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School + Financial Advice

by James English
8 replies
Hey all, I am seeking some financial advice from anyone who may have any type of solution to my problem. Since I was old enough to pick up a guitar it has always been my dream to attend Berklee School of Music.

I am 21 years old, currently making only around 1k a month from work, and no assistance from my parents who's once successful business is essentially bankrupt at this point. The tuition for Berklee looks like it comes out to anywhere from 40 - 60k a year.

Looking at it my only choice would be to take out a loan, but where in the world do I get a loan for sixty thousand dollars when I have no parents to cosign etc etc. I have decent credit currently but there is no way I would be approved for such a large loan.

I am willing to do whatever it takes, and this is by no means meant to be a sob story, I am truly just looking for advice from anyone who is willing to give it in this area. This is actually the reason I got into marketing in the first place.

Thanks in advance everyone!

~ Trent
#advice #financial #school
  • Profile picture of the author artwebster
    Time for a reality check?

    Tuition fees of $60,000 - what needs to be added to that figure? Accommodation, food, utilities, travel and so on - unless, of course, you live within walking distance.

    You could break the costs down into annual increments but the cost is still, realistically, beyond you.

    If you cannot win a scholarship, put the dream to one side and concentrate on increasing your earning capacity. The school will still be there when you can afford it.
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  • Profile picture of the author nichu89
    Ya...i also think you should try earning some more before you get into it...berklee will always b there..
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  • Profile picture of the author Richnana
    Excuse my ignorance but where is BerKlee?School of Music? Do you mean Berkeley in California? Do you have some previous training in guitar. I read the part about picking up the guitar but I missed whether you have had formal instruction on the Guitar. Does anyone who has heard you play think that you are talented? If so, could you possible work at your hobby and make money in School.

    Have you applied for any scholarships or school loans. Do you plan to teach guitar? music. in general. Look into loans that will be forgiven if you choose to teach in a under-priviledged school district. Have you started the admission process for Berklee> Berkeley? School of Music.

    Would you be accepted into the School of Music? Even if you had the money? Do you read music? Do you play any other instruments? Can you qualify for a scholarship?
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    • Profile picture of the author James English
      The tuition price I stated is actually once everything is added in. That price includes housing, books, food, everything that I would need while there. This is why the range is so broad in the 40 - 60k range. It would probably end up being more around 50 I am guessing.

      I still have 9 months until I would be able to attend the school anyway.

      Richnana - The Berklee school of Music is actually located in Boston, MA. I have around 6 - 7 years training in guitar currently.

      In my hometown I have won a few competitions etc, and a few times every week I am playing solo gigs around town to stay involved.

      I have been through the admissions process and I have all ready auditioned and been accepted to the school. I have applied for a scholarship and I have an audition in early February for that, so I am crossing my fingers there.

      I can read music. I have a strong vocal background which was my original major at the University of Utah for a semester when I had my parents paying for school. I also play the piano, the bass, and the drums to a small extent.

      I haven't looked at any scholarships in teaching music that you mentioned, I will be sure to do that right now.

      Thank you everyone for your replies.
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  • Profile picture of the author broker12
    The federal government is the largest provider of student loans. There are also private organizations but their interest rates are higher.
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  • Profile picture of the author Jason Stepp
    Check out prosper.com

    You can get a loan for up to $25,000. That's barely anything compared to the $60,000 you need. However, it's definitely a start!
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  • Profile picture of the author jazbo
    No money but a war room member after two posts - good work!

    Erm, I have to ask, how is this topic related to IM ???
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    • Profile picture of the author JackLypka
      That seems very high. What type of income stream will you be getting when your school completes?

      My wife is in medical school - I know how expensive school can be. But, essentially, what she's receiving upon its completion is a very strong income stream until she's very old as a doctor.

      Are you sure it's worth it?
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