5 Tips For Saving Money While Going Through Music School

5 Tips For Saving Money While Going Through Music School

If you are thinking about going to music school, you are entering into a highly competitive environment. Because there is so much demand for those coveted seats, music school is typically very expensive.

For example, if you were to study at Julliard this year, you could expect to pay around $63,950 in tuition, books, supplies, personal expenses, room, and board.

You probably are already adding up the thousands of dollars in student loan debt you expect to owe when you graduate.

You may feel hopeful about some possible presidential programs to tackle the student loan debt crisis, but it is best not to wait on government officials to solve your problem.

You should do everything you can to save money and reduce debt while you are in school.

1. Consider commuting.

Consider commuting

This all depends on where you go to school, but take the example of attending Julliard. There you will pay almost $16,000 a year for room and board if you decide to live on campus.

Try dividing that by 12. You might be able to save significant money each month if you rent somewhere and commute downtown.

Of course, that may not be true with Julliard because we are talking about NYC, but there are many situations where commuting could save you hundreds of dollars a month.

2. Use public transportation.

Use public transportation

If you are thinking about buying a car or you are already making payments on one, consider selling it while you are in school—especially if you are going to live on campus.

If you live on campus, paying for student parking costs an arm and a leg. You also do not need the car as much to get around.

When you do need to travel, the bus and/or metro system probably will work just fine. Your school may also run a free shuttle service.

3. Eat at your school’s cafeteria.

Eat at your school’s cafeteria

If you do not have a student meal plan, get one. Yes, the food may taste awful, but it is also the cheapest food you are going to get if you are not willing to cook.

If you are able to cook and you have the means (even a microwave and a fridge), you should, because that can also save you a lot of money.

Whatever you do, resist the temptation to eat across the street every day at the local pizza place. Even if restaurants next to campus offer discounts to students, you will still spend more than you have to in order to eat.

4. Buy generic.

Buy generic

When you think about buying generic, you may be thinking about prescriptions, but there are other items which you can purchase generic as well.

You can purchase generic toilet paper, generic paper towel, and other generic household supplies. Just staying away from major brand names can significantly curb your living costs.

5. Get rid of your vices.

Get rid of your vices

When you are fresh out of your parents’ house for the first time in your life, you will probably want to party. But be careful that you do not allow a few drinks to turn into a habit.

Many freshmen take up drinking and smoking casually only to realize a year later that they cannot put down the bottle or ditch the cigarettes.

What a lot of people do not think about is the financial cost that these vices add up to. Smoking and drinking are very expensive if they turn into a daily or even weekly habit.

Over the course of your college education, you could be looking at thousands of dollars. Quit the binging and you will save a ton of money.

Saving money while you are going through music school is difficult, but there are many things you can do to cut back on your costs.

Ultimately, that is all money you will have available someday to help you pay off your student loans.

Looking for even more helpful ideas?  Try implementing some of these creative ways to save money.

How To Finance Your Music Education

How To Finance Your Music Education

If you dream of becoming a concert violinist, pianist, or trumpet player, you probably already know that the cost of music education is substantial.

Music education is expensive even for K-12 students.  When it comes time to head to university, you can be sure that you are going to play an arm and a leg.  In-state, you could pay more than $24,000 per year.

Get into a top school like Julliard, and you might pay more than $63,000 per year.  That doesn’t necessarily even account for all the expenses you’ll need to make related to maintaining your instruments.

How can you afford to pay for your music education?  Here are a few ideas.

1. Apply for grants and scholarships.

Apply for grants and scholarships

Music school is highly competitive, and so are all the relevant grants and scholarships which are out there. Still, it may be well worth your time to apply and see what you can get.

Look for scholarships and grants which are highly specific—those which are only offered to students of particular colleges, or those which are only available for a certain obscure instrument. You may be surprised what you can get.

2. Apply for personal loans.

Apply for personal loans

While you could apply for a traditional student loan, you may find that a personal loan actually offers you friendlier terms.  You could end up with a much lower interest rate and less aggressive collections.

More and more music students are turning in this direction.  Find the best personal loans available for your credit score.

3. Try out peer to peer lending.

Try out peer to peer lending

It isn’t easy to qualify for a loan if you are just embarking out on your college education fresh out of high school. You may have little or no credit history, and a lot of traditional lenders will not even give you consideration unless you have already established a positive record.

Peer-to-peer (P2P) lenders on the other hand may be more than willing to finance your music education.

Look online and you may be able to find a lender who offers you a flexible loan tailored exactly to your needs. And since you are working one-on-one with an individual or business that takes a more personal interest in supporting your education, you may find that they are easier to work with going forward.

4. Go the military route.

Go the military route

If you are game for a regimental lifestyle, the military represents a huge opportunity for music students. Not only will the military help you to pay for your musical education, but it will open doors to a lifetime of career opportunities.

Few other music careers offer you the chance to travel the world or to take home a regular paycheck without worrying about where your next gig will come from. The military can offer you job security in a line of work where peace of mind is usually a luxury.

So is it hard to finance a music education?

Yes, but you do not necessary need to pay the entire cost out of pocket, nor do you have to rely 100% on traditional student loans. With university more expensive than ever, there are also more financing options than ever before. Good luck!