No, you’re not alone.
According to statistics, only 10% of art graduates earn a living as working artists. This means that, out of 2 million graduates, around 1.8 million are what people like to call “starving artists.”
Let’s face it, as an art graduate, finding a job that aligns with your degree can be challenging.
When you do, it’s undeniably one of the most rewarding experiences you’ll get in a lifetime. But until then, you need to employ a few strategies that will help you cope with financial burdens.
Repaying your student loan debt, for example, is most likely at the top of your to-do list. And for this particular dilemma, refinancing just might be the solution you need.
1. Payment Terms Suited to Your Needs
Refinancing your student loans give you access to more flexible payment terms that fit every situation.
Comparison websites allows you to tailor your student loan refinancing based on your specific goal. You can select either to maximize your savings, get out of debt faster, or lower your monthly costs.
2. Consolidating All Payments Into One
As an art graduate, you probably already have a lot of things on your plate. On top of your day job, you also presumably spend a lot of time on side projects with your craft.
Unfortunately, it’s hard to juggle your passion with everything else going on in the blur of life.
What you don’t need are two or more student loan payments, presumably from your private and federal loans, constantly knocking at the back of your head. The good news is, lenders will help you consolidate these loans into one account with refinancing.
3. Single Interest Rate
Another advantage of consolidating your student loan payments is that you’ll get a fixed interest rate for the entirety of your loan. This is determined by calculating the average of each loan’s interest rate rounded up to the nearest 1/8ths of 1%.
At first glance, it may not have a significant impact on your student loan repayment. But over the long term, a single high-interest student loan will easily amount to a huge sum — not to mention that tracking a single interest rate definitely makes things a tad simpler.
4. Free a Cosigner
It may sound harsh, but struggling financially with an art degree may put a strain on your relationship with your family members. This is especially true if they are cosigners in your student loan.
Remember, supporting you in your course of choice is already the best thing they can do for you. You can return the favor by freeing them as your cosigners, which can be done through refinancing.
5. Protect Your Credit Rating
As an art graduate, the last thing you need is your credit score suffering due to constantly failing to make ends meet.
The cost-savings benefit of refinancing alone will help you prevent this. Furthermore, rolling multiple loan payments into one reduces the chance of negligence, which in turn will protect your credit score.
Being an art student is no excuse to neglect your finances.
With refinancing, you could be one step closer to a comfortable life as an earning artist. It may not solve your problems overnight, but it can give you that much-needed legroom to spread your creative wings.
Photo is pixabay creative commons
Guest Author Bio
Stephen Jacobson is a freelance writer for ModestMoney.com. In addition to writing about finance he also covers a wide variety of other topics.