Thinking about taking student finance to fund your next film course?
According to a report by the Intergenerational Foundation, on average, students will accrue almost £6k in interest charges alone by the time they graduate from university. That is enough money to make your first feature film. You don’t think so? Both Robert Rodriguez and Christopher Nolan made their first feature films for less than 10k. At Raindance we can even show you how… but that’s for another day!
For some students who don’t have a regular income, a strong credit history or an account with the Bank of Mum and Dad, getting a personal loan can prove difficult, and so student finance may be the only option. But if you are fortunate enough to have any of the above, you might want to consider the alternatives.
Student Finance interest rates are linked to inflation and are set to rise to 6.1% plus up to 3% depending on income. In contrast, high-street lenders are offering personal loans with interest rates as low as 2.8%. Over 5 years this would cost you just £215 per month which is far more cost effective than both student finance or a career development loan. Furthermore, by opening a student current account, you could be given up to £3,000 interest-free overdraft facility each year, for the duration of your course. This can help when the zero-hour contract doesn’t come through.
Some would argue that Student Finance is more like a future tax than a loan as it is linked to your income, and gets written off after 30 years. Ask yourself, do you really want to pay another tax for the next 30 years? High earners may end up paying interest of £40k on top of the amount borrowed over this period. With the cost of living increasing and property prices going through the roof, think of all the better uses this could go towards, or if you become a filmmaker after you graduate, how much more amazing your film could look.
At Raindance, we offer flexible payment plans our HND and Master’s programmes. Our Master’s degree is also eligible for student finance, just in case the Bank of Mum and Dad doesn’t work out.