Discussion in 'Music Business' started by audiokid, Oct 26, 2013.
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So sad. So true.
That number that the linked report includes, that this video misses, is the percentage of revenue from federal funding. Unless I'm reading this wrong, the number shown is just the amount of funding they receive. Full Sail receives half again as much from other sources (presumably tuition etc.). In other words, in the case of Full Sail 2010-2011 they got 66.78 percent of their revenue from federal funding. So that number from the video was just ⅔ of the revenue for that given year.
I'm 99% positive that the 66.78 percent of federal funding refers to the student loans that come in as opposed to personal payments toward tuition. In other words, kids are going into major debt to get into these schools. A class of thirty students at $40000 is already 1.2 Million dollars. That's just one class for one year.
Here is a breakdown of what they estimate the cost of a 4 year program will be and take note of the monthly payments:
Monthly Payment: $1,439.70
Amount Borrowed: $125,104.00
Interest Rate: 6.8%
Term: 10 years
Number of Monthly Payments: 120
Total Interest Cost: $47,660.12
Total of All Payments: $172,764.12
Even if someone were to get a job in the music industry, is there any way they could make a $1500 payment each month? Factoring in, rent, food, bills, transportation. Bankruptcy must be huge right now. In Canada, you can no longer declare bankruptcy on your student loan. If you borrow $130000, you are going to pay it back if they have to take it out of you in blood.
Okay. Slight exaggeration. :tongue:
Here's a handy loan calculator:
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