more cost-effective than other educational institutions.

Trade School

A trade school (also called a technical or vocational school) teaches students skills for specific occupations, often for in-demand fields. Students can learn mechanical trades, truck driving, cosmetology, and more, and earn a certificate for their learning efforts. Trade schools often cost less than traditional four-year colleges and universities, so graduates may end up with less student loan debt.

Many trade schools expect students to complete an apprenticeship with an experienced practitioner. Full program training may last between three months and a year.

Recommended: What Trade Jobs Make the Most Money?

Community College

A community college is a tax-funded public college that, like trade school, usually offers a cheaper alternative to a four-year college experience. Community colleges usually offer one- or two-year associate degrees, certificates, or workforce training. Community college degrees often transfer to four-year institutions, allowing students to move over to a flagship state university.

Community colleges may offer flexible class schedules, often allowing students to work or take care of family at the same time. About 30% of students are enrolled in community colleges.

Industry-Specific Education Programs

Sector-based training, where people are trained for jobs in high-demand fields, is on the rise. This training may focus on health care, information technology, advanced manufacturing, or transportation and logistics. Employers offer the training to middle-skilled candidates, mutually benefiting workers and companies that need to fill jobs.

Learning on the Job

Employers will sometimes hire uncredentialed candidates with the understanding that individuals will secure certifications within a certain timeframe. Such training is typically paid for by the company. Workers benefit by getting paid while they’re in school and receiving free education.

The Takeaway

While a bachelor’s degree is associated with numerous benefits, from lower unemployment to better health, remember that correlation is not causation. If you’re ambitious and creative with good people skills, you may do just as well without an expensive 4-year college degree. Alternatives include community college, trade school, and learning on the job. It’s true that some careers require a bachelor’s degree, but many high-paying jobs do not. Be honest about your motives, and carefully consider the pros and cons of your decision.

3 Student Loan Tips

1. Need a private student loan to cover your school bills? Because approval for a private student loan is based on creditworthiness, a cosigner may help a student get loan approval and a lower rate.
2. Even if you don’t think you qualify for financial aid, you should fill out the FAFSA form. Many schools require it for merit-based scholarships, too. You can submit it as early as Oct. 1.
3. Master’s degree or graduate certificate? Private or federal student loans can smooth the path to either goal.

Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.

FAQ

What are the biggest reasons for not going to college?

There are a wide variety of college pros and cons, but the biggest reasons involve not being able to afford it, not being ready for the opportunity, and already having a job. If you’re deeply worried about the cost but still want to go to college, there are tuition-free colleges you may want to consider.

What are the most important reasons to attend college?

One of the most important reasons to attend college is to be able to achieve a career goal that you have set for yourself. Even if you don’t know exactly what you want your major to be, you may pursue higher education to discover that goal. Another important reason to attend college involves acquiring skills that help your overall development, both personal and professional.

How does college compare to trade school as far as cost and benefit go?

The average tuition cost of a trade school is much lower than a four-year college or university. Trade school can cost up to $33,000 on the high end of the spectrum, but typically costs between $5,000 and $15,000 in total.

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Photo credit: iStock/FG Trade

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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The high cost of graduate school can make the dream of getting a master’s or a doctorate feel like a financial impossibility for many people. One way to help with tuition is by applying for a graduate fellowship, a merit-based award given by the university you’re attending or from an outside organization.

As with other scholarships and grants, there can be steep competition for these awards. Here’s a guide to graduate fellowships and how to go about applying for one.

What Is a Graduate Fellowship?

Fellowships are awards given to qualified graduate students based on academic merit. The purpose of a graduate fellowship is to give financial support while graduate students pursue their coursework, conduct research, and do intensive study into their particular field area.

Unlike a graduate assistant, who commits to working as a teaching or a research assistant in exchange for pay, fellowships do not typically come with any associated work requirements.

Besides helping you cover the cost of tuition, a fellowship may offer an additional cost-of-living stipend and health insurance, and cover related expenses such as attending an academic conference. Fellowships are awarded for a specific amount of time, ranging from a few months to several years.

Perhaps the biggest benefit is, unlike a student loan, you don’t have to pay any money back.

Internal vs External Graduate School Fellowships

There are two main sources of fellowships that can fund your tuition: internal and external. The latter is sometimes referred to as a portable fellowship. Internal funding comes from the university, while external financial support is provided by non-university outlets. (Of course, there are other ways to pay for grad school too.)

Here’s a breakdown on how they differ:

Internal Fellowship	External Fellowship
Sponsored and awarded by the college or university.	Awarded by organizations outside the school, such as government agencies, corporations, nonprofits, and private foundations.
Less competitive. There’s a smaller pool of applicants who are applying to that specific school only.	More competitive because you’re applying along with people from other colleges and universities.
Stipend may be lower.	Stipend amount often meets or exceeds those issued by a university.
Funding is specifically for study at one college or university.	Funding is less likely to be dependent on affiliation with a particular college or university. Recipients generally have the flexibility to choose their school and programs of study.

Types of Graduate School Fellowships

Graduate fellowships vary in duration and purpose, and whether you’re a graduate, doctorate, or postdoctoral student. Here are the two main kinds of fellowships:

•   Graduate or Predoctoral Fellowship. This is for students who are pursuing a master’s or doctorate degree. Funding can come from the institution the student plans to attend or from an external source such as a philanthropic foundation or nonprofit organization.

•   Postdoctoral Fellowship. After a student completes their doctorate program, they can apply for a postdoctoral fellowship. These awards are geared toward people who want additional time to devote to study and research.

Applying for a Graduate Fellowship Program

Expect a long to-do list when applying for a graduate fellowship program. These tips can help you prepare your application:

•   Identify fellowships that are the right fit. There are a lot of fellowships out there, so do your due diligence to see which one might best meet your goals. Will this opportunity enhance you both personally and professionally? Because the application process can be intense and time-consuming, be sure you’re pursuing just the right opportunity.

•   Check eligibility requirements. Research the different internal and external fellowship opportunities to see what each requires. Some fellowships may be for U.S. citizens only, have an upper age limit, want students who intend to be or are enrolled in a graduate program, or have never accepted a graduate fellowship before. If you’ve been awarded grad school scholarships, make sure your fellowship is aware of them too.

•   Start early. An application may call for prerequisite paperwork, personal statements, project or research proposals, transcripts, and letters of recommendation, so you’ll want to give yourself enough time to gather these materials. You don’t want to be scrambling to get everything together at the last minute.

•   Proofread your application carefully. You’ve got one shot to impress people, so don’t submit an application that hasn’t been reviewed and re-reviewed. Be sure to check for spelling and grammar mistakes, and ask a trusted advisor or friend to read it as well. Applications that are polished and absent mistakes can create a more favorable impression.

What You Need To Know About Fellowships for Graduate Students

If you’re thinking about going for a graduate fellowship, you’ll want to be aware of how they work. Read on for all the ins and outs:

Applying for a Graduate Fellowship Program

There are lots of moving parts when it comes to applying for a graduate fellowship. And because these awards are in high demand, you’ll want to get ahead of the crowd of other applicants by submitting your paperwork as soon as possible.

Early Deadlines

Internal and external graduate fellowship deadlines typically fall between the months of October and February. Funds are designated for the next academic year. This means you need to apply to them at the same time you’re also applying to grad school.

If you make the mistake of looking into funding opportunities after you’ve sent out your graduate school applications, it’s too late. Begin your research and applications for graduate school fellowships early so you don’t miss these important deadlines.

Funding Duration

As mentioned earlier, funding for graduate fellowships comes from either the university you’re attending (internal) or from outside organizations (external). When searching for graduate fellowships, keep duration in mind. Financial support varies depending on the fellowship: Some can fund you for a year while others might cover as many as three years.

If you’re in a two-year master’s program and the fellowship only covers a year, you could find yourself worrying about how to pay for that additional year. Working toward a PhD can take up to 8 years, so if you’re pursuing a doctorate, you’ll definitely want to aim for a multi-year fellowship.

Competition

When it comes to easing the burden of graduate school costs, fellowships are a popular option — which means they can be highly competitive. Fellowship programs look for highly qualified people who are also high achievers.

External graduate fellowship opportunities cast a wider net, so you have more options. But if you’re applying for an external fellowship, you’re up against a bigger pool of applicants from all over the country and even internationally. With an internal fellowship, you’ll find yourself competing with far fewer candidates.

Reserved Assistantships

Graduate assistantships are very much like work-study programs. However, instead of getting paid to do something totally unrelated to your field, like washing dishes in the cafeteria, these part-time teaching, research, and service administrative positions within the university exist to give you more focus in your chosen field.

Teaching and research positions are typically geared toward a student’s area of study, while an administrative position can be in any university department, such as the library service, residence hall, or university office.

Compensation can be in the form of hourly pay, a monthly stipend, or a tuition waiver. You may even be able to find an assistantship that pays your tuition and gives a stipend. Some schools also offer their assistants student health insurance.

These positions not only offer financial support, but are often highly convenient for students who already spend the majority of their time on campus. In one central location, you can attend classes, study your discipline, network, and earn money.

As with other internal graduate fellowships, application procedures vary by school. Check with the specific institution for deadline and application information.

Recommended: College Tuition Payment Plans

Part-Time and Online Graduate Programs

Not all graduate students can attend school full-time or be onsite. Though many fellowships (internal and external) do require a student to be full-time, some accept part-time students. Fellowships for online students exist as well, but might also be more geared to full-time students. You will probably have the most options for part-time or online degree programs with externally funded fellowships.

By the way, if you’re counting on student loan deferment for graduate students, make sure that part-time and online students are eligible.

Internal Funding Sources

Colleges and universities that award graduate fellowships get the money to fund them from several sources. Where a school gets its money can depend on whether it’s a private or public college, for-profit or non-profit. Funding for fellowships can come from student tuition and fees, federal and state governments, and endowments, which are funds donated by individuals or an organization.

Postdoc Fellowships

These fellowships are awarded to people who have earned their doctorate degree. A postdoc fellowship allows the PhD holder to acquire additional academic knowledge and research training. Areas a postdoc fellow might undertake include teaching, grant writing, presenting findings to others, and leading projects and other team members.

Postdoctoral fellows are typically paid in the form of a stipend. Both internal and external sources can fund a postdoc fellowship.

Long-term Career Prospects

Fellowships can bolster your resume and get the attention of prospective employers. As a graduate fellow, you’ve shown you’re motivated, disciplined, and serious about your focus of study. You’ve also shown you’re highly qualified and stood out from a pool of other candidates.

Education pays off when it comes to employment. According to the U.S. Bureau of Labor Statistics, people with higher levels of education and advanced degrees typically earn more money and have lower rates of unemployment compared with people who have less education and lesser degrees.

Graduate and postdoctoral fellows can go on to have long-lasting careers as researchers, university professors, expert scholars, writers, and authors. They can also work in their specialty for a corporation, government agency, or at a nonprofit organization.

Recommended: The 14 Best Jobs for MBA Graduates

The Takeaway

A graduate fellowship can help fund your postsecondary education, easing stress and averting debt. You can find fellowship opportunities through your college or university of choice, or through external sources such as foundations and non-profit organizations. The competition for fellowships is steep, but applying early on can increase the chances you’ll be rewarded with one.

3 Student Loan Tips

1. Can’t cover your school bills? If you’ve exhausted all federal aid options, private student loans for graduate students can fill gaps in need, up to the school’s cost of attendance, which includes tuition, books, housing, meals, transportation, and personal expenses.
2. Even if you don’t think you qualify for financial aid, you should fill out the FAFSA form. Many schools require it for merit-based scholarships, too. You can submit it as early as Oct. 1.
3. Master’s degree or graduate certificate? Private or federal student loans can smooth the path to either goal.

Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.

FAQ

Can I have more than one fellowship?

Yes you can, but it may not always be beneficial. Before applying to any external opportunities, check your school’s policy regarding additional fellowships. Some colleges will allow you to have more than one, but they will also look at your whole financial package as well. Schools have the ability to decrease your fellowship amount if you’ve also been awarded another one.

Is a fellowship prestigious?

Quite. Fellowships are merit-based academic awards given to outstanding students that fellowship committees believe will make an important and long-lasting contribution to their field of study. Since there is a lot of competition for these awards, recipients have submitted applications with impressive faculty recommendations, a project or research proposal, and well-written personal statement.

How do you find fellowships for graduate school?

First, check with your specific school to see what fellowships they offer. You can find external fellowships on websites of professional organizations related to your discipline and through databases on sites such as Profellow.com and Bigfuture.collegeboard.org.

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Photo credit: iStock/AntonioSolano

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs. SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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A performing arts college curriculum aims to give students the knowledge, tools, and training to be working artists. Performing arts majors get to study all aspects of their craft and gain practical experience. A degree in the performing arts can give grads a leg up on the competition, through more polished skills and valuable connections in the business.

A wide variety of job options are available within the arts sector. Here, we’ll explain the main types of performing arts degrees, and the kind of jobs available to grads as performers and behind-the-scenes pros.

What Are the Performing Arts?

In the performing arts, an artist uses their body, voice, or a musical instrument to express a story or feelings. Art forms include theater, film, vocal and instrumental music, opera, comedy, dance, puppetry, spoken word, and even magic and circus acts.

The performing arts differ from the visual arts, in which artists express themselves through means such as photography, painting, drawing, and sculpting.

What Are the 4 Main Types of Performing Arts?

Performing arts degrees are typically geared toward one or more of these areas.

1. Drama

Drama includes not just acting, but also speech, stage movement, voice work, theater history, and dramatic literature. Other specialties in the drama category include directing, stage management, playwriting, musical theater, and scene design. Students learn all the elements that go into a theatrical production.

Recommended: What To Expect from Your College Acceptance Letter

2. Dance

Dance aims to communicate emotion, story, and character through the use of movement. Jazz, ballet, tap, and hip-hop are just a few types of dance included in a performing arts program. Dance performances often have musical accompaniment, and the emotions stirred up by the music frequently come through in a dancers’ body language.

3. Music

Music majors are exposed to all facets of music, from playing an instrument to composing and musical directing. In some college programs, singing is also included. All types of music are covered, such as classical, jazz, opera, pop, and folk. Music can be vocal or entirely instrumental.

4. Singing

Singing is defined as the activity of making musical sounds with your voice. Singing is a form of creative expression, merging words and music, that requires talent and training. Singers can perform solo or as part of a group, as in a choir, band, or musical theater. As mentioned above, voice can be part of a music specialty in a performing arts degree program, or fall under the drama category, for musical theater majors.

What Is a Performing Arts Degree?

A performing arts degree is a diploma earned through completing classwork in various disciplines like dance, music, and drama. Curriculums typically combine concentrated theoretical and historical study with performance practice.

Along with the designated coursework, most performing arts programs require students to gain real-world experience under the supervision of a trained professional. This might come in the form of a paid or unpaid internship, such as working as an assistant to a director or to a sound engineer in a recording studio.

Earning a degree in the performing arts shows you’re serious about your craft and dedicated to learning it. It means you’ve studied intensively and are prepared to pursue your talent in a professional way.

What Can You Do With a Degree in Performing Arts?

The world of performing arts offers a wide array of career choices, either in front of an audience or backstage. One of the most common choices is teaching or private coaching. You can do this through a professional school, community organization, after-school program for kids, or on your own.

•   Actors can find work as voice-over artists, stand-ins for principal actors on a film or television production, understudies, stand-up comedians, podcasters, or hosts of live or recorded programs. Actors can also demo products at corporate conferences, become tour guides, or serve as master of ceremonies for events or comedy shows.

   Other possible career paths include becoming a drama therapist, public speaking coach, talent agent, casting director, director, producer, theater or film critic, playwright, screenwriter, dramaturg, stage manager, or arts administrator.

•   Singers can work in musical theater, cabaret, or as a professional member of a chorus or choir. They may aspire to become lead singer of a band or a backup performer for other artists, in live performances or in a recording studio. Singers can also find jobs singing on cruise ships, in lounges and nightclubs, teaching voice, or as songwriters.

•   Musicians can pursue a number of careers, including musical director or conductor, composer, arranger, sound engineer, or music software programmer. There are even music ministers, who work for a religious organization on musical arrangements used in weekly services, weddings, and funerals.

   Jobs for musicians are similar to those open to singers. Options include working as a band or orchestra member, part of a jazz trio, or backup musician during recording sessions. Some musicians find success working behind the scenes, as a talent agent or a tour manager.

•   Dancers can find work as an artistic director for a dance company, a choreographer, or a dance teacher. With additional training, dancers can become movement or fitness specialists, such as physical therapists, personal trainers, or Pilates instructors.

With additional training, a performing artist can become a drama, music, or dance therapist. These professionals help people improve their mental health and well-being by incorporating techniques and exercises in their specialty. For example, a drama therapist might use storytelling or role-playing to help work through behavioral problems and emotional challenges. Other options are included in our list of the best jobs for extroverts.

Can I Get a Performing Arts Degree Online?

Yes, you can, though the opportunities aren’t as plentiful. Because you need hands-on experience to train in the performing arts, learning online is not ideal or beneficial to mastering your craft. For instance, if you’re taking an acting class, learning how to move around a stage, project your voice properly in a theater, and connect with a live audience is much more difficult, if not impossible, to do online.

Some effective online courses are designed for virtual students. Introductory classes offering an overview of the theatrical arts, playwriting, costume design, or music theory can easily be taken online. Enrolling in some online courses can help students get prerequisites out of the way. But there will most likely be courses requiring you to appear in person for practical experience.

Typical Performing Arts Degree Courses

The performing arts courses you’ll take will depend on the speciality you’ve chosen: drama, music, dance, or an interdisciplinary degree that combines elements of two or more specialties. Courses will differ depending on the school you attend and your degree level.

Usually, a performing arts degree curriculum will begin with general education classes. Academic lectures will deal with the theory and history of the performing arts. Practice-based classes focus on technique and craft. Finally, field-based, experiential learning is key.

While pursuing your degree in performing arts, you’ll most likely be able to take elective courses that fall outside your department, such as psychology or political science.

Common Performing Arts Degree Requirements

When it comes to academic requirements, some schools or courses will be more specific than others. Bachelor’s degrees typically take four years to complete if you’re a full-time student. An accelerated performing arts program may require less time.

Most schools require students to complete a mix of classes specifically related to their chosen major. Other foundational courses such as theory, stagecraft, performing arts history, and literature are needed to fulfill the degree requirements.

What Is the Highest Degree in Performing Arts?

As with many other college majors, performing arts degrees range from an associate’s degree to a Ph.D. However, the most common performing arts degree earned in the field is a Bachelor of Arts (BA) or a Bachelor of Fine Arts (BFA). Although less common, some schools award a Bachelor of Performing Arts (BPA).

There is a practical distinction between a BA and BFA in performing arts. A BA program requires more liberal arts coursework (such as English, math, and science). A BFA program primarily consists of courses in creative disciplines, with the ratio strongly favoring creative classes.

Performing arts master’s degrees can benefit individuals who want to advance their expertise or teach at the college level. Ph.D. programs in the performing arts are geared to those with plans to become researchers or tenure-track professors.

Performing Arts Degree Jobs

There are countless occupations within the realm of performing arts. Here are some of the more popular and in-demand jobs:

•   Producer. A producer acts as a behind-the-scenes executive decision maker. Projects include stage, film, and television productions. Duties of a producer include securing funding for the production, managing the budget, making business decisions, and collaborating with the director on hiring talent and crew.

•   Director. These professionals guide a theatrical production from start to finish. Directors are responsible for auditioning and casting actors, instructing the actors during rehearsals, assembling a production team, and supplying a vision for the project and a unique understanding of the text. They may also work with producers to ensure the project proceeds on budget and on schedule.

•   Writer. If you have a talent for writing and take writing courses while pursuing your performing arts degree, you can parlay your skills into playwriting, screenwriting, or reviewing for a media outlet. Writers may start out as a writer’s assistant on a television show and work their way up to becoming a showrunner, the person who oversees all aspects of a series and is often the head-writer. Or, if you focus on drama or music in school, a lyricist can be a satisfying career path.

•   Teacher. There’s always a need for educators in the performing arts. You can become a drama, dance, or music teacher in a school, conservatory, or community setting. If you achieve an MA or MFA, you can be a professor at the undergraduate or graduate level, create your own class, or work as a private coach. Sometimes, experience honed in the field as a working performing artist is more than enough to teach what you know to others, without requiring anything more than a bachelor’s degree.

•   Musician. The world of music offers myriad jobs. As mentioned earlier, if you sing or play an instrument, you can perform in a band, as part of an orchestra, or as a session musician, backing up another artist in a recording studio. Other sought-after jobs in the music industry include making music for video games, guitar technician, piano tuner, or staff musician who performs on cruise ships, at theme parks, and for music production houses that create music for specific clients.

Recommended: Jobs That Pay For Your College Degree

Ways to Pay for a Performing Arts Degree

Paying for a performing arts degree isn’t any different from paying for other college degrees. You can use both federal and private student loans to finance your performing arts education, along with scholarships and grants.

The first place to start is by applying for federal student aid. With the ever increasing cost of college tuition, even middle class students are encouraged to apply for financial aid. The Free Application for Federal Student Aid form (FAFSA®) will help you line up federal scholarships, grants, federal student loans, and work-study programs.

You can find additional grant and scholarship listings at sites such as collegegrant.net, collegescholarships.com or scholarships.com. SoFi also offers a helpful scholarship search tool.

If your federal student aid offer doesn’t cover your cost of attendance, private student loans are also available. Unlike federal student loans whose terms and interest rates are set by the government, private loan terms and interest rates are set by the lender, based on the borrower’s credit history. Private student loan interest rates are usually higher than the rates on federal student loans.

The Takeaway

A degree in the performing arts provides you with the knowledge and skills you need to embark on an artistic career. The four main areas of study are drama, dance, music, and singing, though students may combine courses from different specialties. There is a wide variety of occupations in the artistic arena that can keep you employed while you live a creatively expressive life. Some popular careers include producer, director, screenwriter, teacher, arts administrator, and stage manager. And of course, you may also aspire to become an actor, musician, dancer, or other performer.

3 Student Loan Tips

1. Can’t cover your school bills? If you’ve exhausted all federal aid options, compare private student loans. Private loans can fill gaps in need, up to the school’s cost of attendance, which includes tuition, books, housing, meals, transportation, and personal expenses.
2. Would-be borrowers will want to understand the different types of student loans peppering the landscape: private student loans, federal Direct subsidized and unsubsidized loans, Direct PLUS loans, and more.
3. Parents and sponsors with strong credit and income may find much lower rates on no-fee private parent student loans than federal parent PLUS loans. Federal PLUS loans also come with an origination fee.

Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.

FAQ

What are the advantages of earning a degree in the performing arts?

A degree in performing arts can help set you apart in experience and skill level from other artists who don’t have a performing arts degree. Immersing yourself in your chosen major gives you the tools and confidence you’ll need later on. You’ll also be studying under faculty members who are not only valuable mentors but professional connections.

What skills do I need to get a job in the performing arts?

Besides having talent and training, certain attributes increase the likelihood you’ll be successful in your career. Employers in the performing arts sector look for people who are flexible, collaborative, cooperative, disciplined, and resilient. Other important skills include the ability to take direction, being a quick learner, and the ability to manage your time efficiently.

Is a degree in performing arts worth it?

It definitely can be. Extensive study helps lay the foundation for your training early on and lets you build on your natural abilities with practical experience. Working toward a performing arts degree allows you the opportunities to flex your muscles by performing in college productions and working internships outside of school.

These are achievements you can put on your resume that show you’ve already gotten hands-on experience. Graduating with a performing arts degree shows you’re serious about your intentions and have done the intense work to perfect your craft.

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Photo credit: iStock/blanaru

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs. SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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