How To Get Student Loans and Financial Aid for Cosmetology School

The cost of cosmetology school can vary widely depending on the program, location, and school. On average, tuition is about $15,953, according to the American Association of Cosmetology Schools (AACS). Beyond tuition, you'll also need to budget for supplies like styling tools and textbooks, which can add to the total cost.

If you need help covering expenses, cosmetology school student loans can make your education more affordable. This guide walks you through your options, including federal and private student loans for beauty school, and tips for managing your student debt.

Can you get student loans for cosmetology school?

You can take out student loans for cosmetology school, but your options depend on the school you attend.

Federal student loans are available if your cosmetology school is accredited and participates in the federal financial aid program. Attending an accredited program gives you access to federal loans, grants, and work-study opportunities.

Private student loans are another option, but eligibility depends on the lender. Some lenders, such as SoFi and ELFI, only offer loans for four-year degree-granting programs, while others, like Sallie Mae and College Ave, provide funding for trade and career schools, including cosmetology programs. If you're considering private loans, check with the lender to make sure it covers your program.

Current private student loan rates

Federal student loans for cosmetology school

While most federal student loans are designed for traditional college students, some cosmetology programs qualify for federal aid. To be eligible, your school must be accredited and participate in federal financial aid programs. You can check a school's accreditation status using the School Search tool from the Department of Education.

If your cosmetology school is accredited and you're enrolled at least half-time, you may qualify for federal student loans. Your options include:

• Direct Subsidized Loans: Students with demonstrated financial need may qualify for subsidized loans, which don't accumulate interest charges while you are enrolled in school or during the six-month grace period after leaving school.
• Direct Unsubsidized Loans: Students of all income levels can qualify for unsubsidized loans, regardless of financial need. However, interest begins accruing on these loans starting from the date of disbursement.

Federal loans generally offer lower interest rates and more flexible repayment options than private loans, which makes them a good place to start. However, federal loans come with annual and lifetime borrowing limits, so you may not be able to cover the full cost of your education, depending on your program's total cost of attendance.

To see what federal student loans you qualify for, submit the Free Application for Federal Student Aid (FAFSA).

Private student loans for beauty school

Federal student loans may not be enough to cover the full cost of cosmetology school, but private student loans can help fill the gap. Many private lenders offer loans for trade schools, including beauty and esthetician programs.

Lenders like Sallie Mae, College Ave, and Ascent provide private student loans that may be used for cosmetology training. For example, Sallie Mae's Student Loan for Career Training is designed for trade certificate programs, which includes cosmetology school.

Private loans typically have higher interest rates and fewer repayment options than federal loans, so it's important to compare lenders and find the most affordable option. Adding a cosigner with strong financial credentials can improve your chances of qualifying and help you secure a better interest rate.

Cosmetology schools that accept federal aid

If you're looking for a cosmetology school that accepts federal financial aid in the form of federal loans, grants, and work-study funds, here are some options with multiple locations across the country:

• Aveda Institutes: Aveda has schools nationwide, and most participate in federal financial aid programs. Be sure to check with your specific location to confirm eligibility.
• Empire Beauty Schools: Empire Beauty School offers federal student loans, grants, and scholarships to help students cover tuition. They have locations in 21 states.
• Ogle School: This Texas-based cosmetology school has 9 locations and provides access to federal financial aid, Veterans Affairs Education Benefits, and funding through the Texas Department of Assistive & Rehabilitative Services.
• Paul Mitchell Schools: Paul Mitchell Schools participate in federal student aid programs and have more than 100 locations across the U.S.
• Toni & Guy Hairdressing Academy: This academy has 11 locations, all of which accept federal financial aid.

Tips for managing cosmetology school debt

Don't borrow more than you need

“Minimizing the amount you borrow to cover school costs is a great way to set yourself up for success as it can reduce your monthly or annual costs when starting your career in the beauty industry,” says Lindsay Worthen, Ogle School's veteran cosmetologist and beauty educator.

“This will allow you to be less stressed as you begin to build your business, and you will be able to focus on your goals without feeling weighed down with the responsibility of paying back more money than necessary,” Worthen adds.

Apply for beauty and cosmetology scholarships

Scholarships can help reduce the cost of cosmetology school without adding to your debt. Many organizations offer scholarships specifically for beauty students, such as the Great Clips Great Scholarship Program and the Keller Cosmetology Scholarship. Some schools even offer scholarship opportunities of their own.

“The main benefit of receiving a scholarship is that you do not have to pay that money back. [Make sure] to check with your institution to identify what scholarships they might offer, and be sure to check out www.beautychangeslives.org,” says Worthen.

Work part-time to lower costs

Balancing school with a part-time job can help reduce your reliance on student loans. If you can, look for work in the beauty industry — gaining experience while you're in school can lead to job opportunities after graduation. Some employers even offer tuition assistance programs, which can help cover the cost of your education while you work.

Start making loan payments while in school

Student loans often come with the option to delay repayment until after graduation, but interest continues to add up while you're in school. If possible, try to make small payments while you're in school to help keep your loan balance from growing. Many lenders allow interest-only payments while you're enrolled, which can prevent interest from capitalizing and reduce what you owe in the long term.