Setting up a business with no experience?

You need to have some experience in the field. And you need a business plan or you'll never get a loan for it. Banks require that you have at lest 1/4 of what you're asking for as collateral before lending to you, as well.

And no, nobody earns 'masses of money' at the start of any business venture. Not even 3 years into it. Find work with an actual actuary and work there for a couple of years learning all you can about the field.

You'll also need a 4 year bachelor's degree.

Here's the government description of the job, the salary range, education needed, skills used, background info you'll need to be familiar with, job growth over the next 10 years, etc. http://www.onetonline.org/link/summary/15-2011.00
You need at lest 4 years of college and 'several years' of related work to be in the field. The job openings in the next 10 years are estimated to be 13,000 for the entire country. That breaks down to just over 1,000 jobs a year for all 50 states combined. Not exactly a field that's booming.

you also need to leverage your time if your studying - if your wanting to make money - and study you need what I do - let me know if tats suitable and I can send you a video