Artists in the United States are graduating from training programs with unsustainable student debt. How do you plan for the future with a volatile income, when success does not necessarily equal financial stability? How do you pursue your art and still manage to pay your monthly student loan bill? Repaid explains student loan consolidation and repayment, budgeting on an erratic income, health care, and unemployment for artists. Artists need to know they are not alone, and their student debt can be repaid.
Matthew Carlson is an accomplished stage actor, playwright, and screenwriter. He is also a co-founder of the Artists Financial Support Group (AFSG), a non-profit that seeks to educate artists about student loans and budgeting on an erratic income (www.artistsfinancial.org). Matthew received both his MFA and $100,000 in student loan debt from the prestigious NYU Graduate Acting program.
A slim book, less than 100 pages without the glossary at the end, but the information contained within is incredibly informative, concise, and invaluable to anyone in the creative fields who finds themself saddled with crippling student loan debt.
As someone who works at a university, who teaches graduate students and interacts with undergraduate student workers, I am often shocked by the monetary figures the students mention in conversations about loan debt with respect to their bachelors degrees. Even though our own graduate students are fully funded, many students still carry debt from their undergraduate degrees which, while repayment is suspended during graduate study, resumes billing after they graduate.
Carlson explains in easy-to-understand terms the different types of loans students might have, what consolidation means, various options for repayment plans, budgeting strategies for unpredictable career changes, and--perhaps the most valuable chapter--a range of different options for obtaining healthcare.
This book demystifies much of the financial lingo and shines a light on a way out of debt for graduates in fields considered to be financially risky. I'll probably start giving it as a gift to graduates concerned about the debt their education has left them with.