My son was accepted to study Film at Chapman, but the offer is effectively conditional on meeting the full cost of attendance. Total cost is about $50k/year. We can afford $35k, leaving a $15k gap. We’re British (he’d be an international student), but we have family in US who can co-sign a loan. Does it make sense to take loans for the gap for a film degree, or is this too risky?
While Chapman University’s Dodge College is highly regarded, with a ranking of #4 nationally, the financial implications of borrowing for a film degree warrant careful consideration.
Financial Considerations
- The total cost of attendance is approximately $50,000 per year, with a $15,000 gap after your contribution of $35,000. Over four years, this could lead to a debt of $60,000.
- Graduates in film often start with salaries around $34,000 to $35,795, making it challenging to manage such a debt load. Financial experts recommend that total student debt should ideally not exceed a graduate's expected first-year salary to ensure manageable repayment.
- Scholarships: Before considering loans, explore merit-based scholarships that Chapman offers, which can significantly reduce costs. These can range up to $40,000 per year for first-year students.
- Loans: If loans are necessary, consider options like MPOWER Financing or Prodigy Finance, which offer loans without requiring a U.S. cosigner, focusing on future earning potential.
- Private Loans: If a U.S. cosigner is available, traditional lenders may provide lower interest rates, making repayment more feasible.