# Columbia University Scholarship & Financial Aid info



## Patrick Clement

Congratulations to everyone that got accepted! If you didn't (and I genuinely believe this is the case) you will find your way so keep trying!

There has been a lot of posts about Financial Aid so I wanted to share some personal experiences and advice when it comes to financial aid at Columbia. I hope it will be helpful and let me know if you have any questions.

1. Grad PLUS Loans for Low-income US Students
2. "Scholarships/Fellowships"
3. "Service Positions"
4. Additional Money for Projects
5. Money Available (Laptop/Rent Increases/Utilities Increases/Health Increases)
6. Rando advice

INTRODUCTION
Columbia is one of the most expensive MFAs in the US. It costs a lot of $$$$. Including housing, meals, travel, etc you are looking at $200K-$450k depending on the length of your degree (2.5 to 5yrs). Debating the value of the degree is for each student to figure out. Regardless, Columbia is maybe THE WORSE when it comes to communicating financial aid and available money. Seriously, it's a joke. You have to do a lot of sleuthing and/or know a wise student to fill you in on the particulars. As a low income student having gone to four universities over ten years I've gotten pretty good at asking the right questions and being persistent. I'm going to share my experiences and wish everyone the best of luck!

1. Grad PLUS Loan
If you are a US student and qualify (StudentLoans.gov) a Grad PLUS loan is a great way to finance your time at Columbia. The Grad PLUS loan will cover all of your remaining costs of attendance (after your other loans, SUB and unSUB) including rent, meals, supplies, tuition, fees, etc. You cannot apply for a GradPLUS through the USGOV Website however, you need to apply through Columbia directly (Federal Direct PLUS Loans | Columbia University Student Financial Services).

Make sure you fill out your FAFSA before June 30th! FAFSA - Free Application for Federal Student Aid

Columbia will let you borrow up to the COST OF ATTENDANCE, which is set by the university each year:
1st- and 2nd-Year MFA Students

Tuition  *$58,728*
Career Services Fee   *$160*
Student Activity Fee   *$40*
University Facilities Fee *$960*
Health Services Fee *$1,082*
Medical Insurance *$2,991*
*Total  * *$63,961*

*Other estimated typical costs (per 9-month academic year)*
Living Expenses (Room & Board) $20,682
Transportation $1,089
Personal Expenses $4,671
Books & Supplies $2,874
Loan origination fees (for U.S. Citizens and
Permanent Residents with federal loans) $218

In combination with ALL of your loans, you will be able to borrow* all $93,495 needed to cover you for the entire school year*.
The Grad PLUS will kick in after your other loans and financial aid has gone through to cover "the gap," all outstanding money needed after other loans. Assuming you qualify for the Grad PLUS loan. From my research the only people who regularly need to appeal a denial for a GradPLUS are people with a Bankruptcy. They do run a credit check, but from a person with "ok to low" credit, I was able to get one.

Basically, you should feel OK about MONEY AVAILABLE. This was a huge relief for me. In undergrad there are loan limits (which means working while in school), but the USGOV opens up the limits once you get into grad school. Technically, there is no limit. Only a number set by the school. The school determines maximum loan limits and costs of attendance.

If you are concerned about repayment, join the club  However, for now (and I mean that FOR NOW so get while the getting is good) the US Gov has a loan repayment plan that is income-based. Its called the REPAYE PLAN (Income-Driven Plans) which amounts to 10 percent of your discretionary income ("discretionary income is the difference between your annual income and 150 percent of the poverty guideline for your family size...") once you graduate.

There is a good calculator here:
StudentLoans.gov

With $300,000 in loans on a $20k per year adjusted gross income (this is after deductions) and I had a repayment of $16 per month. Also loans are forgiven in 15/20/25 year groups. So when you graduate if you are an intern or doing coverage for $25 a script, you wont get pummeled by loan payments if you play your cards right!

TIP: A very friendly loan servicer tipped me off to a nice loop hole. Since I am a full time student, and my annual income is like $5-$10k, I actually went into repayment my second year at Columbia. Why? Because my income is so low, my monthly payments are $0 and the other four years at Columbia will count towards my 25 year pay off. Smart. Clever. Do it!

TIP: *DO NOT SELECT WORK STUDY ON YOUR FAFSA*. I EXPLAIN WHY IN #2 BELOW.

TIP: Disbursement (your $$$) is split, it will be deposited in September and February every year. 

TIP: http://sfs.columbia.edu/files/sfs_n...PLUS Loan Request 2018-2019 FINAL VERSION.pdf

*I BREAK DOWN SOME OF THE COST OF LIVING ISSUES IN #5 BELOW
I BREAK DOWN BULLSHIT COLUMBIA SOA "STUDENT WORKER" NONSENSE IN #2 BELOW*

2. SCHOLARSHIPS/FELLOWSHIPS
Basically, there isn't any. Not from Columbia anyway. Well, there is the very small one they might give you in your first year, i think its like $15k. Enjoy it while it lasts. Enough students put up a stink a couple of years ago and I think the thesis students get like $5k a year. I
ll have to double check.

2. SERVICE POSITIONS

Columbia Film has "service positions." These are student workers who get "paid" to do jobs like assist faculty, work the projectors and TA. If you are a loan borrower THINK HARD ABOUT TAKING THESE POSITIONS. And here is why: If you are a loan borrower, you will actually have to borrow your own salary ($2,500k/semester), then give it to the SOA, who will then give it back to you for your work. Yes. It is dumb and it ONLY AFFECTS LOW INCOME LOAN BORROWERS. I dont know why, but itS bullshit and another example of why Columbia doesn't accommodate or genuinely care for their low-income students. Its not opinion, its policy. if you pay you tuition without loans, guess what...the school actually pays your money.

The Columbia Grad union has been fighting the University for years to get representation, you can Google it. But I voted with many of my classmates to form a union and next month I will vote for strike authorization. The Film MFA is just as bad as the rest of the university with low pay, no benefits and no system in place for arbitrary work violations. For example, my boss withheld my paycheck for three weeks. Just because. No reason. And I wasnt notified. Also remember, it was my money they were giving back to me.

TIP: You can request to get all of your unused work study money at the end of the year. So if you dont use it, you dont lose it.

4. ADDITIONAL MONEY FOR PROJECTS
There is money available for your projects. Loan increases. You will have to submit a form and have administration sign off, but you can get a loan increase to pay for your bigger projects.

8-12 (end-of-first-year project) $1,500/$2,500
Dir4 (end-of-second-year project) $2,500/$3,500
Thesis - up to $15k
* I'm pretty sure these are right, but not 100 percent sure on 8-12 and Dir4. 
** The limits are based on "in-town" or "overnight" shoots. 

There are a number of grants available every year. In fact they've just come in for us a couple of weeks ago. There has been some debate between students regarding the selection of who receives grants and why. I won't delve too deep into this (full disclosure I applied and did not receive a grant) but like all grants they should not be considered when budgeting for projects. But know that the GRANTS ARE NOT NEED BASED. Plan accordingly.

5. OTHER MONEY AVAILABLE
You should get to know this form very well:
http://sfs.columbia.edu/files/sfs_new/forms/Budget Increase Form 2018-2019.pdf

This is the form you will submit to receive loan increases.

RENT INCREASES
You can borrow up to $2,000 a month for rent during the school year. The school will automatically give you $1343/mo for rent for the 9 month school year. If you need any more than that you will need to fill out the form and submit a signed lease. Columbia under values this expense (I think on purpose to keep their "Cost of Attendance" low and look competitive with other universities). My Columbia-owned studio is over $1,400 a month. So, figure that one out. Remember, you can only borrow for nine months (four in the Fall and five in the Spring). You will have to pay for your Summer rent.

LAPTOP
You can borrow I think up to $2000 ONCE while at Columbia for a laptop. But most of the poor students just borrow the money and use it to pay rent. 

HEALTH INCREASES
Unless you want to submit a ton of increases, the easiest way is to just get the schools insurance. Honestly, get the platinum plan. Its expensive, but it covers alot and the school allows you to borrow all of it. Spoil yourself with a large robust plan, and skip out on the marketplace with high deductibles and co-pays. My 2cents. 

TIP: Basically you are going to be fucked for food. Columbia budgets you for $7 per meal. Its like they dont know they are in New York City. Two small bags of groceries are going to be $50-$60 a pop. You WILL eat into other money, so just try to be careful. You cannot request an increase for food.

TIP: Make sure you add in the origination fee for all of your loans. Add the 4.264% every increase or it'll be deducted from you total. 

6. RANDO WORDS OF ADVICE
I said it above, but Columbia is not Low-Income friendly. They make it hard (or, well they dont make it easy) for low-income and loan borrowing students, but if you navigate their system (and figure out the particulars) you can take care of yourself and find a way to get by. Bottom line is, I am able to be a full time filmmaker for five years. Loans made that possible and getting to know all of the ins-and-out for CU's aid system made it alot easier. 

This is information I've gathered over the past three years and some of my own experience and advice thrown in. I am just one student with one perspective and one opinion.  

Don't let financial insecurity keep you from doing what you love. 

- Patrick


----------



## xLorenzoM

Patrick Clement said:


> Congratulations to everyone that got accepted! If you didn't (and I genuinely believe this is the case) you will find your way so keep trying!
> 
> There has been a lot of posts about Financial Aid so I wanted to share some personal experiences and advice when it comes to financial aid at Columbia. I hope it will be helpful and let me know if you have any questions.
> 
> 1. Grad PLUS Loans for Low-income US Students
> 2. "Scholarships/Fellowships"
> 3. "Service Positions"
> 4. Additional Money for Projects
> 5. Money Available (Laptop/Rent Increases/Utilities Increases/Health Increases)
> 6. Rando advice
> 
> INTRODUCTION
> Columbia is one of the most expensive MFAs in the US. It costs a lot of $$$$. Including housing, meals, travel, etc you are looking at $200K-$450k depending on the length of your degree (2.5 to 5yrs). Debating the value of the degree is for each student to figure out. Regardless, Columbia is maybe THE WORSE when it comes to communicating financial aid and available money. Seriously, it's a joke. You have to do a lot of sleuthing and/or know a wise student to fill you in on the particulars. As a low income student having gone to four universities over ten years I've gotten pretty good at asking the right questions and being persistent. I'm going to share my experiences and wish everyone the best of luck!
> 
> 1. Grad PLUS Loan
> If you are a US student and qualify (StudentLoans.gov) a Grad PLUS loan is a great way to finance your time at Columbia. The Grad PLUS loan will cover all of your remaining costs of attendance (after your other loans, SUB and unSUB) including rent, meals, supplies, tuition, fees, etc. You cannot apply for a GradPLUS through the USGOV Website however, you need to apply through Columbia directly (Federal Direct PLUS Loans | Columbia University Student Financial Services).
> 
> Make sure you fill out your FAFSA before June 30th! FAFSA - Free Application for Federal Student Aid
> 
> Columbia will let you borrow up to the COST OF ATTENDANCE, which is set by the university each year:
> 1st- and 2nd-Year MFA Students
> 
> Tuition  *$58,728*
> Career Services Fee   *$160*
> Student Activity Fee   *$40*
> University Facilities Fee *$960*
> Health Services Fee *$1,082*
> Medical Insurance *$2,991*
> *Total  * *$63,961*
> 
> *Other estimated typical costs (per 9-month academic year)*
> Living Expenses (Room & Board) $20,682
> Transportation $1,089
> Personal Expenses $4,671
> Books & Supplies $2,874
> Loan origination fees (for U.S. Citizens and
> Permanent Residents with federal loans) $218
> 
> In combination with ALL of your loans, you will be able to borrow* all $93,495 needed to cover you for the entire school year*.
> The Grad PLUS will kick in after your other loans and financial aid has gone through to cover "the gap," all outstanding money needed after other loans. Assuming you qualify for the Grad PLUS loan. From my research the only people who regularly need to appeal a denial for a GradPLUS are people with a Bankruptcy. They do run a credit check, but from a person with "ok to low" credit, I was able to get one.
> 
> Basically, you should feel OK about MONEY AVAILABLE. This was a huge relief for me. In undergrad there are loan limits (which means working while in school), but the USGOV opens up the limits once you get into grad school. Technically, there is no limit. Only a number set by the school. The school determines maximum loan limits and costs of attendance.
> 
> If you are concerned about repayment, join the club  However, for now (and I mean that FOR NOW so get while the getting is good) the US Gov has a loan repayment plan that is income-based. Its called the REPAYE PLAN (Income-Driven Plans) which amounts to 10 percent of your discretionary income ("discretionary income is the difference between your annual income and 150 percent of the poverty guideline for your family size...") once you graduate.
> 
> There is a good calculator here:
> StudentLoans.gov
> 
> With $300,000 in loans on a $20k per year adjusted gross income (this is after deductions) and I had a repayment of $16 per month. Also loans are forgiven in 15/20/25 year groups. So when you graduate if you are an intern or doing coverage for $25 a script, you wont get pummeled by loan payments if you play your cards right!
> 
> TIP: A very friendly loan servicer tipped me off to a nice loop hole. Since I am a full time student, and my annual income is like $5-$10k, I actually went into repayment my second year at Columbia. Why? Because my income is so low, my monthly payments are $0 and the other four years at Columbia will count towards my 25 year pay off. Smart. Clever. Do it!
> 
> TIP: *DO NOT SELECT WORK STUDY ON YOUR FAFSA*. I EXPLAIN WHY IN #2 BELOW.
> 
> TIP: Disbursement (your $$$) is split, it will be deposited in September and February every year.
> 
> TIP: http://sfs.columbia.edu/files/sfs_new/forms/Federal Direct Graduate PLUS Loan Request 2018-2019 FINAL VERSION.pdf
> 
> *I BREAK DOWN SOME OF THE COST OF LIVING ISSUES IN #5 BELOW
> I BREAK DOWN BULLSHIT COLUMBIA SOA "STUDENT WORKER" NONSENSE IN #2 BELOW*
> 
> 2. SCHOLARSHIPS/FELLOWSHIPS
> Basically, there isn't any. Not from Columbia anyway. Well, there is the very small one they might give you in your first year, i think its like $15k. Enjoy it while it lasts. Enough students put up a stink a couple of years ago and I think the thesis students get like $5k a year. I
> ll have to double check.
> 
> 2. SERVICE POSITIONS
> 
> Columbia Film has "service positions." These are student workers who get "paid" to do jobs like assist faculty, work the projectors and TA. If you are a loan borrower THINK HARD ABOUT TAKING THESE POSITIONS. And here is why: If you are a loan borrower, you will actually have to borrow your own salary ($2,500k/semester), then give it to the SOA, who will then give it back to you for your work. Yes. It is dumb and it ONLY AFFECTS LOW INCOME LOAN BORROWERS. I dont know why, but itS bullshit and another example of why Columbia doesn't accommodate or genuinely care for their low-income students. Its not opinion, its policy. if you pay you tuition without loans, guess what...the school actually pays your money.
> 
> The Columbia Grad union has been fighting the University for years to get representation, you can Google it. But I voted with many of my classmates to form a union and next month I will vote for strike authorization. The Film MFA is just as bad as the rest of the university with low pay, no benefits and no system in place for arbitrary work violations. For example, my boss withheld my paycheck for three weeks. Just because. No reason. And I wasnt notified. Also remember, it was my money they were giving back to me.
> 
> TIP: You can request to get all of your unused work study money at the end of the year. So if you dont use it, you dont lose it.
> 
> 4. ADDITIONAL MONEY FOR PROJECTS
> There is money available for your projects. Loan increases. You will have to submit a form and have administration sign off, but you can get a loan increase to pay for your bigger projects.
> 
> 8-12 (end-of-first-year project) $1,500/$2,500
> Dir4 (end-of-second-year project) $2,500/$3,500
> Thesis - up to $15k
> * I'm pretty sure these are right, but not 100 percent sure on 8-12 and Dir4.
> ** The limits are based on "in-town" or "overnight" shoots.
> 
> There are a number of grants available every year. In fact they've just come in for us a couple of weeks ago. There has been some debate between students regarding the selection of who receives grants and why. I won't delve too deep into this (full disclosure I applied and did not receive a grant) but like all grants they should not be considered when budgeting for projects. But know that the GRANTS ARE NOT NEED BASED. Plan accordingly.
> 
> 5. OTHER MONEY AVAILABLE
> You should get to know this form very well:
> http://sfs.columbia.edu/files/sfs_new/forms/Budget Increase Form 2018-2019.pdf
> 
> This is the form you will submit to receive loan increases.
> 
> RENT INCREASES
> You can borrow up to $2,000 a month for rent during the school year. The school will automatically give you $1343/mo for rent for the 9 month school year. If you need any more than that you will need to fill out the form and submit a signed lease. Columbia under values this expense (I think on purpose to keep their "Cost of Attendance" low and look competitive with other universities). My Columbia-owned studio is over $1,400 a month. So, figure that one out. Remember, you can only borrow for nine months (four in the Fall and five in the Spring). You will have to pay for your Summer rent.
> 
> LAPTOP
> You can borrow I think up to $2000 ONCE while at Columbia for a laptop. But most of the poor students just borrow the money and use it to pay rent.
> 
> HEALTH INCREASES
> Unless you want to submit a ton of increases, the easiest way is to just get the schools insurance. Honestly, get the platinum plan. Its expensive, but it covers alot and the school allows you to borrow all of it. Spoil yourself with a large robust plan, and skip out on the marketplace with high deductibles and co-pays. My 2cents.
> 
> TIP: Basically you are going to be fucked for food. Columbia budgets you for $7 per meal. Its like they dont know they are in New York City. Two small bags of groceries are going to be $50-$60 a pop. You WILL eat into other money, so just try to be careful. You cannot request an increase for food.
> 
> TIP: Make sure you add in the origination fee for all of your loans. Add the 4.264% every increase or it'll be deducted from you total.
> 
> 6. RANDO WORDS OF ADVICE
> I said it above, but Columbia is not Low-Income friendly. They make it hard (or, well they dont make it easy) for low-income and loan borrowing students, but if you navigate their system (and figure out the particulars) you can take care of yourself and find a way to get by. Bottom line is, I am able to be a full time filmmaker for five years. Loans made that possible and getting to know all of the ins-and-out for CU's aid system made it alot easier.
> 
> This is information I've gathered over the past three years and some of my own experience and advice thrown in. I am just one student with one perspective and one opinion.
> 
> Don't let financial insecurity keep you from doing what you love.
> 
> - Patrick


First of all Patrick, I just want to say thank you for taking the time out to help the rest of the aspirers out. I’ve followed a bit of your work going back to Kansas and you definitely have an eye.

I know most of us applying to these grad schools are introverts. Taking our work that we’re already critical of ourselves and submitting them for judgement is no small task. Then getting in and worrying about cost and conforming to the “starving artist” role is a lot to think of as well.

Everything you’ve articulated is exactly what I needed to hear. I didn’t get into Columbia but I did get into Chapman and LMU. I haven’t committed to either and I’d be lying if I said money wasn’t the reason why.

With the information you’ve provided, I’m going to take a deep breath, focus on finishing this semester and graduating next month. Idk where I’ll go but I’ll definitely know that whatever it happens, it’s up to me to make the most of it. 100k in student loan debt or not. One life, & I don’t want any “what if’s” later on. 

Thank you, Patrick. The movie-loving community owes you a great debt. If I’m ever in NYC, I owe you a beer.


----------



## sharkb8

Patrick Clement said:


> Congratulations to everyone that got accepted! If you didn't (and I genuinely believe this is the case) you will find your way so keep trying!
> 
> There has been a lot of posts about Financial Aid so I wanted to share some personal experiences and advice when it comes to financial aid at Columbia. I hope it will be helpful and let me know if you have any questions...


This is a fantastic resource and I hope more people get a chance to see this. Thank you so much for posting this.

I have a few follow up questions for you. I've been doing some heavy research on loans myself so I'll be ready when I apply next year, so here are some questions I haven't been able to find answers to yet. Perhaps you'll know.

1. If a student takes out the regular Stafford Loan (Unsubsidized Direct Loan) for $20,500, and then Grad Plus loans to cover the rest, that would be two separate loans. Using Income Based Repayment, would someone be paying 10% of their discretionary income to cover the Stafford Loan, and then another 10% of their income to cover the Grad Plus loan? Or are the two loans combined into one, so you just pay 10% and that covers both?

2. What will the impact of this debt be on one's ability to obtain a mortgage later in life? One of the things I know mortgage lenders look at is the recipient's debt to income ratio. If one is using Income Based Repayment, would the mortgage lender look at the monthly payment you're making on the student loan, (10%) or the total debt of the loan? ($200,000+) If the latter, then Income Based Repayment is only masking the crippling debt that could destroy anyone's future mortgage options, unless they've gotten a job paying $150,000+ per year.

3. Is it true that the loan forgiveness will be taxable? At the end of the 20 years, the remaining balance (which will almost certainly be massive unless we made it big) is forgiven, but from what I've seen, what the government forgives is considered taxable income. Considering the massive cost of these loans, and the fact that they'll be gathering interest every year, since Grad Plus has a very high 7% interest rate and a random 4.5% fee, it's likely that even at the end of the 20 years, you'll still owe a huge amount in loans, and whatever the government forgives would then be considered taxable income, so that would be a huge burden come April 15th, unless I'm missing something?

4. What is the fee involved in the Grad Plus loan? Like, is it a one time payment, or is it an annual thing? How exactly does it work? If it's just an added 4% annually on top of the already bad 7% interest rate, we're talking about $200,000 adding another $20,000+ per year, which would make the recipient even further on the hook than we might have been at first.

Thanks again for your post, and if you know the answers to any of these it would be greatly appreciated.


----------



## Patrick Clement

xLorenzoM said:


> First of all Patrick, I just want to say thank you for taking the time out to help the rest of the aspirers out. I’ve followed a bit of your work going back to Kansas and you definitely have an eye.
> 
> I know most of us applying to these grad schools are introverts. Taking our work that we’re already critical of ourselves and submitting them for judgement is no small task. Then getting in and worrying about cost and conforming to the “starving artist” role is a lot to think of as well.
> 
> Everything you’ve articulated is exactly what I needed to hear. I didn’t get into Columbia but I did get into Chapman and LMU. I haven’t committed to either and I’d be lying if I said money wasn’t the reason why.
> 
> With the information you’ve provided, I’m going to take a deep breath, focus on finishing this semester and graduating next month. Idk where I’ll go but I’ll definitely know that whatever it happens, it’s up to me to make the most of it. 100k in student loan debt or not. One life, & I don’t want any “what if’s” later on.
> 
> Thank you, Patrick. The movie-loving community owes you a great debt. If I’m ever in NYC, I owe you a beer.



Thanks! I hope it helps! My guess is that Chapman and LMU operate similarly when it comes to loans and increases. But reach out. Ask questions. Really consider if grad school is right for you. For me, it was important to become a better filmmaker, a better storyteller, meet peers and other contemporaries (and see their work at a workshop level) and to do what I could to rise about the "noise" of a very crowded field. If I am lucky I will have to sit in a room with someone and ask them for what..$500k? $1 Million? $5 Million for a feature? $250k seems like a fair investment.   

And lets make it a coffee since I don't drink 



sharkb8 said:


> This is a fantastic resource and I hope more people get a chance to see this. Thank you so much for posting this.
> 
> I have a few follow up questions for you. I've been doing some heavy research on loans myself so I'll be ready when I apply next year, so here are some questions I haven't been able to find answers to yet. Perhaps you'll know.



Just FYI I am only a student so I can't offer you real financial advice. This is just from my experiences and you shouldn't rely on only my advice but keep digging  



sharkb8 said:


> 1. If a student takes out the regular Stafford Loan (Unsubsidized Direct Loan) for $20,500, and then Grad Plus loans to cover the rest, that would be two separate loans. Using Income Based Repayment, would someone be paying 10% of their discretionary income to cover the Stafford Loan, and then another 10% of their income to cover the Grad Plus loan? Or are the two loans combined into one, so you just pay 10% and that covers both?



The loan servicer (right now Nelnet) considers all of your USGov loans as "consolidated." Unless you have private loans, you are paying on your totals, not each individual loan amount. After each loan period I always call Nelnet and make sure all of my loans are under the better REPAYE plan, since technically the plans could change if mandated at the Gov level. Once a loan is put under a specific loan plan, even if it becomes unavailable in the future, you lock in those terms.  



sharkb8 said:


> 2. What will the impact of this debt be on one's ability to obtain a mortgage later in life? One of the things I know mortgage lenders look at is the recipient's debt to income ratio. If one is using Income Based Repayment, would the mortgage lender look at the monthly payment you're making on the student loan, (10%) or the total debt of the loan? ($200,000+) If the latter, then Income Based Repayment is only masking the crippling debt that could destroy anyone's future mortgage options, unless they've gotten a job paying $150,000+ per year.



This is an interesting question. First I would be cautious using the term "destroy," because what I've read (previously and also did some updated sleuthing after reading your question) suggests that lenders, especially FHA are aware of student debt as a factor during the home loan process. Large amounts of student debt certainly complicate mortgage lending, but I don't believe student debt eliminates the possibility of home ownership. My 2cents. 

https://www.usnews.com/education/bl...nt-loans-may-affect-mortgage-eligibility-less

Having said that it is def worth considering. Unfortunately for artists, we often have to make tough choices about our passion and pragmatic real-life consequences. Its different for everyone and is something each person has to weight privately. Columbia University is an expensive Ivy League school and so its loan borrowing graduates are prob expected to retain larger debt over longer periods of time. It is a prestigious school so I would be curious what home lenders would make of it. Is Columbia debt "less risky" than say a lesser known institution? I dont know. That would be a good question for a lender. 

This is a great question and if you have a chance to consult with someone please come back to this thread and tag me.  



sharkb8 said:


> 3. Is it true that the loan forgiveness will be taxable? At the end of the 20 years, the remaining balance (which will almost certainly be massive unless we made it big) is forgiven, but from what I've seen, what the government forgives is considered taxable income. Considering the massive cost of these loans, and the fact that they'll be gathering interest every year, since Grad Plus has a very high 7% interest rate and a random 4.5% fee, it's likely that even at the end of the 20 years, you'll still owe a huge amount in loans, and whatever the government forgives would then be considered taxable income, so that would be a huge burden come April 15th, unless I'm missing something?



Another great question without an answer. In short YES. Current US Tax laws considers US Gov loan forgiveness taxable. However, there are some possible ways to avoid a massive tax bill 20 years from now. 

1. Public Service Loan Forgiveness (120 payments in a public service job) is NOT taxable. 
2. You make so much money you can pay off your loans. 
3. Death. 
4. Once your tax bill  is assessed, the IRS will work out a payment plan for your taxburden.
5. Do not go into forgiveness. (is this possible? from what I read you only become "eligible" for forgiveness. Worth looking into)
6. Possible future legislation. Let hope Dems take the WH and congress sometime in the next 20 years!

Surprise! Here's When You'll Owe Taxes on Student Loan Forgiveness (and When You Won't) | Student Loan Hero
Public Service Loan Forgiveness
https://www.google.com/search?clien.......0...1.1.64.psy-ab..0.0.0....0.K-AZWm77Jc0
https://www.google.com/search?q=is+...atic?&ie=utf-8&oe=utf-8&client=firefox-b-1-ab 



sharkb8 said:


> 4. What is the fee involved in the Grad Plus loan? Like, is it a one time payment, or is it an annual thing? How exactly does it work? If it's just an added 4% annually on top of the already bad 7% interest rate, we're talking about $200,000 adding another $20,000+ per year, which would make the recipient even further on the hook than we might have been at first.



The "origination fee" of 4.264% is a one-time fee for each loan request (either big annual requests or smaller loan increases) it adds to the principal. 

Financing a degree is complicated a big decision. It's an investment and you are responsible for your own rate of return.  Personally, I don't give a shit about money. Honestly. I don't have it, have never had it and probably will never have it. So I don't let it determine my choices. Admittedly this can come across as a bit cavalier, but I fucking hate letting money get in my way of things or having it be the deciding factor in my life choices. I stay informed and try to make logical decisions. But worse case senario, I go off the grid and start a goat farm in the mountains. I'm OK with that also, but I still have 20+ years to figure it out.


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## Endlessly Curious

Patrick Clement said:


> Columbia under values this expense (I think on purpose to keep their "Cost of Attendance" low and look competitive with other universities).


 Thank you so much for all the advise, that's amazing! so from what I'm reading, the total estimate cost of attendance for the year: $*96,521, *is not very accurate? From your experience, will this amount be much higher, or do you think it could be somehow lowered?


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## Patrick Clement

Endlessly Curious said:


> Thank you so much for all the advise, that's amazing! so from what I'm reading, the total estimate cost of attendance for the year: $*96,521, *is not very accurate? From your experience, will this amount be much higher, or do you think it could be somehow lowered?


 That number will go up based on your loan increases and project costs. 



mje8888 said:


> Do we know if anyone on the waitlist for producing or directing/writing previous years ever got off the waitlist? What are the odds?


 People in my year definitely go in off of the waitlist. Although I'm not sure of the exact number. I think some people are probably a little embarrassed for having gotten in on a second pass, but they shouldn't. I think some people have even gotten off of the waitlist in like late July/August.


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## quarantini33

Hi there! This is so incredibly helpful.

I have a question for you. I was offered a scholarship, and of course I'm super grateful. However, I have to ask for more to make me attending next year possible. Have you heard of anyone else negotiating a higher scholarship? And, who did they negotiate with? The faculty? The Admissions team?


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## runningupthathill

Hi! If I take out the full federal loan that's being offered and I don't use all of my funds in the first year, do I get to keep the remaining amount? Or can I return the remaining balance? Thanks in advance for your help!


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## Clementine

quarantini33 said:


> Hi there! This is so incredibly helpful.
> 
> I have a question for you. I was offered a scholarship, and of course I'm super grateful. However, I have to ask for more to make me attending next year possible. Have you heard of anyone else negotiating a higher scholarship? And, who did they negotiate with? The faculty? The Admissions team?


Hi quarantini33, did you end up accepting to Columbia or no?


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