Hey, I am currently a student in a Simulation and Game Devleopment program. Im really into 3d modeling and eventually would like to become and environmental artist. In regards to pay, job length, and availability what are the benefits and drawbacks of being a freelance 3d artist instead of full-time employee at a game dev studio.
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The good thing with freelancing is you can claim quite a lot of tax back in expenses where you can't if you are working full time.
Since you say you're still in school, I'd guess that the second type is more applicable to your situation - though this is no slur on you personally. Established freelancers (read: those with actual production experience) can earn good money, work on real projects and have the freedom and flexibility to set their own hours, work remotely on occasion etc.
Student 'freelancers' typically get shit work on worse projects that may not ever see any actual outcome (like disorganized mod teams masquerading as actual development teams), shit contracts (or no contracts) with profit-share incentives and the like as opposed to actual payment and generally have to try really hard not to be exploited by unscrupulous assholes out to rip them off, or those who have absolutely no clue about what they're doing.
I'd say focus on working on your portfolio and get a part-time job if you need the money. Think about freelancing for when you've got some experience under your belt and made a name for yourself.
Also, Graphic Artists Guild Handbook: Pricing & Ethical Guidelines is an excellent resource for freelancers (and salarymen too). Pricing guidelines, legal info, copyright law, sample contracts, how to negotiate, and more. Highly recommended!