Student loans for cosmetology school

Svetlana May 05 2022

Whether you're looking to finance your cosmetology school education or consolidate existing student loans, there are plenty of options available. We've put together a list of some of the best student loan lenders for cosmetology students, as well as some tips on how to get the most out of your financing.

Soaring tuition costs can make it difficult to finance your education without taking on significant debt. But with careful planning and budgeting, you can minimize the amount you need to borrow. And when it comes time to repay your loans, there are a number of repayment options available that can help make the process more manageable.

If you're ready to start exploring your financing options, check out our list of the best student loan lenders for cosmetology students.

What loan can you choose for the cosmetology school?

  • Sallie Mae

With a wide range of repayment options and no origination fees, Sallie Mae is a great option for financing your cosmetology education. They also offer competitive rates and a 0.25% interest rate reduction for enrolling in automatic payments. The requirements for applying are also relatively straightforward - you'll need to be a U.S. citizen or permanent resident, have a cosmetology school acceptance letter, and meet certain income and credit criteria. To apply for Sallie Mae students have to do it through their website.

  • Ascent Student Loans

Ascent offers both private and cosmetology school loans, so you can choose the option that best suits your needs. They also have a number of repayment options, including interest-only payments while you're in school, and no origination fees or prepayment penalties. You'll need to be a U.S. citizen or permanent resident with a valid cosmetology school acceptance letter to apply.

And like most private lenders, they'll also consider your credit history and ability to repay the loan when making a decision. When applying you have to prepare the documents like a copy of your government-issued photo ID, your most recent tax return, W-2 forms, or 1099 forms from the past two years.

  • Wells Fargo

With competitive rates and a number of repayment options, Wells Fargo is another great option for financing your cosmetology education. They also offer a 0.50% interest rate reduction for enrolling in automatic payments, and you can apply for a cosigner release after making 36 on-time monthly payments. To qualify, you'll need to be a U.S. citizen or permanent resident with a valid cosmetology school acceptance letter. You'll also need to meet certain credit criteria and have a cosigner who meets these same criteria. Applying is easy - you can do it online, by phone, or in-person at a Wells Fargo branch.

  • Discover

Discover student loans for cosmetology school has a number of repayment options and no origination fees. Discover may offer a cosigner release after 24 consecutive on-time monthly payments. You'll need to be a U.S. citizen or permanent resident with a valid cosmetology school acceptance letter to apply, and you'll also need to meet certain credit criteria. The documents needed for applying are a copy of your government-issued photo ID, your most recent tax return, W-2 forms, or 1099 forms.

  • CitiBank

CitiBank offers competitive rates and a number of repayment options for cosmetology students. This bank would be perfect if you're looking for a cosigner release after 24 consecutive on-time monthly payments. The recommended requirements for applying are to be a U.S. citizen or permanent resident with a valid cosmetology school acceptance letter. The application process is not very fast, but still manageable. You have to prepare the same list of documents as in previous moments.

Can you use FAFSA?

Some beauty schools, for example, the Aveda Institute, accept federal financial aid in the form of a four-year university. When you complete and submit an application for a Free Application for Federal Student Aid, commonly known as a FAFSA, as a beauty school applicant, you may be eligible to receive financial assistance grants and loans.

FAFSA is a great option for you if your parents make too much money for you to qualify for need-based grants, but you still need help paying for school. Loans have to be repaid, of course, but grants do not.

The requirements for any student to get FAFSA are that you must be a U.S. citizen or permanent resident, you must have a valid Social Security number, and you must be enrolled in an eligible program as at least a half-time student. Eligible programs for FAFSA are typically four-year universities, two-year community colleges, and career and technical schools.

The first step is to fill out a FAFSA form online at fafsa.ed.gov. You'll need your and your parents' tax information from the most recent year as well as other financial information. The form will then generate a report called a Student Aid Report, or SAR, which tells you how much aid you're eligible to receive.

So, if your chosen beauty school is eligible for FAFSA, it's definitely worth completing the application to see if you qualify for any grants or loans. Even if you don't think your parents make "too much" money, it's worth completing the application anyway - you may be surprised at what you're actually eligible for.

Can you get student loan forgiveness after 10 years?

Any eligible borrowers may have their debts erased after 10 years if they satisfy certain stringent criteria under the federal initiative. The requirements include making 120 qualifying monthly payments while working full-time for a government agency or nonprofit organization. You must also not be in default on your loans, and you must have made all of your payments under one of the income-driven repayment plans. Student loan forgiveness is a process by which borrowers can have their remaining federal student loan balance forgiven.

The Public Service Loan Forgiveness (PSLF) Program forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualified repayment plan while working full-time for a qualifying employer. Qualifying employers include government organizations at any level (federal, state, local, or tribal) and certain nonprofit organizations that are tax-exempt under Section 501(c)(3) of the Internal Revenue Code. You must also not be in default on your loans.

The Perkins Loan Cancellation and Discharge cancels or forgives all or part of your Perkins Loan if you serve as a full-time teacher in a public or other nonprofit elementary or secondary school serving low-income families for either:

  • Five complete and consecutive academic years, or
  • Five complete and consecutive years after the date you became a teacher if such service is performed while you are not in an eligible repayment period for such loan; or

You serve as a full-time qualified professional provider of early intervention services in a public or other nonprofit program providing early intervention services to infants and toddlers with disabilities and their families. As a cosmetology school student, you may also qualify for student loan discharge if you are unable to complete your program because of your school’s closure, or if you become disabled or die.

To have your loans discharged, you must submit a Student Loan Discharge Application and supporting documentation to your loan servicer. You can find contact information for your loan servicer on your most recent billing statement or on the National Student Loan Data System.

How much does cosmetology school cost?

Students spend one year learning under-skilled industry experts to master the most cutting-edge hair cutting, styling, coloring, manicuring, and more skills. The program costs around $18,250 plus the professional kit expense of roughly $2,000.

Many different factors can affect the cost of cosmetology school. The type of program you choose, whether it's full-time or part-time, and the length of the program all play a role in how much your education will cost. In addition, the location of the school and the type of school (for-profit or nonprofit) can also affect the cost.

Moreover, depending on the region, your fees for the cosmetology school will vary. Thus, in California, the average cost of tuition is $16,175, while in Florida, it's $14,599. As you can see, the cost of cosmetology school can vary widely depending on a number of factors. However, one thing is certain: if you're planning on attending cosmetology school, you'll need to factor the cost of tuition into your budget.

Is cosmetology a good side hustle?

In case you work in the beauty business as a cosmetologist, esthetician, or other skilled professional, you may benefit from extra income. Who could possibly say no? This is most certainly true now, with the COVID-19 pandemic decimating the sector.

This is a solid beauty side hustle if your startup costs are less than $10,000. And, you could be up and running in a few months. The demand for beauty services is always high. And, with the right cosmetology training, you can excel in this business.

Cosmetologists serve clients of all different backgrounds. Every day is a chance to meet new people and learn more about various sorts of individuals. Cosmetology professions are highly adaptable. Depending on your preference, you may work part-time, on weekends, or full-time. Many cosmetologists even have the option of working from home.

This is a great way to earn some extra cash if you already have a steady stream of clients. If you're interested in starting your own beauty business, cosmetology is a great place to start. If you're looking for a low-cost way to start your own business, cosmetology could be the answer. With a small investment and some hard work, you can build a thriving business that provides much-needed services to your community.

Is becoming a cosmetologist worth it?

As a cosmetologist, you may feel good about your job. Professionals in the cosmetics business have the opportunity to get to know many individuals. Many cosmetologists develop strong friendships with their coworkers and clients. It's encouraging: Cosmetology is both an art and a trade ability.

Income is one of the top reasons to pursue a career in cosmetology. The average salary for a cosmetologist is $24,300 per year. However, this number will differ depending on experience, education, location, and other factors. For example, in New York City, the average salary for a cosmetologist is $39,610 per year. In Los Angeles, the average salary is $34,490 per year. And, in Chicago, the average salary is $29,780 per year.

As you can see, there is a wide range of incomes for cosmetologists across the country. Your specific income will depend on a number of factors. However, if you're looking for a career that provides a good income, cosmetology is a great option.

In addition to a good income, cosmetologists also enjoy many other perks. For example, most cosmetologists receive health insurance and other benefits from their employers. In addition, many cosmetologists are able to set their own schedules. And, if you're self-employed, you may be able to work from home. This flexibility can be a great perk for busy professionals.

So, is becoming a cosmetologist worth it? If you're looking for a career that provides a good income and offers flexible hours, cosmetology may be the right choice for you.

What else should you know about cosmetology school?

Well, there you have it! That's everything you need to know about cosmetology school. Now that you know the basics, it's time to start researching cosmetology programs. When you're ready to take the next step, be sure to check out our cosmetology school directory. With over 1,000 schools listed, you're sure to find the perfect program for you.

If you're thinking about attending cosmetology school, there are a few things you should keep in mind. First and foremost, cosmetology school is a significant investment. The cost of tuition can vary widely depending on the location and type of program. In general, however, you can expect to pay between $10,000 and $20,000 for tuition.

In addition to tuition, you'll also need to factor in the cost of supplies. This can include anything from scissors and combs to shampoo and conditioner. The specific cost will depend on the type of cosmetology program you're enrolled in. However, you can expect to pay between $500 and $1,000 for supplies. Finally, you'll need to factor in the cost of living expenses. If you're attending cosmetology school full-time, you'll need to factor in the cost of housing, food, and transportation. The specific cost will depend on your location and lifestyle. However, you can expect to pay between $800 and $1,200 per month for living expenses.

As you can see, the cost of attending cosmetology school can be significant. However, there are many financial aid options available to help offset the cost. Be sure to research all of your options before making a decision.