Cosmetology School Student Loans
Know what a cosmetology school loan is, and the loans available for cosmetology students. Explore the available alternative loans for cosmetology students. Know what should be done before taking a loan.
Updated by Kanishkar P on 30th September 2020
In today’s world, beauty and youth have become money-making fields. This is because beauty and youth are being focused more and more, day by day. This has led many to take cosmetology as a profession. Individuals who are interested to enter the beauty market plan their studies in a Cosmetology school for which the Cosmetology School Student Loans are available.
But any education doesn’t come for free. Those who are willing to enter or already studying in a cosmetology school may face financial difficulties to make payments for their college expenses. Such students need not worry about finding a solution to this issue. Though most of the cosmetology schools do not offer financial aid of any kind for their students, there are other alternatives such as scholarships, grand or student loans.
In this article, you will be exploring the student loans available for the students who are attending cosmetology school.
Table of contents
- What is Cosmetology student loans
- List of Cosmetology student loans
- Eligibility criteria
- Grants and scholarships
What are Cosmetology school student loans?
As most of the cosmetology schools don’t offer any kind of financial assistance for its students, the students might search for financial aid for their needs on their own. The alternative solutions that are available for a cosmetology student to meet the expenses of tuition are, federal and private student loans. Beauty school tuition fees can vary from $5,000 to $20,000. Textbooks, board, transportation, living expenses, etc can cost a lot which may not just be covered with grants or scholarships. Though the cost varies from institutions.
Expenses and living depend on the location you choose to live and study.
Student Loans available for Cosmetology Students
Cosmetology loans are not available as popularly as other available student loans. That does not mean that you can’t find any loans for your cosmetology study. Different traditional sources of student loans will yield different results.
The federal and state loan programs might be helpful for you to solve the financial issues regarding the tuition fees. Some private lenders provide financial assistance in the form of loans and refinancing to meet the expenses of your cosmetology school. These serve as the options for a cosmetology student in solving their issues on financial requirements.
1 - Federal student loans
Federal Stafford Loans is offered to students who want to pursue a career in beauty. If you qualify and enrolled for a part-time or a full-time degree/certificate you can apply for federal loans through FAFSA.
Stafford loans comprise Direct Subsidized and Direct Unsubsidized loans which a student can avail for cosmetology school.
Fixed-rate of interest - 2.75% for undergraduate student
Cosmetology students can find better loans from federal student loan programs. Federal Student loans provide financial assistance for the students who are willing to pursue their career ambitions.
You can apply for Free Application for Federal Student Aid which must be filled to apply for grants, scholarships, and federal loans. Federal loans have comparatively lower interest rates compared to private loans.
The loan and loan amount will be decided based on the student’s academic performance and attendance. Usually, the federal student loan might help the students to pay their tuition fees.
2 - Private student loans
Private student loans can mostly cost higher interest rates, but if you have don't qualify for federal loans you can reach private lenders who can lend you loans to cover your educational expenses. Here are few private lenders who provide cosmetology school student loans.
When federal loans for the cosmetology students are in short supply, private student loans make the next option. Private student loans are provided by private banks, credit unions, or online lenders. Various lenders offer private student loans with varying terms and conditions. The loans and benefits offered by private lenders are not much better than a federal student loan. But in conditions where you do not qualify for a federal student loan or have exhausted all of your federal student loans you will be left with the option of private student loans. Some of the lenders are as mentioned below
1 - Wells Fargo
Wells Fargo provides student loans for cosmetology schools. A minimum of 2 years degree is the eligible factor to receive loans from Wells Fargo. The minimum borrowing limit is 1000$. 100% of the college expenses are cover by Wells Fargo.
Variable rates: 2.68% - 9.46%
Fixed rates: 4.53% - 10.72%
2 - Sallie Mae
Sallie Mae assures to cover expenses like means, travel, laptop, and much more, with no origination fees or prepayment penalties. Also if you choose the interest repayment option on auto-debit you receive a 0.25% discount.
Variable rates: 4.25% - 11.64%
Fixed: 6.62% -13.83%
For more information contact Sallie Mae at 877-279-7172.
3 - The Bank of North Dakota
The Bank of North Dakota gives Dakota Education Alternative Loan enrolled to a degree approved by the college but limited to students of these states
North Dakota, South Dakota, Minnesota, Wyoming, Montana, and Nebraska.
Variable rates: 1.80%
Fixed rates: 3.39%
Reach out to The Education Resource Institute (TERI) which is a nonprofit organization that can help you gather loan information for your beauty classes.
Note: American Association of Cosmetology Schools (AACS) website provides all details you should know to pursue a career in the beauty industry.
Learn more about other Best private student loan lenders who provide you cosmetology school student loans
Worried about college fees? Learn about Best student loans
Below are the eligibility criteria for borrowing cosmetology school federal /private student loans.
To qualify for a federal student loan, the student must have enrolled in an accredited institution. The student from the schools that are not accredited by the corresponding federal authorities will not be eligible for federal student loans.
To qualify for a private student loan you must have a good credit score or must apply with a creditworthy cosigner. You need to be aware of all the policies, rules, and regulations that are laid on the loans by the private lenders to avoid future risks.
Always fill the FAFSA form when in need of financial aid, know the grants and scholarship details you are eligible for. Learn on How to fill the FAFSA. Apply and exhaust all grants, scholarships, and federal loan options before you reach a private student loan lender.
Grants and scholarships
A cosmetology student should consider a loan only as a final option. There are a few ways to fetch some monetary support without going for student loans. Before thinking about loans you can apply for scholarships and grants. Scholarships are offered to the students for their academic excellence. Scholarships can help you with the money needed to pay your expenses in the Cosmetology School. Various organizations and colleges offer scholarships and grants to encourage students to achieve their goals as students and open paths to succeed in their careers and life.
You can apply for Pell Grant and Federal Supplemental Educational Opportunity Grant that's provided to cover the cost of your education and also you can apply for scholarships that you do not owe back to the government.
Beauty Changes Lives is a nonprofit organization that covers tuition fees for students who are good at their academics and qualify the eligibility criteria.
They also provide nearly 500 scholarships for licensed professionals who pursue their careers in the field of cosmetology.
An example of scholarships is "Experts in Wax" which is given to a student enrolled newly.
For more details, you can contact - 760-733-8383 or visit - Link
Cosmetology offers a wide range of career opportunities for self-motivated, hard-working, students. Many community colleges and vocational academies are also offering cosmetology programs for students. But it is very important to choose among the Cosmetology schools and ensure if it is accredited by federal authorities to avail the maximum financial benefits. Even if you fail to get financial aid from your cosmetology college, you can seek other lender options as mentioned above. Again, you should be responsible enough to know everything about the lender and the loan that you plan to borrow. Understand Student loans, terms related to student loans, and effective student loan lenders to get the best student loans available. Choose the right student loan program to build your career in the path of success.