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.
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.
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.
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.
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!