Could I potentially end up homeless after college?

Submitted by Such_Weekend t3_yhxh0h in personalfinance

Hi,

I'm 28 and finishing up my bachelor's degree I've been pursuing on and off. There were unfortunately a few setbacks in my education over the years (covid, family issues etc.), but I'm ready to finish soon.

Unfortunately, I'm in a situation which may leave me with no fall back. My parent had to go to an old age home. This costs a lot of money for them, and will mean they may have to give up their apartment if they continue to need to live there (which I don't know yet). This means that if I can't get a career for whatever reason after school, I'm on my own. This is a situation I'm not used to, but obviously understand.

I'm planning to pursue a film degree. I really enjoy filmmaking, and though I know a degree isn't required, I'm very much interested in it, namely the art aspect.

I have two choices for college: a more practical degree in a school near Los Angeles, and a more art/theory oriented one not near LA, but still in my home state.

My tuition is covered in both, but cost of living at the art oriented one is going to be (with cost of food as well) around $2000 a month, for between 18 and 24 months.

I'm waiting for $20,000 of previous college debt to be cleared in the recent Biden decision, as I am apparently eligible.

Account wise, I am currently breaking even, as I've had to withdraw from school recently to help take care of my father, which means I have to pay back all the money I owe them.

I am, however, making $1000 a month, and will continue to until 2025, as I'm on social security for a disability.

I've done the calculations and have figured out that with the art college costing $29,000 a year, and me making $1000 a month, and receiving $12000 a year in grants, I'll be left with approximately $10k total in debt. But this also means I'll have no savings when I graduate. And being farther from the industry I plan to work in (namely with my age as well), I'll have to start from scratch when I move to LA or NY, with likely few or no connections.

I was also thinking of working 10 hours or so a week in college to supplement income. Or even putting some money in a high yield savings account or some safe investments.

Is going to the art college a bad idea financially? Am I being naive? Could I potentially end up homeless?

Thanks for any help.

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RaycharlesN t1_iuhmf5z wrote

I think you should get a job and earn money to live on without running up debt again

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ChassidyZapata t1_iuheltv wrote

I know nothing about film making so I’ll take it from you, if it doesn’t require a degree, don’t get one. A quick Google shows me some of the self taught film makers vs the ones who went to college. I tend to be strongly against degrees that are financially useless if it’s no strong possibility in recovering the cost of the degree. I’d think Hollywood and becoming successful is tough. I do wish you luck.

That said, only you can decide which one is worth it to you. I’d go for something practical and teach myself the arts. But that’s how i am. Also, no you don’t need to become homeless. There are many people who work in college and save money. There are many who live off of their grants in college while working to have something so that they have savings when they finish school. It won’t be easy, but you’re grown and unfortunately your life circumstances mean work will need to be the current priority with less college hours or both college and work will need to be priority with less sleep and social life.

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CornflowerFieldmouse t1_iuhfpk1 wrote

There's no guarantee that your college debt will be poofed away by the government until it actually happens, so until that point you need to think about it in the context of having that debt.

You need to decide what's more important to you, making sure you have a place to live, or getting a second degree.

You could always get a job and make sure you have a place to live and then take filmmaking classes parttime.

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Such_Weekend OP t1_iuisfpc wrote

It would be my first degree. And true. I'm thinking of getting a job while in college as a compromise, as I'd rather not put off getting my degree any longer.

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CornflowerFieldmouse t1_iuits9l wrote

You said you're finishing up your bachelor's degree right now, and are considering pursuing a filmmaking degree. That would make the filmmaking degree your second degree, unless you plan to abandon the one you're currently working on entirely.

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Such_Weekend OP t1_iujcaut wrote

Perhaps I should've been more clear, my bad. I meant I am finishing up my bachelor's degree in film that I've been pursuing for several years now on and off. I am planning to transfer from community college.

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CornflowerFieldmouse t1_iujf5d8 wrote

... community college gives an associate degree. Are you currently working on an associate degree or a bachelor degree?

Either way, going for filmmaking will be a second degree.

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bmichellecat t1_iuhv22h wrote

There’s no guarantee your debt is going to be cleared, that bill hasn’t totally been passed yet and keeps getting thrown back.

As someone with a art type degree, they’re useless tbh. I wish i never would have went to school. I’m $21,000 in debt with two degrees i don’t even use for my current job. I wish someone would have told me either to go to trade school or find a job and work my way up

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clearwaterrev t1_iuhw8ry wrote

> Is going to the art college a bad idea financially?

Probably. What are your realisitic job prospects? How much might you earn if you get an entry-level job in the film industry, and would that be enough to pay your bills in a high cost of living area like LA or NYC? Do you know anyone who recently earned a film degree who can talk to you about what the job market is really like?

If you were my friend, I would encourage you to take a step back and think about what it will actually take to succeed in the film industry, and whether it makes more sense to pick a career path that isn't such a long-shot. Will you be happy in five years if you were never able to get a job in film and are instead working in a job that doesn't require a degree? Or will you feel like the film degree was a big mistake?

If there's some other occupation you are interested in, something more viable, I would pursue a degree related to that occupation instead.

> Could I potentially end up homeless?

Yes, if your parents can't financially support you after you graduate from college and you aren't sure you'll be able to line up a job that pays a living wage. You definitely won't be able to relocate to another city and secure housing without substantial cash savings.

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rinklkak t1_iuhqdsw wrote

Don't go to grad school unless your employer pays for it or you get a TA/GA position that makes it free and you can leave school debt free. And get a job.

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