Types of Financial Aid for Beauty School
Are you ready to begin the financial arrangements for your beauty school education? If you’re like many of our students, it can be a little bit overwhelming to know where to start. Depending on your individual situation, there may be a variety of options available to you. We’re here to help you along your journey and break down the types of financial assistance for you.
Ways to Pay for School
Some lucky few are able to pay for secondary education with money they have available on hand without having to apply for financial aid or assistance. If you don’t fall into this category, then it’s good to understand the types of funding options that may be available. At Broken Arrow Beauty College, financial aid is available to those who qualify.
Generally, there are four types of financial assistance that people use to fund education costs. These first three types of aid are categorized as ”Title IV Financial Aid”. The Federal Student Aid office, part of the U.S. Department of Education, defines them as follows:
Grants — financial aid that doesn’t have to be repaid (unless, for example, you withdraw from school and owe a refund). The Pell Grant is the most recognizable one of these.
Loans — borrowed money for college or career school; you must repay your loans, with interest. Falling into two categories, subsidized and unsubsidized loans are federal student loans for eligible students to help cover the cost of higher education.
Work-Study — a work program through which you earn money to help you pay for school.
Lastly, other types of funding you can apply for fall into the fourth category below:
Scholarships – another type of “gift aid”, scholarships are offered by schools or organizations that do not have to be repaid. They can be awarded based on a variety of factors such as academic achievement, geographical location, field of study and/or financial need.
Other Kinds of Financial Assistance
At Broken Arrow Beauty College (BABC), we accept other special financial assistance, too. Veterans and their dependents are eligible for a variety of assistance, as are vocationally disabled students. To learn more about these options, visit us here. For students who are one quarter Native American, you can seek funds from the Bureau of Indian Affairs through your tribal office.
Scholarships are also available to students who meet criteria set by the organizations offering this type of funding. They can range from need or merit-based or can be determined on religious, social club, or military affiliation. There are even scholarships awarded for volunteerism or community service. Members of the American Association of Cosmetology Schools (AACS) are eligible to apply for scholarships that they and their partners offer. Get more information about these opportunities here.
Applying for Federal Aid
One of the first steps we recommend taking is filling out the Free Application for Federal Student Aid (FAFSA®). Completing and submitting the FAFSA® is fast and free, plus it gives you access to the largest source of financial aid for college or career school. Even if you end up not using any of the potential funds that may be awarded to you, this is a basic step that can help you get the ball rolling.
The next step to take is to do your research on the various types of funding options offered by the beauty schools you are interested in attending. For instance, at Broken Arrow Beauty College and Cosmetology Education Center, you are able to apply your federal aid to your tuition costs. This is because we are in compliance with the requirements of the National Accrediting Commission of Career Arts and Sciences (NACCAS) and the Department of Education. BABC adheres to the attendance and refund policies set by these agencies and our financial aid program is designed to adapt to changes to their regulations to keep this accreditation status with them.
Ready to Get Your FAFSA® Started?
Here’s a very helpful video** on how to get your FAFSA® application started.
Click here to get started on your FAFSA® application. When you apply, please be sure use our school code — 015930 — when submitting your application. Submitting this number automatically generates an electronic copy for our school allowing us to further help you along to complete your enrollment process.
Also, we encourage you to go through our guide “HOW TO PAY FOR YOUR BEAUTY EDUCATION”. You can download it here.
If you’re like us, sometimes it’s helpful to talk to someone to guide you through the process. Our financial aid leaders are ready to assist you. Give us a call to make sure all the options open to you based on your specific situation is considered, especially before you enroll.
*Financial Aid is available to those who qualify. For information about graduation rates, median loan debt of those who completed the program, & more click here.
**Provided by Federal Student Aid, an office of the U.S. Department of Education