Student Loan Debt: Protecting our Artists from Bankruptcy and Equity Issues

Education allows individuals to develop their skills and increase knowledge in their disciplines. As the cost of education continually rises, individuals seeking higher education are facing an issue revolving around debt repayment.

With an arts degree starting salary - or, frankly, any arts salary - they do not appropriately reflect the ending balances of loan debt, making a sought-out passion a nightmare. Furthermore, these individuals who also identify as minorities are severely restricted because of the impacts of white domination in the arts: higher pay, speedier advancement, and more.

It is overwhelmingly common that many artists, cultural institutions’ staffing structures, and arts education programs are primarily white in the United States. Unfortunately, these societal barriers can lead BIPOC (Black, Indigenous and People of Color) to failure. To help provide all artists with a life of wellbeing, policies must be instilled to ensure that their pursuits to knowledge and professional placements afterwards are not halted by money and/or prejudices regarding debt. 

In my experience, the consequences of this white domination in the arts sector can cloud the judgment of BIPOC folks regarding the pursuit of higher education. However, the mission-driven passion stays intact. The arts provide a meaningful purpose in life as a way to share experiences that can improve human development. However, to move away from the “starving artist” analogy, individuals must be knowledgeable on how to intelligently deal with debt. This way current and future artists can properly advocate for changes within the recent loan epidemic, which inflicts damage on countless individuals (not just artists). 

The Data

The career path of an artist is synonymous with a journey inspired by passion. Yet, the quest can accumulate a hefty price tag. Higher education costs have increased by more than 538% since 1985. As education becomes increasingly accessible, it ultimately becomes a supply and demand problem. With more students enrolling and acquiring loans, equally increasing is student loan debts that colleges and universities must pay off. Therefore, the cost of education upsurges; an endless cycle of debt. Looking at the past for reference, the motivation for higher education was lower partly due to individuals securing satisfactory jobs post-high school. Coincidently, being an artist has become increasingly competitive. Just as competition increases as does the cost; Costs that convert to loans. Many individuals pursue higher education to enhance their craft and/or receive credentials for success after graduation, but competition has amplified so that a bachelor’s degree is morphing to the equivalent of a High School Diploma/GED years ago. An indicator that a bachelors is now “mandatory”. 

The meager artist income is not congruent to support such expenses. Based on a study done by the National Endowment for the Arts (NEA) the median annual wages/salaries by artists was $52,800, an income that does not support an artistic venture to Bard College for an MFA, for example, that sprouts tuition of $55,000 per year. Because the pursuit of employment is likely based on passion, many students quickly enroll in loan agreements unaware of how loan forgiveness programs operate nor how to pay off their debts once they graduate. 

So, what can be done? 

Foster Financial Literacy 

Student loan debt is showcased in three ways by BFAMFAPhD: Forgiveness, Partial Financial Hardship and Default. Loan forgiveness takes place only if an individual has a disability, death, bankruptcy, and/or works in public service. Because the chances for qualifying for loan forgiveness are slim, it is believed that educational intuitions are cheating students because they cannot benefit. For Partial Financial Hardship, there exists two programs: Income-Based Repayment and Pay As You Earn. They are based on the greater amount owed. Lastly, default happens if you do not make a payment after 270 days that can induce legal complications, such as your lender selling debt to another company that could have higher rates of interest. It is all a business. 

Financial Aid provides assistance for individuals less fortunate, but as increasing amounts of financial aid are provided, costs of admission continue to rise. Therefore, if students are provided increased information to make thoughtful decisions to reduce their loan debt, then less money to be borrowed from the federal government; an economic gain. 

Policy

By providing financial literacy for art programs, students would be supplied knowledge on loan agreements and action plans to tackle debt, both before and after college completion. As “The Higher Education Opportunity Act sections 1041 and 1042… [requires to] enhance financial literacy among postsecondary students…”, the policy would amend by providing training to art professionals and/or faculty in the universities. By proper training measures, these individuals would have the capability in combining both their artistic background and financial training to produce a curriculum. To guarantee that the policy would be utilized by students, just like registration advising meetings, students would be required each semester to meet with their financial advisor for constant check-ins. Additionally, these advisors would be matched with students of similar background to enforce solidarity and effective use of resources. This policy would extend to high schools within the United States. If high school students desire to pursue arts-related degrees, then there should exist a counselor trained in arts-related programming or premade lists of dependable arts professional contacts that schools can call upon for aid. 

Measurement

Measurement would consist of quantitative studies observing how financial literary training has affected individuals and their future choices. For example, if a student learns that the federal government is supplying them more than they need, will they reduce the amount given based on the training received. Comparison of debt post-graduation (bachelor and master degrees) between students from the financial literacy training programs and those not involved. Lastly, it would be beneficial to measure incoming debt figures comparing high schools that had counselors and/or art professional contact. 

In terms of qualitative data, students will be surveyed asking if the guidance given to them was satisfactory. This allows for personal responses to accompany the numbers. 

Targeting Barriers Related to Equity

We cannot overlook that higher education costs create unequal access, mainly for minority groups. The NEA reported in 2019 that from 2012-2016 the number of Non-White/Hispanic artists totaled 25%. The arts field is dominated by white individuals, and the numbers become even bleaker with a closer look at BIPOC in arts-related programs (both bachelor and master). The previous example about Bard College’s MFA program, a 2-year $110,000 degree, might be identified as a luxury when a select few actually become artists. Because there is a direct correlation between poverty and BIPOC, it is not surprising that these programs have higher compositions of white individuals. 

During college pathways, prospects to grow become dismal when fellowships, internships, or apprenticeships are frequently unpaid, leading individuals to sacrifice the opportunity for survival. When these individuals graduate from institutions, not only do they have to struggle with debt repayment and limited jobs but endure the reality that many arts organizations’ staffing structures are composed of white employees. 

Policies

  • Develop Mentoring Programs: Construct opportunities for diverse individuals to network with cultural institutions and well-established professionals. In addition, mentors should present solidarity. Therefore, a Black individual has the right to connect with another Black individual because of the mutual understanding of the challenges they face. Just as advisors were assigned to students, in the previous policy, the same process would apply. Consequently, BIPOC would be paired with a professional person of color who reflects similar ethnic and artistic backgrounds. 

  • Provide Pay for Internships/Fellowships/Apprenticeships: Avoiding non-paid internships/fellowships/apprenticeships will open up pockets to barriers faced by individuals who cannot afford to work for free. For example, Heinz College (located in Pittsburgh, PA) has worked with the Federal Work-Study Program to pay internships that normally would be unpaid to encourage fair levels of opportunity for required coursework.

Measurement

To measure success, conducting a comparative study on both existing and new methods to gather both qualitative and quantitative data would be best. Looking at qualitative data measurements, having both mentors and students reflect on the guidance would personally demonstrate how students benefited, while numbers would display solely levels of success. 

Tracking success in regard to enhanced opportunities for funding for internships would capture special attention. Alleviating costs can provide tremendous results because it is one less factor to worry about when trying to move up in the world. As the mentorship and funding options become available, tracking two data sets (students without the policy implementation and those with) will confirm if these policy recommendations support access and future prospects for minority groups. 

Conclusion

What is the worth of an artist? The cost of a degree nor an institution should be the final judgment of artistry, it translates farther than classroom knowledge. However, arts education is a given right to humans. When a $110,000 MFA program impedes an artist from enhancing their skills; we have a problem. These policies are focused on providing financial literacy education and mentorship to create an opportunity for all. Money and brand name have a serious impact on skewing worth. Therefore, removing biases can promote that various institutions, both academic and professional, have the capability to provide opportunity solely on merit. Thus, if an individual does not attend Juilliard, that should not strip opportunity for the rest of their livelihood. 

“To confront these problems, we should fight for more government support for higher education and also for reform at the university level to challenge the policies and priorities that have led to skyrocketing costs”

What do intuitions and programs look like when they reflect an array of diverse backgrounds, who are all equally prospering? This is a vision that must be enforced in the arts sector to diversify artist representation that will promote diverse collaboration and produce diverse art; something innovative to the world. Imagine students not drowning in student debt, have reliable staff and arts professionals that understand their challenges, and opportunities not based on privilege. We are stepping in the right direction in modern times, but we need to ask for more. 

Will you ask more?