Student Loans for Cosmetology School
While federal student loans for cosmetology school are the best, you can also use private student loans to pay for beauty school. We’ve compared both options.
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If you plan to go to cosmetology school, you can use student loans to fund some or all of your attendance costs. Depending on your chosen program, you’ll often spend one to two years in school. You can expect it to cost between $5,000 and $15,000 to attend an accredited school.
Research suggests several top cosmetology schools cost as much as $20,000. It’s optimal to pay for your school with cash, grants, or scholarships, but this isn’t always possible. While you’ll get the best rates and benefits with federal student loans, private student loans are also available.
In this guide:
- Can you get student loans for cosmetology school?
- How to apply for cosmetology school student loans
- Alternatives to student loans for beauty school
Can you get student loans for cosmetology school?
You can get student loans for cosmetology school. Federal student loans are only available at accredited schools, but you can use them to pay for degrees and certificates. In contrast, you can sometimes use private student loans at non-accredited schools, but they’re often limited to degree (rather than certificate) programs.
For the U.S. government to consider a cosmetology school an eligible institution that can offer federal student loans, it must meet three criteria:
- It’s accredited.
- It only admits students with a high school diploma or its equivalent into the program.
- It must have legal authorization from its state to offer postsecondary education.
Eligible institutions include traditional colleges, universities, and cosmetology trade schools. When you submit your FAFSA application for a federal student loan, you can search for your school to ensure the U.S. Department of Education considers it an eligible institution.
Besides considering your school’s characteristics, you should also consider the cosmetology program. Federal student loans are available for degree and certificate programs. In contrast, some private lenders only offer student loans for degree programs, not certificate programs.
What is the difference between a cosmetology degree and certificate?
You may be able to use a degree or certificate to get a cosmetology license, but degrees often carry a higher weight. With certificate (or diploma) programs, courses focus on cosmetology. In contrast, degree programs also include general education courses (e.g., math, leadership).
Earning a cosmetology certificate won’t lead to a higher-level degree or certificate in most cases. Conversely, degrees serve as stepping stones for the next program. For example, your associate’s degree may serve as a foundation for a future bachelor’s degree.
If your goal is to assume a leadership role in your company or own your own cosmetology business, you might choose a degree program over a certificate program. Degrees often cover more topics, such as communication, leadership, and public speaking.
Federal student loans for cosmetology school
The most common type of federal student loans are direct loans, which include Direct Subsidized and Unsubsidized loans. You can use both to pay for cosmetology school, so long as your school is an eligible institution that offers these loans.
To be deemed an eligible institution, your cosmetology school needs to be accredited and legally authorized to offer education services in your state. Plus, the students accepted into its degree or certificate programs must have received a high school diploma or equivalent.
So long as the U.S. Department of Education deems your school eligible to offer student loans, you can use Direct Subsidized loans, Direct Unsubsidized loans, or both to cover the costs of your degree or certificate program. However, you must have a financial need to get a Subsidized loan.
The key characteristics of the two most common federal student loan programs are:
| Direct Subsidized Loan | Direct Unsubsidized Loan | |
| Maximum annual loan limits | $5,500 | $12,500 |
| Must be an accredited eligible institution? | Yes | Yes |
| Must be enrolled in school at least half-time? | Yes | Yes |
| Must have a financial need? | Yes | No |
How to find out whether your beauty school is accredited
You can find out whether your beauty school is accredited by using the U.S. Department of Education’s Database of Accredited Postsecondary Institutions and Programs. You can also check whether your cosmetology school is accredited by searching for it when submitting your FAFSA application.
It’s best to choose accredited schools since a third party rigorously evaluates the quality of their accredited programs. Non-accredited schools might still be going through the accreditation process or have failed the third-party quality tests.
Before choosing a non-accredited school, evaluate why the school isn’t accredited. If the program is new and your research suggests it will likely be accredited soon, it might be OK to enroll. Otherwise, you’re better off enrolling in an accredited school.
Private student loans for cosmetology school
When considering how to pay for cosmetology school, it’s best to prioritize federal loans before private loans. Federal student loans often carry lower interest rates than private student loans, and they come with benefits including potential loan forgiveness and longer repayment terms.
Unlike federal student loans, which are available for degree and certificate programs, you can only use some private student loans for degree programs. If you want a private student loan to pay for a cosmetology certificate, make sure your chosen lender allows certificate programs.
While you can only get federal student loans from eligible accredited cosmetology schools, many private student loans can also be used to fund non-accredited programs. If you attend a non-accredited school, consider the costs and program success rates before enrolling.
We’ve researched lenders that offer private loans for cosmetology school.
College Ave
Career Student Loan
- Cover up to 100% of your cost of attendance
- Get an instant credit decision in just three minutes
- Choose from 16 different repayment schedules
College Ave offers student loans with low rates and flexible repayment terms. Choose between a fixed and variable interest rate.
You can use its career training loan to pay for cosmetology school.
Key features:
- Eligible programs: Undergraduate associate’s and bachelor’s degree programs
- Eligible institutions: Accredited schools only
- Loan limits: At least $1,000 and up to 100% of the school’s cost of attendance
- Fixed rates (APR): 3.99% – 14.96%
- Variable rates (APR): 3.99% – 14.86%
- Fees: No application fees
- Repayment terms: 5, 8, 10, or 15 years
Sallie Mae
Career Training Smart Option Student Loan
- Cosigner release after 12 consecutive, on-time payments
- Up to 100% of costs are covered
- No fees
Sallie Mae offers a Smart Option Student Loan for Career Training. This loan, designed for trade schools and other professional training programs, will cover the full cost of cosmetology school.
Key features:
- Eligible programs: Undergraduate degree or professional certificate programs
- Eligible institutions: Schools that have partnered with Sallie Mae, including some accredited and non-accredited institutions
- Loan limits: At least $1,000 and up to 100% of the school’s cost of attendance
- Fixed rates (APR): 4.50% – 15.10%
- Variable rates (APR): 5.00% – 15.55%
- Fees: No fees (e.g., origination fees or prepayment penalties)
- Repayment terms: 10 – 15 years
Earnest
Undergraduate Student Loan
- No fees
- Check your loan eligibility without a hard credit check
- Quick application process looks beyond your credit score
Earnest offers private student loans at competitive rates.
The company stands out in the private student loan space because it offers a variety of loan repayment options, it uses a broader method of evaluating a borrower’s eligibility beyond just credit scores, and borrowers can manage their account via its mobile app.
Key features:
- Eligible programs: Undergraduate bachelor’s degree programs
- Eligible institutions: Accredited schools only
- Loan limits: At least $1,000 and up to 100% of the school’s cost of attendance
- Interest rates (APR): Starting at 4.49%, with competitor rate matching for loans with comparable repayment terms
- Fees: No fees
- Repayment terms: 5, 7, 10, 12, or 15 years
Ascent
Career and Professional Training Loan
- Up to 100% of costs are covered
- Check your rate without affecting your credit
- No fees on undergraduate loans
Ascent offers cosigned and non-cosigned loans for undergraduate, graduate, professional, and career program students.
Its Career and Professional Training Loan is a fixed-rate product available to students at eligible cosmetology schools.
Key features:
- Eligible programs: Undergraduate degree programs and professional training and certification programs
- Eligible institutions: Schools that have partnered with Ascent, including some accredited and non-accredited institutions
- Loan limits: At least $2,000 and up to 100% of your school’s cost of attendance
- Fixed rates (APR): 5.31% – 15.32%
- Variable rates (APR): 4.62% – 16.43%
- Fees: No fees for undergraduate loans; 5% origination fee for career and professional training loans
- Repayment terms: 5, 7, 10, 12, 15, or 20 years for undergraduate loans; 5, 7, or 10 years for career and professional training loans
SoFi
Undergraduate Student Loan
- Application can be completed online in minutes
- SoFi customers report great customer service and a user-friendly interface, according to Trustpilot reviews
- Check your rate without affecting your credit score
SoFi brands its offerings as unique from other online lenders because it looks beyond credit scores and debt-to-income ratios, considering factors such as cash flow, education, and career prospects.
Key features:
- Eligible programs: Undergraduate bachelor’s degree programs
- Eligible institutions: Accredited schools only
- Loan limits: At least $1,000 and up to 100% of your school’s cost of attendance
- Fixed and variable rates (APR): 4.39% – 8.99%
- Fees: No fees (e.g., origination, prepayment)
- Repayment terms: 5, 7, 10, or 15 year terms
How to apply for cosmetology school student loans
The steps to apply for cosmetology school student loans start with completing the FAFSA application online and reviewing your federal financial aid options.
If you can’t get a federal student loan or need more funding, you can search for a private lender and apply online for a private student loan.
You’ll need to provide the following types of information when you apply for a student loan:
- Personal identifiable information: For federal and private student loans, you’ll provide information such as your name, birthdate, tax identification number, and home address. This is so the lender can verify your identity.
- Income and asset details: You’ll provide basic information about your annual income and assets for both federal and private student loans and share your adjusted gross income from your tax returns for federal loans. You may also need to provide pay stubs for private loans.
- Other credit information: Unlike federal student loans, you’ll need to qualify for private student loans based on your income and credit score. As such, your lender will check your credit to qualify you. If you can’t qualify independently, you may also need to give this information for a cosigner.
- Details about your school and program: Regardless of the type of student loan you get, you’ll need to provide details about your school and the program you’re attending. This information determines the types and amounts of loans you can get.
No matter how you plan to pay for cosmetology school, submitting the FAFSA application each year is a good idea. You may qualify for grants or scholarships even if you don’t get a loan to pay for your school. Schools often use the FAFSA form to see if you qualify.
You can submit the FAFSA for the next academic year as early as October. The earlier you complete the form, the more likely you’ll receive grants or scholarships with limited funding. You’ll be notified of the types and amounts of federal student loans you can get as soon as your FAFSA is complete.
If you need more funding than you can get from federal student loans or grants (or you decide to attend a non-accredited school), you can apply for a private student loan with a private lender. You’ll apply online and provide details about your income, credit, school, and program.
Alternatives to student loans for beauty school
While student loans can be a good way to pay for beauty school, there are alternatives. Some of the other types of financial aid include federal grants, state grants, and private scholarships. You often don’t need to repay grants and scholarships, so they’re the best types of financial aid.
Some grants and scholarships are need-based, meaning you must demonstrate a financial need to qualify. For example, federal Pell Grants are available to everyone with a financial need who qualifies and attends an eligible accredited school. The FAFSA is used to qualify you for a Pell Grant.
However, there are also some available merit-based grants and scholarships. You just need to meet the requirements of the organization offering the grant or scholarship (e.g., have a high GPA or write the best essay about a certain topic).
By considering grants and scholarships before getting a student loan, you might reduce your overall education costs. As such, this is the best place to start when considering how to pay for beauty school. You’ll improve your financial footing if you get as little debt as possible.
