Are you worried about the cost of beauty school? Concerned about how you will pay for your beauty career education?
We have good news for you. Many cosmetology schools offer scholarships and grants to students who want to study to be a cosmetology professional. (Financial aid is available for those who qualify.)
Here are some of the ways you can pay for your beauty school education. One or more of these instruments may be available to you, depending on your needs, location, qualifications, and the cosmetology school you wish to attend:
Cosmetology Scholarships – A scholarship is a block of money available to students who meet certain qualifications. Many schools offer scholarships to help lower tuition costs. Common criteria of such scholarships include past academic achievement, financial need, etc. Many private foundations, social groups and professional organizations also offer scholarships, sometimes based on more unusual factors such as your chosen field of study, your ethnic background or religious affiliation, or even your last name! In most cases, scholarship funds can only be applied against tuition costs and cannot be used for any other purpose. Also, scholarships need not be paid back. Check with any beauty school you’re considering to see if scholarship money is available and how you can qualify.
Cosmetology Grants – A grant is like a scholarship in that it is money you can apply against tuition costs and not pay back. What is the difference between a grant and a scholarship? Technically, a scholarship is awarded specifically to finance educational pursuits. A grant, on the other hand, may be awarded for any number of purposes, including — but not limited to — education. (For example, many artists receive grants to finance their work long after they’ve graduated from art school or college.) Again, check with the schools in your area to see what, if any, grant money is available and how you can qualify.
Cosmetology Student Loans – Loans are funds you borrow — at interest — and have to pay back over time. Student loans are available from both private and public sources. Most come with interest rates that are significantly lower than loans available for other purposes. Most beauty schools have financial aid advisors who can familiarize you with the pros and cons of student loans and how to apply for them. (Note: Under current law, you cannot discharge a student loan even in the event of personal bankruptcy. These are one of the few loan types that have this restriction.)
Other Options – Other options students use to finance their beauty career training include taking out loans from family members, putting some of the costs on credit cards, or working part-time while going to school. Again, these options have downsides as well as benefits, so you should consider them carefully to see which works best for you.
Student debt is a growing concern nationwide, so explore all your options, weigh pluses and minuses, and consult with your school’s financial advisor before making any commitments.