Student Loans for Acting School

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 with many acting school programs costing between $20,000 and $80,000 per year, it’s important to find a smart way to pay for those expenses.

Both federal and private student loans can be used to pay for acting school tuition, fees, and living expenses. Below, we walk through each option, what they offer, who is eligible, and how to apply.

In this guide:

• Which acting schools qualify for student loans?
• Best acting school loans
• Federal acting school loans
• Best private acting school loans
• How to get acting school loans

Which acting schools qualify for student loans?

There are several types of acting schools that cater to different interests or career paths. The type of school you attend will determine which loans—federal or private—you can take out to pay for tuition and other expenses.

For example, you might plan to attend a non-accredited drama program in your area, or you may have your sights set on a four-year university or community college program. Some students may even go on to earn their Masters of Fine Arts (MFA) in acting.

Only accredited acting programs qualify for federal financial aid and most private student loan funding. If you’re planning to take a drama class or attend an acting program at a non-accredited school, you may find it difficult to get student loans to cover the cost.

Best acting school loans

Depending on the program you choose, your financial situation, and even what year of study you’re in, different loans may be available to you for acting school. Federal loans offer the best benefits and features, but private loans may still be necessary for many acting students to fill a funding gap.

Here’s a quick rundown of federal loans and our top picks for private loans:

Company/loan	Rates	Loan amounts	Repayment terms
Direct Subsidized Loan*	4.99%	$3,500 – $5,500 per year	10 – 25 years
Direct Unsubsidized Loan*	4.99% (undergrad) 6.54% (graduate)	$5,500 – $20,500 per year	10 – 25 years
Grad PLUS Loan*	7.54%	Up to 100% of costs	10 – 25 years
College Ave	1.29% – 13.95%	$1,000 – 100% of costs	5, 8, 10, or 15 years
Sallie Mae	2.62% – 13.72%	$1,000 – 100% of costs	5 – 15 years
Ascent	1.75% – 14.75%	$2,001 – 100% of costs	5, 7, 10, 12, 15, or 20 years
Earnest	1.34% – 12.78%	$1,000 – 100% of costs	5, 7, 10, 12, or 15 years
Discover	2.99% – 13.99%	$1,000 – 100% of costs	15 or 20 years

* This is a federal student loan.

Federal acting school loans

For most borrowers, federal student loans are the ideal choice when seeking funding for acting school. That’s because these loans come with competitive, fixed interest rates for the life of the loan, as well as federal benefits and features that protect borrowers, such as loan forgiveness and forbearance.

Filling out the Free Application for Federal Student Aid (FAFSA) is the first step toward qualifying for federal acting school loans. It’s also the only way you will be able to take out federal student loans. If you’re eligible, the FAFSA may also connect you with even better options, like scholarships or grants, which don’t need to be repaid.

There are three types of federal loans available to help cover acting school expenses: the Direct Subsidized Loan, the Direct Unsubsidized Loan, and the Grad PLUS Loan. (Parent PLUS Loans are also offered, but the parent is the borrower, not the student.) Here are some key features of each of these loans.

Federal Direct Subsidized Loan

• Fixed interest rate of 4.99%
• Origination fee of 1.057%
• Annual maximum of $3,500 (first year), $4,500 (second year), $5,500 (third year and beyond)
• Aggregate (lifetime) limit of $23,000
• Repayment term between 10 and 25 years

In general, student loans will begin to accrue interest charges the moment that money is disbursed to the school. But with a federal Direct Subsidized Loan, the government pays these interest charges for you as long as you are in school at least half time, during your grace period, or if you go into a period of deferment. This has the potential to save you considerable money over the life of your loan.

Federal Subsidized Loans are only available to undergraduate borrowers who demonstrate financial need. These loans are capped at between $3,500 and $5,500 annually, depending on your classification year, with an aggregate limit of $23,000.

Federal Direct Unsubsidized Loan

• Fixed interest rate of 4.99% (undergraduate borrowers) or 6.54% (graduate borrowers)
• Origination fee of 1.057%
• Annual maximum of $5,500 (first year), $6,500 (second year), and $7,500 (third year and beyond) for dependent students
• Annual limit of $9,500 (first year), $10,500 (second year) or $12,500 (third year and beyond for independent students 
• Annual limit of $20,500 for graduate students
• Aggregate limit of $57,500 for undergraduate students and $138,500 for graduate students
• Repayment term between 10 and 25 years

Federal Direct Unsubsidized Loans are available to undergraduate and graduate students and aren’t based on financial need. Annual and aggregate limits are higher than Direct Subsidized Loans, though it’s important to note that the government won’t be paying the interest on these loans while you’re in school. Instead, that interest will accrue and add to the overall cost of your debt.

Federal Grad PLUS Loan

• Fixed interest rate of 7.54%
• Origination fee of 4.228%
• Annual maximum depends on your school-certified cost of attendance
• No aggregate limit
• Repayment term between 10 and 25 years

PLUS loans allow students and their parents to borrow up to 100% of their school-certified educational expenses, minus any other sources of aid or financial assistance. This makes it easier for you to borrow what you actually need, as opposed to being limited by annual maximums.

There are no PLUS loans available to dependent, undergraduate students. Instead, these loans can either be Parent PLUS loans (taken out by parents on behalf of the student) or Grad PLUS loans (taken out by independent graduate students). They are not dependent on financial need, so interest charges aren’t subsidized.

Best private acting school loans

If federal student loans aren’t enough to cover your acting school tuition and expenses, you may need to turn to private student loans to fund the difference. Private loans don’t offer the same protections as federal loans, meaning borrowers won’t qualify for benefits like income-driven repayment or loan forgiveness programs.

Private loans are offered by various financial institutions such as banks, credit unions, and online lenders. Each lender sets its own terms, rates, eligibility, and loan limits, so borrowers should shop around for the best possible terms before choosing a loan.

Here’s a look at some of the best private student lenders and what they offer for acting school loans.

College Ave

One of the biggest private lenders, 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.

• Fixed rates: 3.22% to 13.95% APR
• Variable rates: 1.29% to 12.99% APR
• In-school repayment options: Full, interest-only, flat $25, or deferred
• Repayment terms: 5, 8, 10, or 15 years
• Loan amounts: $1,000 up to 100% of the school-certified cost of attendance

What stands out about College Ave’s acting school loan

While College Ave doesn’t offer a special loan just for acting school, students can take out either an undergraduate or graduate loan to cover their 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.

Eligibility requirements for College Ave’s acting school loan

To qualify for a College Ave private student loan, borrowers and/or their cosigners will need to be either a U.S. citizen or a permanent resident enrolled in an acting program at an accredited college or university.

Borrowers or cosigners need to have good credit, though 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.

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Sallie Mae

Sallie Mae is one of the oldest and most well-known student lenders, currently offering private loans to students in a range of undergraduate or graduate programs. Sallie Mae loans are offered in all 50 states and can give you access to necessary funding for acting school.

• Fixed rates: 3.75% to 13.72% APR
• Variable rates: 2.62% to 12.97% APR
• In-school repayment options: Full, interest-only, flat $25, or deferred
• Repayment terms: 5 to 15 years
• Loan amounts: $1,000 up to 100% of the school-certified cost of attendance

What stands out about Sallie Mae’s acting school loan

There are no acting school-specific student loans from Sallie Mae, but borrowers can choose between a private undergraduate or graduate loan, or even a parent loan. Rather than allowing borrowers to choose their loan repayment term, Sallie Mae will assign a term (between five and 15 years) after the loan is approved.

Borrowers are given a grace period of six months before monthly payments begin. If a cosigner is required, they can be released after just 12 months of on-time payments.

Eligibility requirements for Salle Mae’s acting school loan

As long as 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 will need to meet credit score requirements (though Sallie Mae does not publish a minimum credit score threshold), and either the student or cosigner will need to be a U.S. citizen or permanent resident.

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Ascent

Ascent is a student lender offering undergraduate, graduate, and career loans to students and their parents. While it does not have a specific acting school loan, borrowers can get approved for a general student loan in just minutes online.

Ascent offers a unique, non-cosigned student loan option as well, which allows students to qualify for funding based on their projected outcome, even if they don’t have a credit score.

• Fixed rates: 3.22% to 14.75% APR
• Variable rates: 1.75% to 12.30% APR
• In-school repayment options: Full, interest-only, flat $25, or deferred
• Repayment terms: 5, 7, 10, 12, 15, or 20 years
• Loan amounts: $2,001 to $400,000

What stands out about Ascent’s acting school loan

Ascent offers a unique loan option for borrowers who don’t want to add a cosigner. This non-cosigned loan allows students to borrow for acting school based on their degree program, GPA, or year in school. The grace period on Ascent loans is nine months, after which borrowers can also request a progressive repayment schedule if they need to ease into their monthly payment obligation.

Eligibility requirements for Ascent’s acting school loan

In order to qualify for an Ascent student loan, students must be enrolled at least half time in an eligible institution. Cosigned and non-cosigned loan borrowers will need to meet Ascent’s minimum credit score requirement (which is proprietary), but outcomes-based/non-cosigned borrowers can have no credit and still get approved.

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Earnest

Private loans through Earnest can help undergraduate and graduate borrowers get the funding they need for acting school. While Earnest doesn’t offer a specific loan for acting students, its private student loans can be used to pay for up to 100% of your acting school expenses, as long as you (or your cosigner) meet certain eligibility criteria.

• Fixed rates: 3.22% – 12.78% APR
• Variable rates: 1.34% – 11.44% APR
• In-school repayment options: Full, interest-only, flat $25, or deferred
• Repayment terms: 5, 7, 10, 12, or 15 years
• Loan amounts: $1,000 to 100% of the school-certified cost of attendance

What stands out about Earnest’s acting school loan

Earnest allows borrowers to skip a payment as needed, without any impact to the borrower’s credit. It also offers a nine-month grace period after graduation, as well as loan repayment forbearance to students who qualify.

Borrowers will need to refinance their loans if they want to remove a cosigner’s financial obligation to the debt. Additionally, Earnest does not offer student loans in Nevada at this time.

Eligibility requirements for Earnest’s acting school loan

In order to qualify for an Earnest private student loan, borrowers (or their cosigners) will need to have a minimum FICO credit score of 650, earn an annual income of at least $35,000, be a U.S. citizen or permanent resident with no history of bankruptcy. Students must also be enrolled full-time at an eligible institution.

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Discover

Perhaps best-known for credit cards and personal loans, Discover also offers private student loans to undergraduates, graduates, and even parent borrowers. These no-fee loans can make it easy to cover all of your acting school expenses while also earning valuable rewards.

• Fixed rates: 5.49% – 13.99% APR
• Variable rates: 2.99% – 12.59% APR
• In-school repayment options: Full, interest-only, flat $25, or deferred
• Repayment terms: 15 or 20 years
• Loan amounts: From $1,000 to 100% of the school-certified cost of attendance

What stands out about Discover’s acting school loan

Discover makes it easy to apply and qualify for a private student loan in just minutes, whether you’re borrowing with or without a cosigner. These loans offer cash-back rewards for good grades and extended loan repayment terms for all borrowers. While borrowers can get funding for up to 100% of their school costs, Discover does have lifetime limits.

Eligibility requirements for Discover’s acting school loan

In order to qualify for a private student loan from Discover, borrowers (or their cosigners) will need to be a U.S. citizen or permanent resident enrolled at least half time in an eligible, degree-seeking program. Borrowers must also meet Discover’s credit requirements, though the exact details of this are not disclosed.

How to get acting school loans

1. Fill out the FAFSA. The Free Application for Federal Student Aid is the first step toward taking out a student loan. This form should be filled out annually and as early as possible before the school year begins, so that you’re able to utilize all financial aid available to you.
2. Consider all free money available. Various federal grants and scholarships may be available to you, which offer free money that won’t need to be repaid after you graduate. Some states use the FAFSA to determine student eligibility for grants or scholarships too.
3. Take advantage of federal loan options. The award letter from your school will tell you exactly how much you’re eligible to borrow in federal student loans. First, take out any subsidized loans offered to you. Since the government pays the interest on these while you’re in school, they’ll save you the most money. Then, determine whether you can meet all of your tuition and expense needs with the remaining federal loans.
4. Shop around for the best private loan terms. If you need to turn to 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.