Cosmetology Student Loans
Student Loans that Will Pay for Your Beauty School Education
Let’s talk about the boom in cosmetology. If you’re one of the thousands of next generation elite hairstylists, makeup artists, estheticians, beauticians and new world barbers flooding trendy and pricey cosmetology schools, you’re likely looking for the money to pay for these tuitions. Need a way to finance your beauty school program? Top-notch cosmetology schools are bursting at the seams with next generation cosmetologists. And these schools come at a price.
Traditional student loans—federal Stafford, Perkins and PLUS Loans—will not offer you any financial relief from the tuition bills for your cosmetology education. Truth is, so far cosmetology schools don’t deliver traditional degrees, which means you’ll also not be able to use standard private student loans either.
What are your options for paying for beauty school?
Where to Find Cosmetology Loans that Work
You might not find a student loan specifically designed for beauty or cosmetology school, but you will find trade school and continuing education loans with increasing frequency.
Student loans that will help you pay for cosmetology school are private, credit-based financial products. Features of most trade school and continuing education loans include: variable interest rates, flexible loan repayment plans, high loan limits that let you borrow up to the full cost of your education plus expenses.
**Tip: Many private loans for beauty school will only extend funds to you if your school is accredited.
Popular loans that cover cosmetology education include these from well-known lenders:
- Sallie Mae (SLM) is a leader in commercial student loans. The company has cornered the market on identifying student populations with financial needs unmet by federal loans. The Continuing Education Loan and the Career Training Loan both feature appealing characteristics that make them suitable for cosmetology students.
- The EdAchiever Loan through Key Bank is an alternative loan designed for continuing education or career training students, both undergraduate and graduate level students. To be eligible you must be enrolled at least half-time, but there are no degree requirements. Qualified borrowers may take out loans to fulfill tuition demands as well as other costs like computers or cosmetology equipment.
Cosmetology schools are not in the business of offering their own student loans, even elite cosmetology schools like the Aveda Institute recommend the Sallie Mae loans as a primary go-to.
What can you do if you have bad credit or no credit?
Before you consider yourself ineligible for private loans due to poor credit, you need to know you have options:
Borrow loans even with bad credit. Plan ahead of time to apply for a private loan for cosmetology school with a credit-worthy co-borrower. This could be a trusted friend or family member that you know and who is willing to help you out. Best of all, this is a chance to improve your credit: when you begin loan repayment it’s crucial that you make your full payments on time. This is how you begin to rebuild your bad credit.
Explore Cosmetology Career Options
With a cosmetology program and/or license under your belt, what are your options professionally?
Positions in the field include makeup and hairstyling and even more lucrative salon and spa jobs where options exist to expand into other specialties. You can even aim for the world of fashion where highly trained and talented professionals in all types of cosmetology fiercely compete.
