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 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.

Company	Best for	Our rating
Dept. of Education	Federal student loans	Not rated
College Ave	Private student loans	5/5
Sallie Mae	Cosigners	4.8/5
SoFi	Member benefits	4.7/5
Earnest	Large loans	4.7/5

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

Best overall

5.0 _/5

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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.

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Sallie Mae

Best for cosigners

4.8 _/5

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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.

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SoFi

Best member benefits

4.7 _/5

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Why we picked it

SoFi offers private student loans well-suited for students attending acting schools, providing competitive interest rates and flexible repayment options. With no required fees, SoFi loans can be a cost-effective solution for covering tuition and other expenses. SoFi also allows borrowers to choose from various repayment plans, including deferred payments while in school, which can help students who may not have steady income during their studies.

A standout feature of SoFi’s student loans is the extensive member benefits package. Borrowers gain access to financial planning, discounts, and networking events, which can be valuable for acting students as they build their careers in a competitive industry. These features make SoFi a strong option for those looking to finance their acting education with a private loan.

• Student loans for undergraduates, graduates, and parents
• Cover the costs of fall, spring, and summer terms
• No origination, application, or prepayment fees

Fixed rates (APR)	4.19% – 14.83%
Variable rates (APR)	5.74% – 15.86%
Loan amounts	$1,000 – 100% of certified costs
Repayment terms	5, 7, 10, or 15 years
In-school repayment options	Full, interest only, $25 flat, or deferred

Eligibility requirements

SoFi’s student loans are available to U.S. citizens and permanent residents attending eligible schools at least half-time. SoFi considers applicants from all 50 states and the District of Columbia.

It may accept DACA students, asylum seekers, and non-permanent residents with proper documentation.

Cosigners are not required, but SoFi states that applicants with a cosigner are five times more likely to be approved for a loan due to the credit and income requirements.

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Earnest

Best for no fees

4.7 _/5

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Why we picked it

Private loans through Earnest can help undergraduate and graduate borrowers get funds for acting school. Earnest doesn’t offer a specific loan for acting students, but its private student loans can pay up to 100% of your acting school expenses if you or your cosigner meet certain eligibility criteria.

Earnest allows borrowers to skip one payment per year as needed with no impact on the borrower’s credit. It offers qualifying students a nine-month grace period after graduation and loan repayment forbearance.

Borrowers must refinance their loans to remove a cosigner’s financial obligation to the debt. Earnest does not offer student loans in Nevada at the time of writing.

• Student loans for undergraduates, graduates, and parents
• Skip 1 payment per year
• Check your rate without hurting your credit

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

Eligibility requirements

To qualify for an Earnest private student loan, borrowers or their cosigners need a minimum FICO credit score of 650, an annual income of at least $35,000, and to 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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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. Fill out this form as early as possible each year before the deadline to access all available financial aid.
2. 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.
3. 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.
4. 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.

Recap of student loans for acting school

Company	Best for	Our rating
Dept. of Education	Federal student loans	Not rated
College Ave	Private student loans	5/5
Sallie Mae	Cosigners	4.8/5
SoFi	Member benefits	4.7/5
Earnest	Large loans	4.7/5