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.

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.

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.

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.

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.

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.

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