If you would like to do something to improve your chances at getting and keeping a good job, you may be asking “Can you take out student loans for cosmetology school?” The good news for those who cannot afford paying their own way through cosmetology school is that they can financial assistance to pay tuition. Just like with other higher education opportunities, there is also financial help for students going into beauty school.
Financial Aid For Cosmetology School Students
Although there is financial aid available for cosmetology students, these loans are not as readily available. It depends on whether the institution you want to attend offers financial air or not. You still must show proof that you would be unable to pay for cosmetology school on your own before becoming eligible. Since loans are restricted to students who choose to attend accredited schools, one good way to ensure eligibility is to select a cosmetology school that has received accreditation.
Can You Take Out Student Loans For Cosmetology School?
Yes you can, using the Subsidized Federal Direct Loan Program which is a federally subsidized loan. This is a fixed rate loan that carries a 3.4% interest rate for those students who qualify. Students are allowed to apply for this loan once each academic year. The grace period to begin paying off this loan ends once the graduate has been out of school for six months. The Federal Government pays the interest during this time.
There is also the Unsubsidized Federal Direct Loan that carries a 6.8% interest rate. The difference between this loan and the federally subsidized one is that students bear the responsibility for all interest accrued while they are in school. The grace period for this loan is six months as well, and after that the payments must begin.
If you cannot afford to pay your own way through cosmetology school, you may be able to use your parents to get the needed funding with a Federal Direct Plus Loan (Parent Loan). After you receive the disbursement of funds, your parents will be expected to begin making payments 60 days later. To receive this financial aid, students must submit a FAFSA.
Can You Take Out Student Loans For Cosmetology School From Private Lenders?
While you can expect to pay higher interest rates, it may be possible to get the money needed for school through a private lender. In addition to that, there are typically stiff penalties if payments are late. If you must go through private lenders, it is best to only borrow the amount you need.
For more information about this subject, go to the American Association of Cosmetology.