The Impact of Student Loan Debt on Music Majors: A SNAAP Data Analysis

SNAAP data reveals insights into student loan debt among music majors, showing trends in debt levels, disciplines, recent vs. non-recent graduates, and the impact of debt on music education. The findings highlight the financial challenges faced by music students and the varying levels of debt incurred across different music disciplines.

• Student loans
• Music majors
• Debt analysis
• SNAAP data
• Financial impact

atibe Follow

Uploaded on Nov 26, 2024 | 0 Views

Download Presentation

Please find below an Image/Link to download the presentation.

The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author. Download presentation by click this link. If you encounter any issues during the download, it is possible that the publisher has removed the file from their server.

Presentation Transcript

1. The Debt Issue: What do SNAAP Data Say? NETMCDO 2015 Sally Gaskill Indiana University Center for Postsecondary Research

2. SNAAP Basics First annual survey 2008 Alumni of all ages are surveyed All arts degrees performing arts, visual arts, design, film, architecture, creative writing

3. Numbers 92,000 total respondents (current dataset) 16,000+ music majors from 105 schools Music degrees: 63% undergraduate -- 36%graduate level

4. The Debt Issue

5. Paid for School with Student Loans By Music Discipline Recent v. Non-Recent 100% 100% 80% 80% 57% 60% 60% 45% 44% 43% 42% 40% 40% 20% 20% 0% 0% Music Comp etc Music Performance Music Ed Recent Non-Recent Music Majors v. All Other Majors 100% 80% 53% 60% 45% 40% 20% 0% Music Majors All Other Majors

6. Impact of Student Loan Debt By Music Discipline Music Majors: Recent v. Non-Recent 100% 100% 80% 80% 60% 60% 48% 47% 42% 40% 39% 38% 34% 34% 33% 33% 40% 40% 28% 26% 20% 20% 18% 20% 20% 0% 0% Music Comp etc Music Performance Music Ed Recent Non-Recent Major impact Some impact No impact Major impact Some impact No impact Music Majors v. All Other Majors 100% 80% 60% 42% 34% 34% 33% 33% 40% 24% 20% 0% Music Majors All Other Majors Major impact Some impact No impact

7. Amount of Debt Incurred (By Music Discipline) 120% 100% 38% 80% 60% 25% 33% 17% 40% 24% 16% 8% 20% 4% 5% 31% 10% 7% 23% 6% 3% 16% 3% 11% 9% 7% 4% 0% $10,000 or less $10,001 to $20,000 $20,001 to $30,000 $30,001 to $40,000 $40,001 to $50,000 $50,001 to $60,000 More than $60,000 Music Comp etc Music Performance Music Ed

8. Amount of Debt Incurred (Music Recent v. Non-Recent) 100% 90% 80% 70% 60% 50% 38% 40% 30% 25% 20% 20% 16% 20% 15% 13% 13% 10% 9% 7% 10% 5% 5% 2% 0% $10,000 or less $10,001 to $20,000 $20,001 to $30,000 $30,001 to $40,000 $40,001 to $50,000 $50,001 to $60,000 More than $60,000 Recent Non-Recent

9. Amount of Debt Incurred (Music Majors v. All Other Majors) 100% 90% 80% 70% 60% 50% 40% 34% 30% 24% 24% 22% 18% 16% 20% 12% 11% 10% 7% 7% 10% 6% 5% 3% 0% $10,000 or less $10,001 to $20,000 $20,001 to $30,000 $30,001 to $40,000 $40,001 to $50,000 $50,001 to $60,000 More than $60,000 Music Majors All Other Majors

10. Majority of Work Time Spent in a Field Associated with the Arts By Music Discipline Recent v. Non-Recent 100% 100% 75% 80% 80% 71% 69% 68% 66% 60% 60% 40% 40% 20% 20% 0% 0% Recent Non-Recent Music Comp etc Music Performance Music Ed Music Majors v. All Other Majors 100% 80% 70% 67% 60% 40% 20% 0% Music Majors All Other Majors

11. Currently Working as an Artist By Music Discipline Recent v. Non-Recent 100% 100% 80% 80% 61% 55% 56% 56% 60% 60% 46% 40% 40% 20% 20% 0% 0% Music Comp etc Music Music Ed Recent Non-Recent Performance Music Majors v. All Other Majors 100% 80% 56% 54% 60% 40% 20% 0% Music Majors All Other Majors

12. Reasons for not Working as a Professional Artist (Music Majors) 100% 90% 80% 70% 56% 60% 50% 40% 35% 34% 30% 23% 17% 16% 16% 20% 7% 10% 0% Higher pay or steadier income in other fields Change in interests Artistic work not available Family-related reasons Debt Lack of access to important networks and people Current location no conducive to artistic career Lack of social support from family and friends (including student loans)

13. In sum: Debt and Its Impact Escalation of student debt for music majors consistent with national trends: Recent music grads are more likely to have student loans than non-recent (by 15 percentage points) 80% of recent music grads say debt had an impact on their further education and careers (v 53% of non-recent) Music majors have less debt than other arts majors (on average) Debt has less of an impact on music majors decisions about further education and careers than other majors

14. Career Paths 70% of all music majors currently spend most of their time in arts-related work Same % of recent music grads and non-recent music grads music work as artists (56%) Music education majors are more likely to work in the arts than music performance majors Only 17% of music majors say debt (including students loans is a reason they are not working as an artist (though 56% say higher pay or steadier income in other fields )

15. Lots more data: snaap.indiana.edu Sally Gaskill, SNAAP Director (812) 856-5824 gaskill@indiana.edu