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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.
About Financial Aid For Beauty School
Costs are one of the most common concerns when thinking about attending beauty school. The cost of cosmetology school can vary for a number of reasons.
Some of the factors that can change the cost are:
- The number of required hours in your state
- The program you are interested in
- The enrollment status (full time or part time?)
- The school you are interested in
There are a number of financing options, and it is recommended you look into as many of these as possible when considering attending cosmetology school.
There are a few types of financial aid:
Loans are borrowed money that you will have to pay back. There are both government loans and private loans.
Grants are usually government issued and do not have to be paid back.
Scholarships are awards based on academic performance or talent. Scholarships do not need to be paid back.
If you attend a school which is not accredited, you will largely need to pay cash to attend.
Two of the principal accrediting organizations for cosmetology schools are:
- The National Accrediting Commission for Cosmetology Arts & Sciences (NACCAS)
- The Council for Occupational Education (COE)
Federal Pell Grants
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.
Pell Grants are awarded usually only to students who have not earned a bachelor's or a professional degree. You can review the Pell Grant Requirements on the Department of Education's website.
Federal Supplemental Educational Opportunity Grant
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.
With the Federal Supplemental Education Opportunity Grant you can receive between and ,000 a year, depending on when you apply, your financial need, the funding at the s chool you're attending, and the policies of the financial aid office at your school.
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 Stafford Loans
- Unsubsidized Stafford Loans
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. PLUS Loan funds can usually be used for tuition, school supplies, housing, and more.
Parents of dependent studentsmay apply for a Direct PLUS Loan to help pay their child's education expenses as long as they meet the eligability requirements.
For more information about FPLUS loans and the eligability requirements, you can visit studentaid.ed.gov
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.
The Post-9/11 GI Bill reimburses your tuition and fees to your school and makes housing and other payments directly to you. Your school will receive a percentage, as determined by your length of active duty service, of the following:
For updates and more information on federal financing, go to studentaid.ed.gov to learn more.
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.
In order to receive an ACE Grant you must attend a school that is participating in the program.
Call or visit the school you have chosen from the enclosed list of participating cosmetology schools. Speak with the admissions director and/or the school owner and tell them you are interested in attending school through the ACE Grant Program. They will instruct you on what you need to do.
The NCEA Esthetician Scholarship
The NCEA Esthetician Scholarship is another type of scholarship opportunity for many students to receive ,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
Students interested in the NCEA Scholarship will be eligible to receive a ,000 scholarship while attending school.the NCEA Scholarship is an incentive scholarship that is awarded to students that demonstrate good performance in school as well as financial need.
To apply Students will need to write a 250-word typed essay of the applicant's financial situation, and their desire to become an esthetician will determine the Scholarship Winner. In order to apply you must have enrolled and begun classes in an esthetician only training program by the application deadline and maintain at least 80% attendance and 80% grade average.
Sport Clips Scholarship
Sport Clips Scholarship is a scholarship opportunity available through AACS, which is awarding 12, ,000 scholarships during 2008. For additional information and to fill out the application, visit the AACS website.
The Georgetown, Texas based company has 670 stores across the country and is working in partnership with the American Association of Cosmetology Schools (AACS) through the Access to Cosmetology Education (ACE) Program to provide educational funds to deserving students.
Scholarship winners are selected by a committee comprised of Sport Clips Area Developers, Team Leaders and SCI Support Team Members. There is no limit to the number of applicants from a member school but there will be a limit of one scholarship recipient chosen from an individual school per year for this program.
Joe Francis Haircare Scholarship
Joe Francis Haircare Scholarship awarded 22,000 scholarships for the 2011 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
Joe Francis (1933-1994), founder of The Barbers Corporation was the quintessential self-made man who never forgot his early struggles and continuously looked for ways to help others find opportunities in the salon business.
To memorialize his life and achievements, The Joe Francis Haircare Scholarship Foundation was established in 1994 by his wife of 39 years, Flo Francis, and the many people whom he advised and mentored to their own success in the industry.
Joe began his career as a shoeshine boy for a local barber school in Saint Paul, Minnesota.
More Information can be found at www.joefrancis.com
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.
Once a month, O·P·I will award one select student a Scholarship for a Cosmetology Program in the amount of .00. Money will be paid directly to the Educational Institution not the student
To Qualify :
- You must reside in the United States.
- You must be enrolled or in the process of enrolling in a Cosmetology program for licensure. No other beauty industry programs are eligible.
- You must submit Application along with a 1-2 page essay explaining why you want to become a cosmetologist, how you think nail services will play a part in your career and what sets you apart from other candidates for this scholarship.
- You must provide one recommendation from the beauty industry. This can be a licensed cosmetologist, nail technician, instructor, etc. Any licensed professional in the beauty industry. See attached form.
- You must meet your state’s educational requirements for entry in to a Cosmetology Program for licensure.
You also must be enrolled or in the process of enrolling at an O·P·I Preferred Cosmetology School. More information and eligable school istings can be found at www.opi.com, just click on Start Your Career
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