How to Pay for Beauty School

Beauty school can be an amazing experience that can set you up for a fulfilling career in the beauty industry. However, it can also be expensive! Many students may struggle to find ways to pay for their education. We don’t believe that funding should stop you from pursuing your dream career. Fortunately, there are several options available to help students pay for beauty school.

In this blog post, we will explore some of the most common ways students pay for beauty school.

Federal Student Aid

A popular option for paying for beauty school is federal student aid. The most common form of federal student aid is the Free Application for Federal Student Aid (FAFSA). By completing the FAFSA, students can apply for grants, loans, and work-study programs. Grants do not need to be repaid, while loans must be repaid with interest.

We participate in the Title IV Federal Financial Aid Program, which includes:

Federal Pell Grant

The Pell Grant program provides need-based grants to eligible students, which means that the amount of aid awarded is determined by the student’s financial need. The maximum Pell Grant amount changes each year, but for the 2022-2023 academic year, the maximum amount is $6,895.

Federal Direct Subsidized Loans:

With a subsidized loan, the federal government pays the interest on the loan until the loan enters repayment. Repayment begins six months after a student ceases to attend at least half-time. For the 2022-2023 academic year, the annual borrowing limits range from $3,500 for first-year undergraduate students to $5,500 for third-year and beyond undergraduate students.

Federal Direct Unsubsidized Loans

This is a type of federal student loan to eligible undergraduate and graduate students regardless of financial need. Unlike subsidized loans, the borrower is responsible for paying the interest on the loan throughout the life of the loan. The borrower is responsible for all interest. The maximum for this loan is $5,500-$20,500 depending on grade level and dependency status. The aggregate maximum total is $34,500.

Federal Direct PLUS Loans

Direct Federal PLUS Loans are available for parents to borrow on behalf of dependent

students. PLUS loans are not based on financial need, but rather on the borrower’s credit history and ability to repay the loan.

Scholarships

Another way to pay for beauty school is through scholarships. To find scholarships, students can search online or speak with their school’s financial aid office. It’s important to note that scholarships do not need to be repaid, making them an excellent way to finance your education.

Private Loans

Private loans are another option for paying for beauty school. Unlike federal student loans, private loans are offered by banks, credit unions, and other lenders. Private loans may have higher interest rates than federal loans, and they may require a co-signer. However, they can be a good option for students who do not qualify for federal student aid or who need additional funding beyond what federal loans provide.

Payment Plans

Payment plans allow students to spread out the cost of their tuition over several months or years, rather than paying the full amount upfront. Some payment plans may require a down payment or may charge interest on the balance. However, they can be a good option for students who want to avoid taking out loans or who need more flexibility in their payment schedule.

At Crave Beauty Academy, we offer interest-free payment plans while in attendance. Payments can be made through cash, credit, and/or check. Payments are due on the 15th of each month with a $25 late fee if paid after.

Are You Ready To Go To Beauty School?

Paying for beauty school can seem like a daunting task, but there are several options available to help students finance their education. If you’re interested in pursuing a career in the beauty industry, don’t hesitate to contact us!

With campuses in Wichita, Kansas, and Ballwin, Missouri, we’re committed to providing students with the skills and knowledge they need to succeed in the beauty industry. We can’t wait to help you pursue your dreams!