Reel Cash for Film School
By Rebecca Miller
Resources for funding your film school education
Funding your film school education can be as difficult and confusing as breaking into showbiz. With a starting price tag of $50,000 a year, many students struggle to afford the expensive endeavor of getting a formal education in film. Fortunately, financial aid offers several options to make the fee of film school a little more affordable.
Hard to get but as coveted as an Oscar, scholarships make the cost of film school a whopping free, or at the least provide somewhat of a discount. Film scholarships are offered through film schools themselves and film-related organization. Gender-specific organizations such as Women in Film offers film scholarships for women based on talent, creativity and financial need. While the fraternal organization Phi Delta Theta offers The Francis D. Lyon Scholarship for Film Students which awards $3,000 scholarships to aspiring filmmakers in financial need. The Screen Actors Guild Foundation (SAG) funds the John Dales Scholarship, “which goes to members or dependents of members who can demonstrate professional and financial need for college funding,” according to CollegeScholarships.org. The Eastman Kodak Scholarship Program is a student film competition that awards $5000 scholarships to aspiring filmmakers.
Film school grants are another non-repayment-based film school funding option. Offered federally and privately, film school grants provide money for film school costs that does not have to be repaid. The Hollywood Foreign Press Association (HFPA) offers the HFPA Fellowships, which provides yearly fellowship grants to a selected group of schools “that have national stature and/or regional importance in the greater Los Angeles area,” according the HFPA website. The Academy of Motion Pictures Arts and Sciences offers the Institution Grants Program which provides funds to film-related organizations and educational institutions. Federal grants are awarded based on financial need. The first step to determining your grant eligibility is to complete the Free Application for Federal Student Aid (FASFA).
Unless you have a rich uncle or extremely generous friend, the last film school funding options are loans. Like with grants, complete a FASFA to determine which federal loans you qualify for. There are both federal loans for parents, such as Plus Loans, and students, including Direct and Stafford loans. Private loans are also available through organizations like American Education Services, NelNet, NextStudents and banks like Chase. Loan terms vary depending on the lender, loan type, interest rate and repayment terms.
Film school is expensive, but it doesn’t have to be unaffordable. Research is the key to determining which film school funding options are right for you. Start your research at UniversityDecisions.com for information on film school funding, degree programs and schooling options.