According to the Bureau of Labor Statistics, employees involved in the cosmetology industry gain something around $24,000 per year. Taking into account it is usually a part-time occupation, for many students, it is an excellent opportunity to earn extra money. That is one of the best part-time job options. However, it is not that easy to become a cosmetologist or make-up master. You will typically need a postsecondary nondegree award and corresponding education. The professions available are:
- Make-up masters
- Mail masters
Any of these occupations require a certain professional level. Cosmetology schools may provide you with all the necessary skills and knowledge. It is not even necessary to have a degree in any other field. It is rather an informal education that, yet, demands a lot of efforts.
It is not cheap to study in the cosmetology school. Be ready to invest plenty of money in your education and additional training. It is impossible to become a good specialist in this field without attending special seminars and lectures that are not included in the main curriculum. Because of the extra expenses, young people often wonder whether it is possible to obtain loans for beauty school. Investopedia defines a loan as finances, property, or other assets provided to the third party in exchange for future payback of the value plus interest rate. Thus, if you borrow a particular amount of money, be ready to return a greater amount in the future. Different types of loans exist, but they are always associated with the certain groups of risk. Various economic factors like inflation effect the changes in loan amount as well as interest rate.
So, are there student loans for cosmetology school that you can afford? What are some of the conditions and risks?
Why Take Student Loans for Beauty School?
Before digging deeper and deeper, we should list the reasons to borrow some money for your education. You should know which school you would like to join ahead and plan your finances.
Many students are especially interested in getting Sassoon or Paul Mitchell student loans as those are the most prestigious beauty schools in the region. The average cost of studying there is $12,000-15,000 for a thirty-six-day program. Those are big money for some of the young people, and that is why they start thinking about borrowing those funds elsewhere. Mind the additional expenses like tuition, campus, board, and study materials. Altogether, you duration may cost up to $20,000 for a 36-day period!
Remember that you have more chances to get loans for an accredited institution the unaccredited one.
Three Types of Student Loans for Cosmetology Education
From one side, taking loans is not entirely safe. From the other side, a student will most probably need a financial aid while studying at beauty school. Education is not cheap today, and everyone knows it. Let us observe several types of financial support for cosmetology school.
Unlike traditional educational financial aid, student loans for barber school or similar institutions are not widely available. A student may count on one of three privileges:
While in the case of scholarship a student has to prove he or she deserves being paid for the academic achievements and contribution to the community, in case of student loans cosmetology school it is enough to prove that you are financially competent to pay back the entire amount plus extra charges. The rule of thumb is to find an accredited institution.
The table below describes three main types of cosmetology school loans you may count on.
Cosmetology Loans and Other Types of Financial Aid
It is almost impossible to get student loans for unaccredited schools. Luckily, that is not the only option. In this section, we explore some more alternatives offered by the cosmetology schools.
- Official financial aid
Those young people who among to perform better than others can count on support. If you are lucky to prove that you cannot attend classes without the required amount of money, you may hope to get help from the school, but only if you show your financial hardship supported by the desire to study. Complete the form mentioned above – the Free Application for Federal Student Aid (FAFSA) and wait for the results. Turn for help to the school board or teachers as they are obligated to lend a helping hand with your FAFSA.
Unlike in the previous scenario, only those students who already study in the cosmetology school can obtain scholarships. Those are money paid to the best and most talented students. It is important to write a scholarship essay and win the race to get the reward.
- Payment plans
Flexible payment alternatives are available for students who did not manage to get financial help in other ways. Work one-on-one with tutors who believe in you and can ask the school board to help you financially. An interest-free payment plan may prevent you from paying back more than you initially should.
Entering a career in beauty can provide a hard-working professional with a stable income and various growth opportunities. Check the obligatory accreditation in our region and the skills you need to get a job after graduation from the target cosmetology school. Only then you should know how much time, money, and efforts to invest for sure.