Paying for Graphic Design School
How to Find Federal and Private Funding Options
Whether you are planning on working toward a graphic arts degree at a traditional four-year college or you are looking for something a little faster-paced and design-heavy, there are a number of options available to get you on your way to an incredible design career. However, as with all educational programs, graphic design training can come with a pretty hefty price tag; some private institutions – especially those that are focused on the arts - can cost over $30,000 for a two-year AA program.
These potentially high costs, when set against the current increased interest in the graphic design field, can make for quite a challenge. On the one hand, you don't want to start a career loaded down with debt; on the other, having a recognizable degree from a great program is one of the hallmarks of a great graphic design career. In order to bridge the gap between paying for school and getting the right education, it's important to look at all your funding options.
Government Funding Sources
Most graphic design degree programs are recognized by the U.S. Department of Education. This means that students who attend these programs are eligible to receive the same federal funding that is available to students of other degree options.
In order to get access to federal money, prospective students must fill out and submit a Free Application for Federal Student Aid form, or FAFSA. These forms require you to input your tax information (as well as that of your parents, should you be under 23 years of age and unmarried) and some of your financial records. The government is limited in the total amount of award money it has each year, so students are qualified on a first-come, first-served basis. Many states also have deadlines for submitting the form.
Based on your income and financial need, the FAFSA form will provide you with access to grants and/or loans, including:
Subsidized Stafford Loans - These are loans based on family or student income. They have typically low interest rates and don't start accruing interest until you graduate.
Unsubsidized Stafford Loans - These loans are available regardless of income. Although they also have low interest rates, interest starts accruing immediately (even though you don't have to start repayment until six months after graduation).
Perkins Loans - These loans are dependent on the school you attend and your financial need. They have a low interest rate (currently 5 percent) and are offered through individual campuses.
PLUS Loans - These loans are for the parents of prospective students. They are similar to unsubsidized Stafford Loans in terms of interest.
Pell Grants - These need-based awards do not have to be paid back. They are only offered to students who demonstrate financial need.
Federal Supplemental Education Opportunity Grants - These grants are similar to Pell Grants; they don't have to be repaid and are awarded based on need.
Work-Study Programs - These enable students to work for their financial aid, meaning they aren't in debt upon graduation. The work is typically given through the campus or an affiliated business (oftentimes in a student's field of study.
Private Funding Options
For those who don't qualify for federal assistance, or for those who simply didn't make the deadline, there are additional loan options. Banks and private lending institutions typically have money available just for school-related expense. Some of the more recognizable names (such as Sallie Mae) offer government funding refinance options in addition to private funding.
However, because the loans aren't subsidized by the government, interest rates can be high and interest might start accruing right away. Factors such as your credit score might also affect the kind of rate you get. Most students find that private funding is a good option only once all other financial aid avenues have been exhausted.
Graphic Design Scholarships
The great thing about scholarships is that, like grants, they do not have to be repaid after graduation. However, competition can be fierce, and you may not qualify unless you fulfill certain financial and personal characteristics.
Because graphic design is strongly affiliated with the arts, there are actually quite a few scholarship options available (traditionally, scholarships are most widely available for science or arts degrees). However, scholarships don't come to you – you have to go to them. That means you have to locate sources, find out application procedures, and be sure to meet all submission deadlines.
To begin your search, consider the following sources:
Your College or University's Career Center/Financial Aid Office
Graphic arts schools typically have extensive resources regarding scholarship options for their specific degree programs. When you are looking for a school, make sure they offer leads for relevant scholarships.
Individual Companies and Organizations
Many organizations offer their own scholarships. They do this to spread their own good name and to recruit qualified employees. Look at those companies:· where your parents work,
· where you may wish to find post-graduation work,
· where you work, and
· those located in your hometown or the city where your college is situated.The U.S. Department of Education - This website offers the ability to insert a keyword to find available scholarships.
Online Scholarship Websites - There are countless places to find graphic design scholarship listings online. Although this is a great place to start your search, be wary of any sites that try to sell their information for a fee or ask for information that may put your personal credit at risk.
Graphic Design Work-Study
Work-study programs not affiliated with the government are also available for graphic design students. Many companies like to recruit employees as interns or low-wage workers while they are still in school; this give the company the double advantage of training you to their specifications while getting cost-effective labor in the bargain. Students also get greater potential for post-graduation employment with that company.
Contact potential employers before or during your education to see if they have programs available to help you pay for school or to get hands-on experience while you work your way to a degree.
Know what kinds of financial aid is available to you
There are many types of financial aid that can help fund your education. Learn what the various types of financial aid are available to you.
Starting a Graphic Design Education
Graphic design can be a rewarding career in terms of salary and personal satisfaction. However, it's important not to enter your career with a heavy burden of debt. Take the time to consider all your financial planning options before you decide on a specific school or degree program. The benefits of getting a good education – and one that you can afford - will last you for years.
Graphic Art Schools in Your State
If any of these professions interest you and you would like to find a school in your area where you can learn these skills, click here to find the school that's right for you.
