How to Pay for Cosmetology School

Are you interested in pursuing a cosmetology career but worried about the costs of beauty school? Whether you’re passionate about hair styling, makeup artistry, skincare, or nail care, a career in cosmetology offers a world of creative possibilities. And while the prospect of attending cosmetology school can feel like a major hurdle, the good news is that paying for it is entirely manageable with the right approach and resources. From federal aid to scholarships and more, learn how you can realistically pay for cosmetology school.

Federal Student Aid (FSA)

The U.S. Department of Education offers federal financial aid through various programs for eligible students enrolled in accredited cosmetology schools. The types of federal aid available include:

Federal Student Loans: Federal loans typically offer lower interest rates and more flexible repayment options compared to private loans. These typically refer to Direct Subsidized Loans, where the Department of Education pays interest for students who are in school at least half-time, and Direct Unsubsidized Loans, which accrue interest while you are in school.

Pell Grants: Unlike loans, grants do not require repayment (except under certain conditions, such as withdrawing early from the program). Pell Grants are awarded based on your financial need, cost of attendance, and enrollment status.
Federal Supplemental Educational Opportunity Grants (FSEOG): This is another form of grant for students with exceptional financial need, awarded through participating schools.
State Grants: State grants are offered by individual states to residents attending in-state schools. These grants often have specific eligibility requirements, such as attending a public institution or maintaining a certain GPA.
PLUS Loans: Available to graduate or professional students and parents of dependent undergraduate students, these loans can help cover the cost of education not covered by other financial aid.
Work-Study Programs: Work-study programs provide part-time jobs for students with financial needs, allowing them to earn money to help pay for their education. These jobs are often on-campus, but some may be with private employers.

How to Apply

To begin the process, fill out the Free Application for Federal Student Aid (FAFSA) online. This application will determine your eligibility for multiple forms of aid, including grants, work-study programs, and loans. The window to complete the FAFSA opens in the month of October prior to the academic year in which aid is needed, so be sure to fill out the FAFSA as early as possible. Some aid is awarded on a first-come, first-served basis.

Scholarships

Pursuing scholarships is another financial aid option that is an excellent way to help pay for cosmetology school. Like grants, scholarships don’t need to be repaid and are essentially free money awarded to students based on various criteria, such as academic achievement, artistic talent, financial need, or a specific area of study.

Beauty schools frequently collaborate with industry organizations to offer scholarships, acknowledging academic achievement, creativity, and passion in the field. For instance, the Beauty Changes Lives Foundation awards multiple scholarships throughout the year to students at various stages of their education. Applications often require a demonstration of skill, such as a portfolio, or an essay explaining professional aspirations in the beauty industry.

Overall, as an aspiring cosmetology professional, you should look for scholarships from:

Beauty Schools: Many cosmetology schools offer scholarships for new students, based on merit, need, or specific criteria such as artistic portfolios or essays.
Professional Beauty Associations: Organizations like the Professional Beauty Association and the American Association of Cosmetology Schools offer scholarships to aspiring beauty professionals.
Community Organizations and Businesses: Local businesses, community groups, and nonprofits often sponsor scholarships for residents pursuing vocational training.

Where to Find Scholarships

Start by searching online databases like Fastweb, Scholarships.com, and the AACS. Search by terms or filters such as ‘cosmetology’ or ‘beauty’ as your field of interest.

Securing funding for beauty school is one thing, but how do you find the one that best fits your goals and interests? Read our guide to choosing a cosmetology program that fits.

Learn More

Private Loans

While federal student aid can cover a significant portion of your education costs, you might find that you need additional funds to fully pay for cosmetology school. Private loans from banks, credit unions, or online lenders can fill this gap. It’s crucial to shop around and compare interest rates, repayment terms, and borrower protections. Remember that private loans are generally more expensive than federal loans with higher interest rates, so exhaust your federal options first.

To pursue private loans, students apply directly through banks or other financial institutions. The terms and conditions, including interest rates and repayment schedules, are determined based on creditworthiness. Comparing multiple private lenders becomes a strategic practice, as terms can significantly vary from one provider to another.

Each student must assess their own financial needs and believe in their ability to service the debt. Remember, loans will influence financial stability post-graduation. Therefore, consider the full picture: loan terms, potential incomes as a licensed cosmetologist, and future financial goals when deciding the best path for loan selection.

Payment Plans

Many cosmetology schools offer payment plans that allow you to distribute the cost of tuition over time, making it more manageable. These plans may involve monthly or quarterly payments throughout your enrollment. While payment plans don’t reduce the total cost of your education, they can make it easier to manage your cash flow while in school.

Payment plans typically alleviate the burden of upfront tuition costs. Students gain the advantage of spreading payments over the duration of their program, thus reducing the need for hefty loans and the accompanying interest. Some schools even offer interest-free payment plans, making this an attractive option compared to taking out a loan.

With a predictable payment schedule, budgeting becomes more straightforward, and the risks associated with debt accumulation diminish. To set up a payment plan, contact the financial aid office at your chosen cosmetology school to inquire about available payment plans. Be sure to understand the terms and any potential fees associated with the plan.

Personal Savings

If you’ve had the foresight to save money for your education, using your savings is one of the most straightforward ways to pay for cosmetology school. Funding your education without relying heavily on loans can minimize your financial burden after graduation.

Tips for Saving

Create a Budget: Track your income and expenses to identify areas where you can cut back and save more.

Set a Savings Goal: Determine how much you need to save and create a plan to reach your goal.

Automate Your Savings: Set up automatic transfers to your savings account to make saving easier.

To boost your savings and better pay for cosmetology school, consider the following options:

Part-Time Jobs: Consider working a part-time job to boost your savings.
Side Hustles: Freelancing or starting a small business can provide additional income.
Cutting Expenses: Reduce discretionary spending on things like dining out, entertainment, and shopping.

Reducing Cosmetology School Costs: The Bottom Line

While funding your education might seem overwhelming at first, remember that there are numerous resources designed to help you succeed. By combining federal student aid, private loans, scholarships, payment plans, and personal savings, you can create a comprehensive plan to finance your cosmetology education.

With determination, creativity, and careful planning, paying for beauty school is entirely within your reach. After exploring your financing options, consider these strategies to make the most of your financial resources:

Budget Wisely: Create a detailed budget that accounts for tuition, tools, supplies, and living expenses. Stick to your budget to avoid unnecessary debt.
Minimize Borrowing: Only borrow what you absolutely need. Remember, loans come with interest, and the less you borrow, the less you’ll have to pay back.
Research Thoroughly: Spend ample time researching all your financial aid and scholarship opportunities. Sometimes, smaller scholarships have fewer applicants, increasing your chances of receiving them.

Turn Your Beauty School Dreams Into Reality at Brillare Beauty Institute

Brillare Beauty Institute understands the financial concerns that come with pursuing a career in cosmetology. That’s why we are dedicated to guiding you through the giant resource of funding options available, from Federal Financial Aid to exclusive scholarships and grants tailored for our students. Jumpstart your cosmetology career without the stress of financial burdens. Connect with our financial aid office today and discover how we can help make your beauty school aspirations achievable.