Student Debt is a Music Policy Issue
It’s no secret that there’s a student loan crisis in the United States. Americans now owe a full $1.2 trillion in student debt, and that number is only expected to increase.
It’s also no secret that this crisis impacts the music community. I know more than a few gifted musicians and composers who’ve had to ask themselves, “Do I keep working on music, or do I find another more lucrative kind of employment that will allow me to pay down my educational loans?”
At the same time, Future of Music Coalition’s research indicates that investment in education can have some clear benefits for careers in music. In 2012, as part of our Artist Revenue Streams research project measuring the ways that musicians and composers make a living, our research team crunched the numbers from a large-scale online survey completed by over 5,300 US-based musicians. Among our findings: conservatory and music school graduates were likely to be earning more and working more than non-music school graduates .
Thus, it’s important that students be given the tools to make informed choices and understand the full range of potential risks and rewards that investment in education may represent. The most responsible schools are increasingly giving students a candid assessment of what the job marketplace looks like before they get too far into their educational career, and some are working to better equip their students with entrepreneurial skills to navigate a challenging landscape.
Yet, as Ellen McSweeney points out in her excellent 2013 article about education debt for NewMusicBox, entrepreneurship itself depends on a degree of financial flexibility that many young graduates don’t have. Her article is a strong resource for thinking through the tough decisions young composers and musicians face in planning their educational and vocational paths. It’s got some hard-won advice from twenty-something musicians and composers in the process of paying off their educational debt.