Most people assume a degree in the arts is no guarantee of riches. Now there is evidence that such graduates also rack up the most student-loan debt.
A Wall Street Journal analysis of new Department of Education data shows that median debt loads at schools specializing in art, music and design average $21,576, which works out to a loan payment of about $248 a month. That is a heavy burden, considering that salaries for graduates of such schools with five or fewer years’ experience cluster around $40,000, according to PayScale.com.
The story is here. And here is some sad news in particular:
New York’s Manhattan School of Music had the second-highest median debt load, at $47,000. Graduates with up to five years’ experience earn an average of $42,700, according to PayScale.
Which school is number one?:
Among the 4,000 colleges and universities in the federal database, the Creative Center in Omaha, Neb., a for-profit school that offers a three-year bachelor’s in fine arts, had the highest average debt load, at $52,035. Median pay for graduates of the school with five or fewer years’ experience is $31,400, according to PayScale.com.
I say that’s a school in future financial trouble.