Funding Cosmetology School Through Financial Aid

Beauty school may be more accessible than you realize. With a financial aid program that combines loans, scholarships and grants, your tuition costs could be significantly reduced.

Let’s review the types of financial aid and how you can use financial aid options to help you pay for beauty school.

Financial Aid for Beauty School

Tricoci University of Beauty Culture students could be eligible for federal financial aid. Because the programs are accredited, the U.S. Department of Education can provide you with federal financial aid.

Plus, funding is available to full-time or part-time students attending beauty school.

Your financial aid eligibility starts with the FAFSA, which is short for Free Application for Federal Student Aid. This form collects information about your finances and the school you are attending. The results will let you know what type of resources are available.

funding available for full time and part time students

Grants to Attend Beauty School

When you apply for federal financial aid, you could receive financial aid you don’t have to pay back. These federal programs are specifically intended to reduce the cost of school and make higher education more affordable.

Common federal financial aid options include:

  • Federal Pell Grants: These grants do not have to be repaid. It’s a widely used program to help pay for your education. The amount of money you receive depends on several different factors, and you could get up to about $6,000 per year.
  • Assistance for Military Families: There are several education programs available if you or your family have served in the military. Many of these programs have a max of about $6,000 per year.

Beauty School Scholarships

Scholarships are another opportunity to get free money for beauty school. However, scholarship programs have different criteria than federal student aid, and they are administered separately.

In Tricoci University’s list of beauty school scholarships, we’ve collected a list of some of the best scholarship opportunities around. Students can review each description to decide which awards might be a fit.

Typically, scholarships fall into several different categories:

  • Merit-based scholarships: These competitive opportunities look for the most promising beauty professionals. In the case of the Salon Supply Store Cosmetology Scholarship, the winner of a video contest can earn $1,000 toward their education.
  • Need-based scholarships: Some scholarships also consider your financial situation. For example, the TUBC Grant that’s administered by Tricoci University can help qualified students lower the cost of attendance.
  • Scholarships Based on Area of Study: Some scholarships have criteria that you must be enrolling in a certain area of beauty studies in order to qualify. Examples include a $1,000 esthetician scholarship from NCEA and the ACE Grant for cosmetology students, which is awarded by the American Association of Cosmetology Schools.

You can also check out the 2020 scholarship announcement which explains the newest opportunities for students who are about to sign up for beauty school, students who are currently enrolled and licensed professionals who want to take continuing education classes.

Use the 2020 beauty school scholarship calendar to track upcoming deadlines.

Student Loans for Beauty School

If your other financial aid sources aren’t enough to help you meet the cost of tuition, student loans can help you to bridge the gap. However, you have to repay student loans, so students may want to be cautious about borrowing more than they can repay.

When considering loan options, students can benefit from taking a close look at borrower details such as interest rates, payment plans and deferment options.

Student loans typically fall into two categories:

  • Federal student loans commonly have more benefits than private loans. For example, payments aren’t due until after you leave school. Interest rates are often low. There are also loan options for the student or the parent.
  • Private student loans are administered by a bank, credit union or financial institution. The loan specifics can vary widely. You may need to begin payments while you’re in school, and the interest rates could be higher.

Interest-free Payment Plans

In addition to your financial aid package, Tricoci University supports its students by offering a monthly payment plan. Rather than paying your out-of-pocket portion of the tuition up front, you can choose to spread out the tuition into equal installments made over the enrollment period.

With no interest charges, choosing this billing cycle gives you even more options for funding your beauty school education.

Tax Benefits of Attending Beauty School

When it’s tax time, the investment you made to attend beauty school could mean you’ll pay less in income taxes.

You could be eligible to deduct $2,500 in tuition costs, books, supplies and equipment. You may also be able to deduct student loan interest.

Getting Started: Admissions and Financial Aid Applications

Tricoci University makes it easy for beauty school students to get started.

Admission to Tricoci University has an age requirement, and applicants must have a high school diploma or equivalent.

Beauty school financial aid typically starts by speaking with one of our Financial Aid professionals who will help you understand the options that could work for your situation.

Learn more about how Tricoci University’s beauty education can help you launch your career.