Q: Can someone get student loans for cosmetology school, and if so, can they get them through FAFSA or is there another place to apply for student loans for cosmetology school?
A: For some cosmetology schools and/or programs students may be eligible to receive federal financial aid for college via FAFSA. FAFSA is the Free Application for Federal Student Aid, and is generally considered the gateway to federal student loans and/or federal grants for college. Federal student loans can offer some of the lowest interest rates, most flexible repayment options, and are not based on a borrowers credit. Federal grants can provide students with money for college that unlike student loans does not have to be repaid. Most financial aid experts will recommend that every individual in need of financial aid for college should start by filing a FAFSA. To find out if you are eligible to receive federal financial aid for your cosmetology school or program, visit: https://fafsa.ed.gov/FOTWWebApp/FSLookupServlet and verify that your cosmetology school has a Federal School Code.
If you are not eligible for federal financial aid for the cosmetology school you are attending, you may be able to secure private student loans for cosmetology school. Private student loans for cosmetology school will be based on the borrowers credit, and it’s typically recommended that private student loans for cosmetology school are considered only after all federal financial aid and free money options for school (i.e. scholarships) have been exhausted.