The recent approval of student loan forgiveness for 855,000 borrowers by the Biden administration is being celebrated by millions of Americans, including both those who will benefit from it directly and others who see it as a good move for the Democrat running for president again.
Many people stand to benefit significantly from the landmark initiative, especially those working in creative careers. These are the jobs that are often incredibly insecure, and Americans who are pursuing callings in the arts are often either forced to take additional jobs or leave what they love due to financial restraints.
Now, some artists find themselves unburdened by student loan repayments, and they should seize this exciting newfound opportunity to advance their careers, bolster their creative endeavors, and rise to the next level of the music industry.
But what specifically should independent musicians do now that some of them will no longer need to pay as dearly each month when the bills come due? Here are some ways that this student loan forgiveness could help musicians on the rise.
Record More Music
With the extra funds at their disposal, musicians can book more studio time to produce new tracks and albums. They can buy new instruments, purchase beats, or work with mixers, engineers, or producers to create more of the art they want to put out into the world. This financial flexibility will allow them to explore and experiment with their sound, leading to a more diverse and engaging discography that may resonate with a broader audience.
Quality Over Quantity
Musicians can now prioritize quality over quantity, which is not always how things work when it comes to underground acts. Instead of rushing through projects due to financial constraints, and the impetus to put more content out into the world so they can monetize it, they can take their time to refine their work. This results in more polished and compelling compositions that leave a lasting impact on listeners. With more time and less of a demand on their part, they may finally create the song or album that will help them break through.
Time for Artistry
Many independent musicians find themselves juggling day jobs to make ends meet, leaving limited time for their true passion. With student loans no longer draining their income, they can reduce their work hours, transition to part-time employment, or perhaps give up their outside obligations entirely. Not having to pay back burdensome loans may give some of them more time to focus on their artistry.
Marketing and Promotion
Hiring publicists and marketing experts suddenly becomes a feasible option for many musicians who otherwise wouldn’t have been able to afford this kind of help. These professionals can assist musicians navigate the complex world of music promotion, devising effective marketing strategies to connect with a broader fan base. Creating great music is the job of the artist, but these days, breaking through the clutter and all the noise is becoming increasingly difficult—and expensive. With these new funds, musicians might buy advertising or simply let go of all the marketing work that comes with putting out music.
Music Videos
In today’s all-online world, visually captivating music videos are essential for engaging with fans and attracting new ones. They can catch the attention of millions, when the song itself might not have been able to. Musicians can allocate funds to create high-quality music videos that not only complement their music but also help them stand out in the crowded online landscape. Going viral isn’t easy, but with the right resources, someone may be able to break through.
Touring
Going on tour is a crucial milestone for musicians, but it often comes with substantial financial expenses. With the payment of student loans lifted for some, artists can embark on tours that last longer and take them to more places, letting them spread their music to new cities and audiences. Touring was, for a long time, the way that many lower-tier artists made a living, but inflation and changes in that industry have made that less feasible for many. Now, it can actually cost musicians money, if they have it at all.
Merchandise and Merchandising
Investing in merchandise, like branded clothing and accessories, can finally become a viable income stream for musicians who have not yet been able to make such items. In an era when sales of music are not what they used to be an streaming revenue is paltry for too many, selling t-shirts, vinyl, and other products can make a big difference.
Savings and Retirement Planning
Beyond the immediate benefits, it’s essential for musicians to think about their long-term financial well-being. Freed from student loan payments, they can begin saving for the future, exploring investment opportunities, and considering retirement planning. Many rising artists never get to think about such things, as there are too many bills and they have to spend all of their available cash on things like studio time and touring. Now, with some seeing their obligations lightening, they may be able to make some wise financial decisions.
Read the full article here