Student Loans and Financial Aid for Photography School

Photography can be a rewarding career, but getting started may require formal training. Depending on your path, that might mean earning a certificate, a bachelor's degree, or even a master's. However, the investment can pay off. According to the U.S. Bureau of Labor Statistics, top-earning photographers can earn upwards of $96,000 per year.

If you need help paying for training, this guide covers your financial aid options and the best student loans for photography school to consider.

Current private student loan rates

How to pay for photography school

If your savings or income aren't enough to cover the cost of photography school, there are several ways to fill the gap. Financial aid and student loans are among the most common options:

• Federal student loans: If your school is accredited and participates in the Title IV federal aid program, you may qualify for federal student loans. These loans are available to most U.S. students and can cover some or all of your education costs.
• Private student loans: For certificate programs, professional schools, or institutions that don't offer federal aid, private student loans may be an alternative. These loans come from banks or private lenders, and approval is based on your credit score and income.
• Scholarships and grants: Many scholarships and grants are available to photography students. These don't need to be repaid and may be offered by your school or outside organizations, including local arts groups and nonprofits.

Federal student loans for photography school

Most community colleges and four-year universities are accredited and eligible for federal student loans. Some trade schools qualify as well, but not all. To see if your photography school is eligible, use the Department of Education's accreditation search tool.

If your school qualifies, federal student loans are the best place to start. You can apply by filling out the Free Application for Federal Student Aid (FAFSA).

“Your best option would be to use federal loans in order to have flexibility in repayment and the ability to change repayment plans,” says Jack Wang, a student loan and financial adviser at Innovative Advisory Group. “This is especially important for creatives, as for some, income can be highly variable.”

Here are the federal loans you may be eligible for:

• Direct Unsubsidized Loans: These loans are available to undergraduate, graduate, and professional students who do not require financial need.
• Direct Subsidized Loans: These loans are reserved for undergraduate students who demonstrate financial need on the FAFSA.
• Direct PLUS Loans: These loans can be used by parents of dependent undergraduate students or by graduate and professional students. You can borrow as much as your school's total cost of attendance, minus other aid received.

You may also qualify for a federal Pell Grant if you're an undergraduate student with “exceptional” financial need. Pell Grants don't accrue interest and don't have to be repaid.

Private student loans for photography school

If your school isn't eligible for federal student loans or you've used up your federal aid, private student loans can help fill the gap.

Most private lenders let you borrow for community college, bachelor's, or master's degree programs. Some also offer loans tailored to creative fields or vocational training, including photography certificate programs. Sallie Mae and Ascent are a few lenders to consider if you're pursuing a certificate or non-degree program.

Private loans are based on your credit profile and typically offer fewer repayment options than federal loans. You may also get fewer protections if you face financial hardship.

However, they can still be a helpful option if you have a plan to repay them. Before applying, compare multiple lenders and review:

• Interest rates: Know whether the rate is fixed or variable.
• Repayment terms and options: Look at the length of the loan and when payments begin.
• Fees and eligibility: Check for any up-front fees or qualifying requirements.
• Cosigner policies: A cosigner may help you qualify or get a lower interest rate.

Other financial aid for photography students

Student loans aren't your only option when it comes to paying for photography school. Scholarships and grants can also help reduce your out-of-pocket costs.

“Exhaust all non-loan sources of funds first, such as scholarships,” says Steve Winnie, chief operating officer at student loan provider Monogram LLC.

Scholarships and grants may be available through your school's financial aid office or booster club. Local arts organizations, employers, and trade groups may also offer funding.

“Many art schools, for example, offer merit scholarships to attract top talent, which may significantly lower their tuition price,” says Winnie.

Start by contacting your school's financial aid office to ask about available scholarships. You can also search databases like Fastweb.com and Scholarships.com to find opportunities you may qualify for.

Cost of photography school

The cost of photography school can vary widely based on the type of program you enroll in and the school you choose. In general, degree programs cost more than certificate programs, and private schools charge more than community colleges or state schools.

For example, attending the Rhode Island School of Design, a private arts college, costs about $64,000 per year for a bachelor's or master's degree in photography. In contrast, the Community College of Rhode Island charges nearly $4,000 per semester for an associate degree or certificate in the arts.

If you're working with a limited budget, comparing schools and programs is key. It's also important to look at job placement outcomes after graduation.

“Select a school and program that has strong placement rates,” advises Winnie. “Also inquire specifically into how soon after graduation students typically find career-relevant employment. Some schools might consider a graduate 'placed' if they work in an unrelated career — like customer service — for some period of time before landing the job they really want.”

Salary outlook for photographers

The average photographer earns about $20 per hour or $42,000 per year, according to the U.S. Bureau of Labor Statistics, but top photographers can earn upwards of $95,000 annually.

Your earnings can also depend on the industry you work in. For example, photographers in the media streaming industry earn about $80,000 per year on average. Those working in radio and television broadcasting average around $60,000.

Location, job market demand, and freelance opportunities can also impact your income.

“Keep your options open as you move through your studies,” advises Winnie. “Even if you go to art school intent on a photography career, try courses in graphic design, advertising design, or industrial design. You may find that you enjoy these creative professions, too, which could pay more and make loan payback easier.”

Tips for borrowing responsibly

Before taking out student loans, it's important to weigh the cost of borrowing against what you expect to earn after graduation.

“Having realistic earnings expectations versus the amount borrowed is critical. You don't want to be the next news story about a student with an art degree working as a barista with $100,000 in debt. That's not fun for anyone,” Wang cautions.

To avoid this, use grants, scholarships, and other free aid first. Then, borrow only what you need — and no more.

“Focus on lenders and loan products that have flexible repayment terms, forbearance options, etc., so you're protected against default and destruction of your credit if you have trouble finding an in-field job or you have a break between jobs,” advises Winnie.

Some student loans require payments while you're still in school, but many don't start until after graduation. Either way, it's important to plan ahead.

“Remember that most student loan repayment begins six months after graduation and payments are due every month,” Winnie says. “Keep the billing cadence in mind when weighing freelance or one-time assignments against full-time employment. In some cases, having a predictable monthly income will make it easier to make monthly loan payments after graduation.”