The Acting Company Announces The Actor Stability Relief Initiative

Student loan debt is a significant challenge for many actors and artists working in the theater today. Many rely on Student Loans to support their education. Upon entering the field they find their options limited as they struggle to pay back those loans while finding their place in the field. This can mean needing to prioritize work in film, tv, or advertising or having to maintain multiple jobs at once. Many are forced out of the field entirely as they need steadier and higher income work to pay back those loans.

The Acting Company is dedicated to centering and empowering the actor and beginning this season, the company will help relieve the debt of the actors that join, called The Actor Stability Relief Initiative, underwritten by The Booth Ferris Foundation.

Details:

All actors who accept a casting offer to join the 2022-23 national tour and have a minimum of $10,000 in student loan debt will be eligible to apply for student loan debt relief. Awards for debt relief will be conditioned on acceptance of a position in the Company but pursuant to a separate process and agreement.

Eligible debt includes only personally held student loan debt incurred to fund undergraduate and/or graduate education, though debt incurred for study unrelated to theater is eligible. Applicants must provide a copy of their most recent loan statement and other personal financial information as requested, and authorize TAC to confirm the status of the loan with the lender(s).

Awards & Distribution

• Each actor awarded a grant will receive an equal portion of available grant funds for that year, up to a maximum of $10,000 per actor.

• Funds will be paid out directly to each actor's lender at the conclusion of the repertory season and fulfillment of all of the actor's obligations under the award agreement.

• Should any actor awarded debt relief funds not complete the season, whether at the actor's or our initiative, he or she will forfeit the entire award. TAC may elect to pay out all or a portion of the award if it believes it is warranted under the circumstances. Any undisbursed funds may be awarded to an eligible actor who replaces the departing actor or be redistributed among the remaining recipients.

Actors receiving awards will have the opportunity to, in addition to fulfilling the terms of their acting agreement, to:

• Participate in a financial literacy seminar designed to ensure their understanding of the financial impact of grant funds, and to provide overall guidance on financial management and self-advocacy for theater artists. The Actors' Funds, Artists' Financial Support Group, or a similar organization will be engaged to conduct a program specifically for our actors.

• Participate in teaching artist training sessions led by TAC teaching artists and education consultants. This will add to the pool of qualified alumni available to lead The Acting Company's education programs and provide a potential new source of income to the actors.

• Complete a season-end survey documenting their experience with the program and its impact on their artistic, professional, and financial wellbeing

For more information please contact devin@theactingcompany.org.

Learn more at https://theactingcompany.org/debt-relief.

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