Paying For Cosmetology School

Ways You Can Pay For Cosmetology School

Attending cosmetology school can be costly. In fact, it can seem cost-prohibitive. Recent estimates of the tuition cost to complete 1,600 hours of cosmetology instruction reach $15,000 (it can be even higher in some large cities). If you have a limited monthly budget or you're only working part-time, the thought of coming up with that much money can be discouraging. But, before you put your dreams of going to beauty school on the back burner, you should be aware of your options.

You Don't Need To Pay Tuition Upfront

The first thing you should understand is that there's usually no need for you to have the money available when you enter cosmetology school. You're not required to pay the money upfront. That can be a major relief. Especially if your monthly budget doesn't allow much discretionary income after bills and household expenses are paid. Most beauty schools will work aggressively with prospective students to help them find a way to manage the tuition cost of attending the school.

Remember, cosmetology schools want you to enroll into their program. They're willing to work with you so you can afford to attend. Some of your options to pay for the tuition include payment plans, financial aid packages, scholarships, loans and grants. Let's take a closer look at each of these options below.

Payment Plans

Cosmetology schools are a business. The more students who attend the school, the more tuition they collect. So, they're willing to offer payment plans to prospective students who would otherwise be unable to afford the tuition. Often, the school will offer these payment plans interest-free so that students can comfortably make the payments, knowing that their balance won't accrue interest. If you have ever used a credit card and carried a balance, you already know how quickly interest can add up. So, an interest-free payment schedule can be a huge benefit.

If you don't have the money available to pay for the tuition, ask the beauty school if they offer interest-free payment plans. Many schools offer plans with payments as low as $100 per month. That can make attending cosmetology school affordable and easily-manageable for nearly anyone.

Cosmetology Financial Aid Packages

Many beauty schools are proactive in offering financial aid packages to students who demonstrate financial hardship and an inability to afford a payment plan. The decision to award these packages is based upon the individual circumstances of the student. As all prospective students' circumstances are unique, the financial aid packages are awarded on a case-by-case basis. The packages provided by cosmetology schools are offered in a variety of ways: grants, scholarships (discussed below) and loans (also discussed below).

Grants for beauty school are offered by a variety of organizations. The school you choose to attend will work with you and help you apply for these grants. Unlike other financial aid packages, grants actually pay for your tuition (either a portion or entirely, depending on need and availability of funds) without requiring you to repay the grant.

If you think you may qualify, ask your beauty school about the American Cosmetology Education Grant. This grant is offered by the American Association of Cosmetology Schools with the help of corporate partners and sponsors. You can usually apply for this grant through the school you're planning to attend. To receive this grant, you'll need to apply, go through an interview process and demonstrate a financial need. Then, if your interview goes well and you have demonstrated a significant need, you may be awarded the grant.

Keep something in mind; often, beauty schools are completely filled with students. Even if you are awarded a grant, you may be placed on a waiting list to get into the cosmetology program of your choice. Also, if you apply for a grant and are deemed ineligible, there are a variety of scholarships you may be eligible to receive.

Cosmetology Scholarships

There are several organizations that offer scholarships to prospective beauty school students. The criteria by which the scholarships are awarded is different for each organization. Most of the scholarships are based, in part, on your performance in high school or college. Many also consider your financial need. If you're interested in applying for a scholarship, we recommend applying for as many as possible. Here are 2 scholarship programs that you should consider...

AHBAI Fred Luster, Sr. Education Foundation - In order to be eligible for this scholarship, you need to have maintained an 85% passing grade in high school. You also need to have attended at least 85% of your classes. These scholarships are awarded in amounts of $250 and $500 and are given to students once they've enrolled in a cosmetology program and completed 300 hours.

Jeanette Rankin Foundation - This scholarship is awarded to women aged 35 and older. The criteria for eligibility includes being a U.S. citizen, being enrolled in an accredited vocational school (i.e. cosmetology school) and having a low-income status as defined by the Department Of Labor's Lower Living Standard.

Remember, there's a lot of competition for these scholarships. So, make sure that you apply early, fill out your application completely and provide any details or documents the scholarship programs require.

Cosmetology School Loans

If you need additional funds to pay for your cosmetology school tuition, consider getting a loan. There are several institutions that offer loans for beauty school students. Most of these organizations require that you enroll in an accredited school before they'll offer you a loan. Check with the Department Of Education (ed.gov), Sallie Mae (salliemae.com) and the Citibank Student Loan Division (studentloan.com). As with scholarship programs, loans are offered to students based on a variety of factors.

While getting a loan is less-appealing than a scholarship (because you have to repay the loan), they can be an excellent source of funds to pay for your tuition costs.

Get more information on Cosmetology School Loans.