Ways to Pay For Cosmetology School
Attending cosmetology school can be costly. In fact, it can seem cost-prohibitive. 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.
The first thing you should understand is that there’s usually no need for you to have the full balance available when you enter cosmetology school, because you’re typically not required to pay for your program upfront. This can be a major relief to cash-strapped students, especially if your monthly budget doesn’t allow much discretionary income after bills and household expenses are paid. Most beauty schools will work with prospective students to help them find a way to manage the tuition cost of attending one of their programs.
Remember, cosmetology schools want you to enroll in their programs. They’re willing to help you find solutions so that you are able to attend. Some of your options to pay for tuition may include payment plans, financial aid packages, scholarships, loans and grants. Let’s take a closer look at each of these options below.
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 even offer these payment plans interest-free so that students can comfortably make the payments. 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 immediately available to pay for tuition, ask your beauty school of choice if they offer interest-free payment plans. This can make attending cosmetology school affordable and easily manageable for nearly anyone.
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 may be offered through a variety of organizations. The school you choose to attend may work with you and help you apply for these grants. Unlike other financial aid packages, grants actually pay for your tuition (either in part 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 may usually apply for this grant through the school you’re planning to attend. To receive this grant, you may 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, don't get discouraged. there are a variety of scholarships you may be eligible to receive.
There are several organizations that may 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 to give yourself a good chance of landing one.
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.
Explore cosmetology scholarships.
If you need additional funds to pay for your cosmetology school tuition, you can consider getting a loan. There are several institutions that may offer loans for beauty school students, including Federal Stafford Loans. Most of these organizations require that you enroll in an accredited school before they’ll offer you a loan. 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 must repay the loan), they may be an excellent source of funds to pay for your tuition costs.