Whether you want to be a comedian, voice actor, or are eyeing the big screen in Hollywood, attending acting school can help you get there. But it’s important to find a smart way to pay for the expense.
You can use federal and private student loans to pay acting school tuition, fees, and living expenses. Below, we walk through each option, what it offers, who is eligible, and how to apply.
Can you get student loans for acting school?
The type of acting school you attend will determine your eligibility for federal or private student loans. Accredited acting programs, such as those offered by four-year universities, community colleges, or Master of Fine Arts (MFA) programs, typically qualify for federal financial aid and most private student loans.
However, if you attend a non-accredited drama program or take acting classes at a non-accredited school, you may have difficulty securing student loans to cover your costs. Accreditation is key when it comes to financial aid eligibility.
Only programs recognized by the U.S. Department of Education are eligible for federal student loans, and most private lenders also require accreditation to offer student loans. Therefore, if you’re considering an acting school that is not accredited, it’s essential to explore other funding options because student loans may not be available.
Federal acting school loans
Federal student loans are often the best option for funding your education at an accredited acting school due to their competitive fixed interest rates and federal protections, such as loan forgiveness and forbearance. To qualify, you’ll need to complete the Free Application for Federal Student Aid (FAFSA), which may also connect you with grants and scholarships you don’t need to repay.
The three main types of federal student loans available for acting students are Direct Subsidized Loans, Direct Unsubsidized Loans, Parent PLUS Loans, and Grad PLUS Loans.
- Direct Subsidized Loans are for undergraduate students with financial need, and the government covers the interest while you’re in school.
- Direct Unsubsidized Loans are available to undergraduates and graduates, but interest accrues during school.
- Parent PLUS Loans are available for parents of dependent undergraduates to cover the full cost of attendance and carry higher interest rates and require a credit check.
- Grad PLUS Loans allow graduate students to borrow up to their full cost of attendance, but they come with higher interest rates and origination fees.
Private acting school loans
If Direct Subsidized and Unsubsidized student loans aren’t enough to cover your acting school tuition and expenses, you might turn to PLUS or private student loans to help bridge the gap. Private loans lack the protections of federal loans, such as income-driven repayment plans and loan forgiveness options.
Private loans are available from various lenders, including banks, credit unions, and online platforms, each with unique terms, rates, and eligibility criteria. It’s important to compare multiple lenders’ offers to find the best loan for your needs. Here are the top private student loan lenders to consider for funding your acting school education.
College Ave
Why we picked it
Our best overall private lender, College Ave, offers student loans to undergraduate and graduate students. Borrowers enrolled in an eligible, degree-granting acting school can take out up to 100% of their school-certified expenses with a College Ave undergraduate or graduate school loan.
College Ave doesn’t offer a special loan for acting school, but students can take out an undergraduate or graduate loan to cover acting school expenses. Borrowers can enjoy the lender’s Multi-Year Peace of Mind, which makes the application process in subsequent years easier and provides a 90% acceptance rate when you apply with a cosigner for another loan.
- Student loans for undergraduates, graduates, parents, and career training
- Choose your repayment plan and term
- Get a decision in as little as 3 minutes
| Fixed rates (APR) | 3.87% – 17.99% |
| Variable rates (APR) | 5.59% – 17.99% |
| Loan amounts | $1,000 – 100% of the school-certified cost of attendance |
| Repayment terms | 5, 8, 10, or 15 years |
| In-school repayment options | Full, interest-only, flat $25, or deferred |
Eligibility requirements
To qualify for a College Ave private student loan, borrowers or their cosigners must be U.S. citizens or permanent residents. Students must be enrolled in an acting program at an accredited college or university.
Borrowers or cosigners need good credit, but College Ave doesn’t publish a specific credit score minimum. The application takes about three minutes to complete online and provides an instant credit decision.
Sallie Mae
Why we picked it
Sallie Mae is one of the oldest and best-known student lenders, offering private loans to students in various undergraduate or graduate programs. Sallie Mae loans are available in all 50 states and can give you access to funding for acting school.
Sallie Mae doesn’t offer specific acting school student loans, but borrowers can choose between private undergraduate, graduate, or parent loans. Rather than allowing borrowers to choose their loan repayment terms, Sallie Mae will assign a term (between five and 15 years) after approving the loan.
Borrowers get a grace period of six months before monthly payments begin. If a cosigner is required, they can be released after 12 months of on-time payments.
- Student loans for undergraduates, graduates, and career training
- Release your cosigner in as little as 12 months
| Fixed rates (APR) | 3.75% – 13.72% |
| Variable rates (APR) | 2.62% – 12.97% |
| Loan amounts | $1,000 – 100% of the school-certified cost of attendance |
| Repayment terms | 5 – 15 years |
| In-school repayment options | Interest only, $25 flat, or deferred |
Eligibility requirements
If you’re in a degree-granting program through an eligible institution, you can borrow from Sallie Mae to cover your acting school costs, even if you’re enrolled less than half-time.
Student and parent borrowers must meet credit score requirements (though Sallie Mae does not publish a minimum credit score threshold), and the student or cosigner must be a U.S. citizen or permanent resident.
Ascent
Ascent offers both cosigned and non-cosigned loans, including options for students with limited credit history.
Why we picked it
Ascent offers Career Training Loans for acting school students enrolled in qualifying non-degree programs. You’ll pay no application or origination fees, and you can make interest-only payments while in school or defer payments entirely. Unlike most private lenders, Ascent lets you apply with a cosigner or on your own, making it a flexible option for students with limited credit history.
- Cosigned and non-cosigned student loans
- DACA and international students may be eligible
- Choose to start making payments now or 9 months after leaving school
- Check your prequalified rates with no impact on your credit score
It’s great for students who may not have a strong credit profile or cosigner.
| Rates (APR) | 4.09% – 15.95% (cosigned) 8.49% – 15.40% (no cosigner) |
| Loan amounts | $2,000 – $25,000 |
| Repayment terms | 3 – 10 years |
| Min. credit score | 620 (none for outcomes-based loans) |
Edly
With Edly, payments are based on your income rather than a traditional interest rate.
Why we picked it
Edly offers two career-training loans to students. Unlike traditional student lenders, Edly products don’t come with interest charges; payments are based on your annual income.
The benefit of this repayment model is that you don’t need to worry about being unable to afford repayment: The monthly payment will be a percentage of your current income.
The downside is that your payments can increase as your income increases. There is an annual cap on how much you will owe, but it’s negotiated based on your loan details.
- Payments only begin once you have a high enough annual income
- Cosigners are not required
- Checking rates doesn’t affect your credit score
It’s great for students who want flexible payments tied to future earnings.
| Rates (APR) | Based on income |
| Loan amounts | $5,000 – $15,000 |
| Repayment terms | 7 years |
How to get acting school loans
- Fill out the FAFSA. The Free Application for Federal Student Aid is the first step toward taking out a student loan. Fill out this form as early as possible each year before the deadline to access all available financial aid.
- Consider all free money available. Various federal grants and scholarships may be available, which offer free money you don’t need to repay. Some states use the FAFSA to determine student eligibility for grants or scholarships.
- Take advantage of federal loan options. The award letter from your school will tell you how much you can borrow in federal student loans. First, take out any Subsidized Loans you’re offered. The government pays the interest on these while you’re in school, so they’ll save you the most money. Then determine whether you can meet all your tuition and expense needs with the remaining federal loans.
- Shop around for the best private loan terms. If you need private student loans to cover remaining acting school costs, it’s smart to shop around for the right loan. Compare different lenders’ rates and loan terms before choosing the one that best meets your needs.
FAQ
Can I get student loan forgiveness if I work in the performing arts?
Student loan forgiveness tends to be more accessible to those working in public service or education sectors. However, acting students may qualify for income-driven repayment plans, which can offer forgiveness after 20 to 25 years of consistent payments. If you work in a nonprofit or qualifying public service role within the performing arts, you might also be eligible for Public Service Loan Forgiveness (PSLF).
Do I need a cosigner for student loans for acting school?
For federal student loans, you typically don’t need a cosigner. Federal loans are based on financial need and other eligibility criteria. However, for private student loans, a cosigner may be required, especially if you have limited credit history or a lower credit score. A cosigner with strong credit can help you qualify for a loan and secure a lower interest rate.
Can I defer student loan payments while I’m in acting school?
Yes, you can defer federal student loan payments while you’re enrolled in acting school at least half-time. This means you won’t have to make payments until after you graduate or drop below half-time enrollment. However, interest may still accrue during this period. Some private lenders offer deferment options, but the terms vary, so it’s important to check with your lender.
How we selected the best student loans for acting school
LendEDU evaluates student loan lenders to help readers find the best student loans. Our latest analysis reviewed 725 data points from 25 lenders and financial institutions, with 29 data points collected from each. This information is gathered from company websites, online applications, public disclosures, customer reviews, and direct communication with company representatives.
These star ratings help us determine which companies are best for different situations. We don’t believe two companies can be the best for the same purpose, so we only show each best-for designation once.
About our contributors
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Written by Stephanie ColestockStephanie is an experienced personal finance writer with more than a decade of experience as a freelancer.
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Edited by Kristen Barrett, MATKristen Barrett is a managing editor at LendEDU. She lives in Cincinnati, Ohio, with her wife and their pack of senior rescue dogs. She has edited and written personal finance content since 2015.