Credible takeaways
- Federal student loans for cosmetology school are available if you're enrolled in an accredited program.
- Federal financial aid may not be enough to cover the full cost of attendance at your cosmetology school.
- Some private lenders offer student loans for cosmetology school, and they often cover all your program costs.
The cost of cosmetology school can vary widely depending on the program, location, and school. On average, tuition is about $15,953, according to the American Association of Cosmetology Schools (AACS). Beyond tuition, you'll also need to budget for supplies like styling tools and textbooks, which can add to the total cost.
If you need help covering expenses, cosmetology school student loans can make your education more affordable. This guide walks you through your options, including federal and private student loans for beauty schools and tips for managing your student debt.
Current private student loan rates
Advertiser Disclosure$1,000 to $99,999 annually $180,000 aggregate limit)
Overview
Abe's private student loans are available to undergraduates, graduate students, and students in certificate programs. The lender is unique in allowing you to borrow even if you're enrolled less than half-time.
Abe offers rate discounts and payment relief that other lenders don't, such as a reduction in your rate with autopay and for every six months of on-time payments, up to a total of 0.50 percentage points. Borrowers can also extend their grace period up to an additional six months. Plus, you can lengthen your repayment term by five years, which can be helpful if you need to lower your monthly payments or request a hardship forbearance for 12 months.
pros
- Offers 2% loan reduction after graduation
- Doesn’t charge late fees
- Can reduce interest rate by making on-time payments
- Possible repayment term and grace period extension
cons
- Doesn’t offer parent loans
- Relatively low borrowing limit of $99,999 per year
Minimum income
$1 (must have positive income)
Loan terms
5, 7, 10, 15, or 20 years
Loan amounts
$1,000 to $99,999 per year (lifetime limit of $225,000)
Cosigner release
Available after 12 monthly principal and interest payment
Eligibility
Must be a U.S. citizen or permanent resident. Available to non-U.S. citizen students (including DACA students) attending a school in the U.S. who apply with a cosigner who is a U.S. citizen or permanent resident alien. Loans not available to permanent residents of West Virginia.
Overview
While Ascent provides traditional student loans for undergraduate, graduate, and medical programs, it also stands out with some options that are uncommon among private student loan lenders. For example, its Outcomes-Based Loan, which doesn't require established credit or a cosigner, is available to juniors and seniors. When assessing your application, Ascent considers factors including your school, major, and GPA to determine if you're eligible.
Ascent also offers its Progressive Repayment plan to qualified borrowers. It allows you to begin with smaller payments at the start of the repayment term and then gradually pay more each month over time. If you borrow with a cosigner, they can be released after you make as few as 12 monthly payments. However, cosigners on loans for international students do not qualify.
pros
- Doesn’t charge application fees or origination fees
- Offers discounts of 0.50 to 1 percentage points when using automatic payment
- Can get a 1% cash-back reward after you graduate
- Grace periods from 9 to 36 months
cons
- May find lower interest rates with some competitors
- International students don’t have option to release cosigners
Loan terms
5, 7, 10, 12, 15, or 20 years
Loan amounts
$2,001 minimum up to your school’s annual cost of attendance; lifetime limits of $200,000 for undergrads and $400,000 for graduates
Eligibility
Must be a U.S. citizen or DACA student enrolled at least half time at an eligible institution. International students with a qualified cosigner may also qualify. Applicants who can’t meet financial, credit, or other requirements may qualify with a cosigner.
$1,000 up to 100% of the school-certified cost of attendance
Overview
College Ave offers student loans for almost every type of degree program, with a range of repayment options, including a unique eight-year repayment term. Additionally, you can get extended grace periods of as long as 36 months on graduate, dental, and medical student loans.
About 90% of undergraduates applying with a cosigner are approved for additional student loans. However, you must complete at least half of your repayment term before you can remove a cosigner for your loan. Some lenders allow cosigners to be released much sooner, after as few as one to two years of payments.
pros
- Rate discount of one-quarter of a percentage point for using autopay
- Does not charge origination or application fees
- Grace periods between 9 and 36 months for graduate, MBA, law, dental, and medical school loans and 36 months
cons
- Parents borrowers are required to pay at least the interest while the student is in school
- Cosigners not eligible for release until at least half the repayment term of the loan is completed
Loan terms
5, 8, 10, or 15 years for most borrowers (law, dental, medical, and other health profession students have up to 20 years)
Loan amounts
$1,000 minimum up to your school’s annual cost of attendance; lifetime limits depend on your degree and credit profile
Cosigner release
Available after more than half of the scheduled repayment period has elapsed and other requirements are met
Eligibility
Must be a U.S. citizen or permanent resident at an eligible institution. International students with a Social Security number and a qualified cosigner may also qualify. Applicants who can’t meet financial, credit, or other requirements may qualify with a cosigner.
$1,000 up to 100% of school-certified cost of attendance
Overview
Sallie Mae offers the Smart Option Student Loan for undergraduate students and a suite of loans for graduate students. You can borrow up to your school-certified cost of attendance and apply just once annually to get the funds you need for the entire academic year. Plus, applying for a Smart Option Student Loan with a cosigner may help you get a better rate.
Through Sallie Mae, you can find a variety of loans designed for specific needs, including loans for MBA programs, law school, medical school, and health profession programs.
pros
- Can borrow up to school-certified cost of attendance
- No prepayment or origination fees
- Loans available to noncitizens with an eligible cosigner
- Cosigner release after 12 on-time payments
cons
- No parent loan options
- No option to check your rates through prequalification
- Loan terms not disclosed until after you apply
Loan terms
10 to 15 years for the Smart Option Student Loan; 15 years for law school, MBA, and graduate school loans; 20 years for medical school loans
Loan amounts
$1,000 up to school-certified cost of attendance. Student must be listed as the borrower, and a parent may cosign.
Cosigner release
After you graduate, make 12 one-time principal and interest payments, and meet certain credit requirements
Eligibility
Must be a U.S. citizen or permanent resident enrolled in an eligible program. Noncitizens residing and attending school in the U.S. may qualify by applying with a creditworthy cosigner, who must be a U.S. citizen or permanent resident, and providing an unexpired government-issued photo ID.
Loan Amounts
$1,000 to $99,999 annually $180,000 aggregate limit)
Overview
Abe's private student loans are available to undergraduates, graduate students, and students in certificate programs. The lender is unique in allowing you to borrow even if you're enrolled less than half-time.
Abe offers rate discounts and payment relief that other lenders don't, such as a reduction in your rate with autopay and for every six months of on-time payments, up to a total of 0.50 percentage points. Borrowers can also extend their grace period up to an additional six months. Plus, you can lengthen your repayment term by five years, which can be helpful if you need to lower your monthly payments or request a hardship forbearance for 12 months.
pros
- Offers 2% loan reduction after graduation
- Doesn’t charge late fees
- Can reduce interest rate by making on-time payments
- Possible repayment term and grace period extension
cons
- Doesn’t offer parent loans
- Relatively low borrowing limit of $99,999 per year
Minimum income
$1 (must have positive income)
Loan terms
5, 7, 10, 15, or 20 years
Loan amounts
$1,000 to $99,999 per year (lifetime limit of $225,000)
Cosigner release
Available after 12 monthly principal and interest payment
Eligibility
Must be a U.S. citizen or permanent resident. Available to non-U.S. citizen students (including DACA students) attending a school in the U.S. who apply with a cosigner who is a U.S. citizen or permanent resident alien. Loans not available to permanent residents of West Virginia.
Overview
While Ascent provides traditional student loans for undergraduate, graduate, and medical programs, it also stands out with some options that are uncommon among private student loan lenders. For example, its Outcomes-Based Loan, which doesn't require established credit or a cosigner, is available to juniors and seniors. When assessing your application, Ascent considers factors including your school, major, and GPA to determine if you're eligible.
Ascent also offers its Progressive Repayment plan to qualified borrowers. It allows you to begin with smaller payments at the start of the repayment term and then gradually pay more each month over time. If you borrow with a cosigner, they can be released after you make as few as 12 monthly payments. However, cosigners on loans for international students do not qualify.
pros
- Doesn’t charge application fees or origination fees
- Offers discounts of 0.50 to 1 percentage points when using automatic payment
- Can get a 1% cash-back reward after you graduate
- Grace periods from 9 to 36 months
cons
- May find lower interest rates with some competitors
- International students don’t have option to release cosigners
Loan terms
5, 7, 10, 12, 15, or 20 years
Loan amounts
$2,001 minimum up to your school’s annual cost of attendance; lifetime limits of $200,000 for undergrads and $400,000 for graduates
Eligibility
Must be a U.S. citizen or DACA student enrolled at least half time at an eligible institution. International students with a qualified cosigner may also qualify. Applicants who can’t meet financial, credit, or other requirements may qualify with a cosigner.
Loan Amounts
$1,000 up to 100% of the school-certified cost of attendance
Overview
College Ave offers student loans for almost every type of degree program, with a range of repayment options, including a unique eight-year repayment term. Additionally, you can get extended grace periods of as long as 36 months on graduate, dental, and medical student loans.
About 90% of undergraduates applying with a cosigner are approved for additional student loans. However, you must complete at least half of your repayment term before you can remove a cosigner for your loan. Some lenders allow cosigners to be released much sooner, after as few as one to two years of payments.
pros
- Rate discount of one-quarter of a percentage point for using autopay
- Does not charge origination or application fees
- Grace periods between 9 and 36 months for graduate, MBA, law, dental, and medical school loans and 36 months
cons
- Parents borrowers are required to pay at least the interest while the student is in school
- Cosigners not eligible for release until at least half the repayment term of the loan is completed
Loan terms
5, 8, 10, or 15 years for most borrowers (law, dental, medical, and other health profession students have up to 20 years)
Loan amounts
$1,000 minimum up to your school’s annual cost of attendance; lifetime limits depend on your degree and credit profile
Cosigner release
Available after more than half of the scheduled repayment period has elapsed and other requirements are met
Eligibility
Must be a U.S. citizen or permanent resident at an eligible institution. International students with a Social Security number and a qualified cosigner may also qualify. Applicants who can’t meet financial, credit, or other requirements may qualify with a cosigner.
Loan Amounts
$1,000 up to 100% of school-certified cost of attendance
Overview
Sallie Mae offers the Smart Option Student Loan for undergraduate students and a suite of loans for graduate students. You can borrow up to your school-certified cost of attendance and apply just once annually to get the funds you need for the entire academic year. Plus, applying for a Smart Option Student Loan with a cosigner may help you get a better rate.
Through Sallie Mae, you can find a variety of loans designed for specific needs, including loans for MBA programs, law school, medical school, and health profession programs.
pros
- Can borrow up to school-certified cost of attendance
- No prepayment or origination fees
- Loans available to noncitizens with an eligible cosigner
- Cosigner release after 12 on-time payments
cons
- No parent loan options
- No option to check your rates through prequalification
- Loan terms not disclosed until after you apply
Loan terms
10 to 15 years for the Smart Option Student Loan; 15 years for law school, MBA, and graduate school loans; 20 years for medical school loans
Loan amounts
$1,000 up to school-certified cost of attendance. Student must be listed as the borrower, and a parent may cosign.
Cosigner release
After you graduate, make 12 one-time principal and interest payments, and meet certain credit requirements
Eligibility
Must be a U.S. citizen or permanent resident enrolled in an eligible program. Noncitizens residing and attending school in the U.S. may qualify by applying with a creditworthy cosigner, who must be a U.S. citizen or permanent resident, and providing an unexpired government-issued photo ID.
Is my cosmetology school eligible for student loans?
You can take out student loans for cosmetology school, but your options depend on your school.
Federal student loans are available if your cosmetology school is accredited and participates in the federal financial aid program. Attending an accredited program gives you access to federal loans, grants, and work-study opportunities.
Private student loans are another option, but eligibility requirements vary by lender. Some lenders, such as SoFi and College Ave, only offer loans for four-year degree-granting programs, while others, like Sallie Mae and Ascent, provide funding for trade and career schools, including cosmetology programs. If you're considering private loans, check with the lender to make sure it covers your program.
Federal student loans for cosmetology school
Some cosmetology programs qualify for federal aid. To be eligible, your school must be accredited and participate in federal financial aid programs. You can check a school's accreditation status using the School Search tool from the Department of Education.
If your cosmetology school is accredited and you're enrolled at least half-time, you may qualify for federal student loans by submitting the FAFSA. Your options include:
- Direct Subsidized Loans: Students with demonstrated financial need may qualify for subsidized loans, which don't accumulate interest charges while you are enrolled in school or during the six-month grace period after leaving school.
- Direct Unsubsidized Loans: Students of all income levels can qualify for unsubsidized loans, regardless of financial need. However, interest begins accruing on these loans starting from the date of disbursement.
Federal loans have annual and lifetime borrowing limits, which may not be enough to cover the full cost of attendance at your cosmetology school.
“Federal student loans offer built-in benefits and protections, such as access to loan forgiveness and income-driven repayment plans. I recommend doing everything you can to max out these loans and other federal aid before turning to private student loans.”
— Kelly Larsen, Student Loans Editor, Credible
Best private student loans for beauty school
Federal student loans may not be enough to cover the full cost of cosmetology school, but private student loans can help fill the gap. Many private lenders offer loans for trade schools, including beauty and esthetician programs.
Lenders like Sallie Mae, College Ave, and Ascent provide private student loans that may be used for cosmetology training. For example, Sallie Mae's Student Loan for Career Training is designed for trade certificate programs, which includes cosmetology school.
Min. Credit Score
Does not disclose
Variable APR
4.37 - 16.49%
Loan Amount
$1,000 up to 100% of school-certified cost of attendance
Min. Credit Score
Does not disclose
Variable APR
4.24 - 17.99%
Loan Amount
$1,000 up to 100% of the school-certified cost of attendance
Term
5, 8, 10, 15 (20 for health professionals)
Min. Credit Score
Does not disclose
Variable APR
4.31 - 14.97%
Loan Amount
$2,001 to $400,000
Loan Amount
$1,000 to $99,999 annually $180,000 aggregate limit)
Private loans typically have higher interest rates and fewer repayment options than federal loans, so it's important to compare lenders and find the most affordable option. Adding a cosigner with strong financial credentials can improve your chances of qualifying and help you secure a better interest rate.
Why you can trust our Credible experts
The Credible editorial team is independent and unbiased. Partners do not influence our editorial content. To help you find the best student loan for your situation, we conduct thorough research and analyze thousands of lender data points. Using data-driven methodologies, we score criteria that are important to you. This allows us to objectively rank student loan lenders and products. To learn more, read our methodology below.
Methodology
To determine the best student loan lenders for cosmetology school, Credible collected more than 1,000 points of data on two dozen companies and evaluated them on several different categories: repayment options, eligibility, interest rates, loan terms, and customer support. We assigned a score out of five stars to each lender based on our findings. Below are the weightings assigned to the general categories for the best student loan companies — which comprise individual criteria that are also weighted.
- Repayment options: 30%
- Eligibility: 25%
- Interest rates: 20%
- Loan terms: 15%
- Customer support: 10%
While the best lender for you will depend on your unique needs and financial circumstances, these findings should help answer your questions and assist you in your search for the best student loan.
Learn more about our methodology.
What credit score do I need for a beauty school loan?
Federal student loans don't require a credit check, but private student loans do. To qualify for a private student loan for beauty school, you'll typically need a FICO credit score of at least 670. However, requirements vary by lender, and some may accept lower scores.
A higher credit score can help you secure a lower interest rate. The chart below displays prequalified rates based on credit scores for borrowers who used the Credible marketplace to find a lender.
Cosmetology schools that accept federal aid
If you're looking for a cosmetology school that accepts federal financial aid in the form of federal loans, grants, and work-study funds, here are some options with multiple locations across the country:
- Aveda Institutes: Aveda has schools nationwide, and most of them participate in federal financial aid programs. Be sure to check with your specific location to confirm eligibility.
- Empire Beauty Schools: Empire Beauty School offers federal student loans, grants, and scholarships to help students cover tuition. They have locations in 21 states.
- Ogle School: This Texas-based cosmetology school has 9 locations and provides access to federal financial aid, Veterans Affairs Education Benefits, and funding through the Texas Department of Assistive & Rehabilitative Services.
- Paul Mitchell Schools: Paul Mitchell Schools participate in federal student aid programs and have more than 100 locations across the U.S.
- Toni & Guy Hairdressing Academy: This academy has 11 locations, all accepting federal financial aid.
Tips for managing cosmetology school debt
Don't borrow more than you need
“Minimizing the amount you borrow to cover school costs is a great way to set yourself up for success as it can reduce your monthly or annual costs when starting your career in the beauty industry,” says Lindsay Worthen, Ogle School's veteran cosmetologist and beauty educator.
“This will allow you to be less stressed as you begin to build your business, and you will be able to focus on your goals without feeling weighed down with the responsibility of paying back more money than necessary,” Worthen adds.
Apply for beauty and cosmetology scholarships
Scholarships can help reduce the cost of cosmetology school without adding to your debt. Many organizations offer scholarships specifically for beauty students, such as the Great Clips Great Scholarship Program and the Keller Cosmetology Scholarship. Some schools even offer scholarship opportunities of their own.
“The main benefit of receiving a scholarship is that you do not have to pay that money back. [Make sure] to check with your institution to identify what scholarships they might offer, and be sure to check out www.beautychangeslives.org,” says Worthen.
Work part-time to lower costs
Balancing school with a part-time job can help reduce your reliance on student loans. If you can, look for work in the beauty industry — gaining experience while you're in school can lead to job opportunities after graduation. Some employers even offer tuition assistance programs, which can help cover the cost of your education while you work.
Start making loan payments while in school
Student loans often come with the option to delay repayment until after graduation, but interest continues to add up while you're in school. If possible, try to make small payments while you're in school to help keep your loan balance from growing. Many lenders allow interest-only payments while you're enrolled, which can prevent interest from capitalizing and reduce what you owe in the long term.
FAQ
What is the best way to pay for cosmetology school?
Open
The best way to pay for cosmetology school is to start with scholarships and grants since they don't need to be repaid. You can also work part-time to help cover costs while attending classes. If needed, consider student loans after exploring these options.
Can you take out student loans for cosmetology school?
Open
You can take out federal student loans if your cosmetology school participates in the federal student aid program. Private student loans may also be an option, but eligibility requirements vary by lender.
Which private lenders offer student loans for cosmetology school?
Open
Credible partners Sallie Mae and Ascent are two private lenders that offer student loans for trade school, such as cosmetology programs.
Can I use a personal loan for cosmetology school?
Open
Personal loans can be used for cosmetology school, but federal student loans are usually a better option because they offer lower fixed interest rates and additional borrower benefits.
Are there any scholarships for cosmetology school?
Open
Many organizations offer scholarships for cosmetology students, including the Professional Beauty Association (PBA), Great Clips, and Keller International.
Meet the expert:
Renee Fleck
Renee Fleck is a student loans editor with over six years of experience. Her work has been featured in Fast Company, Morning Brew, and Sidebar.io, among other online publications. She is fluent in Spanish and French and enjoys traveling to new places.
