Beauty School Financial Aid

With beauty school costs typically ranging between $3,000 and $10,000, you may be wondering if you can afford the education you need to begin your cosmetology career. Luckily, beauty school students have a number of financial aid options at their disposal.

Financial aid comes in two basic forms: money that does not need to be repaid and money you will need to repay after you graduate. Grants and scholarships do not need to be repaid, but student loans will need to be repaid with interest after you earn your beauty school certificate or associate degree.


Grants are awarded by the federal government. The most popular grant program is the Pell Grant, but students with exceptional financial need may also receive a grant from the Federal Supplemental Educational Opportunity Grant (FSEOG) program. To receive these grants, you must complete a Free Application for Federal Student Aid (FAFSA). You will need to provide income and asset information for both you and your parents, unless you meet the official criteria to be designated as an independent student.


Scholarships are awarded primarily on the basis of academic merit, although many programs do use financial need as a conside

ration. If financial need is considered, you will often be asked to submit the Expected Family Contribution (EFC) number from your FAFSA application.

Federal Student Loans

Your FAFSA application determines if you are eligible to receive low interest federal student loans. Unlike other loan types, there is no credit check needed for a federal student loan.

The most popular type of federal student loan is the Stafford Loan. Stafford Loans can be either subsidized or unsubsidized. With a subsidized loan, the government pays the interest while you are still in school. This means you will end up owing less money overall. With an unsubsidized loan, you begin accumulating interest immediately.

If your parents are assisting with the cost of your education, they may be eligible to borrow money through the Parent Loan for Undergraduate Students (PLUS) program. However, the interest rate for this type of loan is higher and payments begin immediately.

Home Equity Loan

Sometimes, homeowners use a home equity loan to pay for educational costs. This can be useful because of the tax deduction that is involved, but it is important to remember that you are using the home as collateral. If you default on the loan, you risk losing your home to foreclosure.

Private Loans

Private loans are loans that are made to students or their parents through banks or finance companies. The loans can be made as certified by the school or on a direct-to-consumer basis. Private student loans typically have variable interest rates, while the interest rate on a federal student loan is fixed. However, these loans can be useful if you are not eligible for other types of financial assistance.