When you apply for financing, many financial advisors suggest taking advantage of federal financing options and then if you find you need additional funds, apply for private loans. The different types of federal financing offered by accredited cosmetology schools are a great start to assisting you financially.

Federal Pell Grant

Pell Grants provide a foundation of financial assistance that may be supplemented by other resources and doesn't have to be repaid after graduation. Pell Grants are determined after the financial status of a student is fully reviewed. Based on a student's financial circumstances, a specific amount of money is disbursed annually toward the student's education through the Pell Grant. How much you can expect to receive from a Pell Grant is solely based on your financial situation and other criteria.

Federal Supplemental Educational Opportunity Grant (FSEOG)

FSEOGs are based on the funds available and do not have to be repaid after graduation. The Department of Education distributes a set amount of funds toward schools participating in FSEOGs program. Eligible students who might receive this federal funding must meet specific criteria such as extreme financial need, and any other financial assistance that the student receives is also considered.

Federal Stafford Loan (FSL)

Formerly the Guaranteed Student Loan, this low-interest loan is available to qualified students through the lending institutions or agencies participating in the program, and is guaranteed by the government. There are two types of Stafford Loans; subsidized and unsubsidized. Subsidized loans are awarded based on financial need. But if you are eligible for a subsidized loan, the government will subsidize (i.e. pay) the interest on your loan while you are attending school and the first six months after you leave school.

Federal Parent Loan for Undergraduate Students (FPLUS)

The PLUS loan provides additional funds to help parents pay for educational expenses for dependent students. This type of loan is an alternative to other types of financing because it allows your parents to assist you, without having to borrow against their assets or other property.

G.I. Bill

If you've spent time in the military, you are eligible to use your G.I. Bill toward your cosmetology education. The G.I. Bill was specifically designed for college or vocational education. Certified by State Approving Agency for Veterans’ Educational Benefits. *These approvals are state and school specific and may not apply to all schools

For updates and more information on federal financing, go to studentaid.ed.gov to learn more.

Besides federal financing, there are many private financing programs such as school scholarships, the ACE Grant and private loans. You may also want to research school specific scholarships.

ACE Grant

American Association of Cosmetology Schools, AACS, offers information for several types of grants and scholarships such as the ACE Grant, which is funding specifically for cosmetology students. To apply for the ACE Grant you'll need to download the form, which can be found on the AACS website.

The NCEA Esthetician Scholarship

The NCEA Esthetician Scholarship is another type of scholarship opportunity for many students to receive $1,000 each toward their education while meeting certain requirements such as financial circumstances, attendance and maintaining acceptable grades. For more information about the NCEA Esthetician Scholarship please visit www.ncea.tv

Sport Clips Scholarship

Sport Clips Scholarship is a scholarship opportunity available through AACS, which is awarding 12, $1,000 scholarships during 2008. For additional information and to fill out the application, visit the AACS website.

Joe Francis Haircare Scholarship

Joe Francis Haircare Scholarship is awarding 16, $1,000 scholarships for the 2008 September enrollment of barber and cosmetology students who meet specific requirements. For further information and to apply for the Joe Francis Haircare Scholarship, visit their website at www.joefrancis.com

OPI Scholarship

OPI is a leader in nail care and offers scholarships for general Cosmetology and in the Nail Technicians. To learn more about the OPI scholarship, visit their website at www.opi.com.

AHBAI Scholarship

The American Health and Beauty Aids Institute or the AHBAI Fred Luster, Sr. Education Foundation offers scholarships specifically to cosmetology students. For information on the Chicago-based foundation, please visit their website at www.ahbai.org

Here are a few other financial aid resources:

• www.fastweb.com
• www.finaid.org
• www.salliemae.com
• www.staffordloan.com
• www.studentaid.org
• www.studentloan.com
• www.ncea.tv