How to Get Financial Aid for Beauty School
Financial aid for beauty school is necessary for someone who is not employed or with a family to feed and educate. According to figures published by the College Board, the cost of college education rose by 2.9% in 2013. If you would like to go to beauty school and cannot afford tuition fees, you do not have to give up your dreams. Here are some of the scholarships and grants geared toward beauty school students:
Federal Pell Grant (PELL)
The Federal Pell Grant is only available to undergraduate students who have never obtained a bachelor’s or any other degree. Although awards to successful students vary, the maximum amount for the 2013-2014 year is $5,645. Nevertheless, the award that one can get depends on factors such as financial need, status as a part time or full time student, and the cost of attending beauty school. Take note that students with a parent or guardian who died while in active military service may be eligible for larger Federal Pell Grant funds. In addition, this grant is not a loan that you have to pay back.
William D. Ford Federal Direct Loan Program
Unlike the Federal Pell Grant described above, you will have to repay this loan with interest in the future. Under this program, there are three types of loans available to students: Subsidized Stafford loan, Unsubsidized Stafford loan, and PLUS loans.
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The subsidized Stafford loans are available to undergraduate students with financial need. Unlike other loans, the US Department of Education takes care of the interest while you are in beauty school. The DOE could also pay interest for the first six months after you leave school or during a loan deferment period.
Unsubsidized Stafford loans are available to both undergraduate and graduate students. Moreover, one does not have to demonstrate financial need to qualify for this loan. The downside is you have to pay the loan interest while attending beauty school and after graduating. You could forgo paying interest while in school. However, the interest will accumulate and you will have to pay it all plus the principal loan amount.
Unlike the subsidized and unsubsidized Stafford loans, PLUS loans are available to undergraduate, graduate students, as well as their parents. Nevertheless, a person with an adverse credit history cannot be a borrower. The interest rate for a PLUS loan is 6.41 %. There is an additional charge of 4.288% called a loan origination fee.
Federal Supplemental Educational Opportunity Grant (FSEOG)
The FSEOG is a grant available to students who can show that they have exceptional financial need. Eligible students can fill the Free Application for Federal Student Aid (FAFSA) form. The amount of money that one can get ranges anywhere from $100 to $4,000 every year. You can still apply for an FSEOG even if you have already received Federal Pell Grant funds. All you have to do is show that you really need the money.
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The aim of the ACE grant is to help students pursue careers in cosmetology. Students can apply for this grant from the Beauty and Barber Supply Institute. In order to apply for this grant, you have to show that you have attended high school and earned a diploma, GED, or equivalent qualification.
Other Sources of Funds
In conclusion, the beauty industry has many lucrative careers that one can pursue. Enrolling in a licensed school is necessary to acquire the skills and licensure required to succeed in this industry. Financial aid for beauty school is available to students who cannot afford tuition fees in the form of Federal Pell grants, ACE grants, William D. Ford Federal direct loans, and Federal Supplemental Educational Opportunity grants.