Financial Aid and Important Information You Need for Beauty School
Free Application for Financial Aid (FAFSA) – These documents are used to determine what amount, if any, a family (and that means both parent and student) can contribute to the annual cost of attendance. The formulas consider a variety of family circumstances when determining eligibility. Every student is eligible to apply, and should consider this application for cosmetology scholarships and financial aid.
Types of Financial Aid for Beauty Career Education
A grant is money that you will not have to pay back. Unlike loans, grants consist of free money that can be used to pay for school. Grants usually come from the state, the government or the college that you are attending. Completing the Free Application for Federal Student Aid (FAFSA) is a great starting point if you are in need of financial aid for college.
Scholarships are granted because you do not have to pay it back. Students usually receive scholarships because they did something special. Reasons can include getting good grades, doing well in sports, providing community service, etc.
Work-study scholarships allow students to work in part-time jobs to earn money for college. Work-study is different than having just any job because these programs help students gain experience related to the program they study in school.
A loan is money you borrow from a lender. Loans can come from public lenders such as the Department of Education or private lending companies (e.g. banks, credit unions, etc.). See the two main types of loans below:
Subsidized Federal Direct Loan
A Subsidized Federal Direct Loans has a variable interest rate. Eligibility is based on financial need. This is a loan that must be paid back. If you are eligible for the cosmetology scholarships, you may borrow once per academic year as long as all the required paperwork has been completed. The federal government pays the interest on a Subsidized Federal Direct Loan while you attend school, during the grace period (first six months after you leave school), and during periods of deferment. Your first payment is due six months after you leave school.
Unsubsidized Federal Direct Loan
An Unsubsidized Federal Direct Loans has a variable interest rate. This is a loan that must be paid back. You are responsible for the interest that accrues on the Unsubsidized Loan while you are in school and during your grace period. Your first payment is due six months after you leave school unless you choose to pay the interest on this loan while you are in school.
We’ve recently partnered with a student lending company, Climb. They have a simple online application and you can find our if you’ve received a loan in just minutes. Learn more HERE.
National Accrediting Commission of Career Arts and Sciences (NACCAS)
American Beauty College has met the national standards of educational performance and is a NACCAS accredited school. NACCAS is recognized by the U.S. Department of Education as a national agency for the institutional accreditation of postsecondary schools, departments of cosmetology arts, and sciences, including specialized schools.