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Juggling parenting, late-night studying, and possibly a job can wear on anyone, but time and money constraints can especially affect single parents. As a single parent, you may quickly realize that obtaining student loans will be an important factor in successfully completing your college journey.

So, how do you get that “single mom loan” or “single dad loan” to help you out? In this piece, we’ll spend some time comparing private and federal student loans and walk through options for student loans for single mothers and fathers. We’ll also cover the process that single parents can take toward getting private student loans and federal student loans.

What Are Student Loans?

Put simply, student loans allow you to borrow money from either the federal government or a private lender to help you pay for college costs. Student loans can help you cover tuition, fees, supplies, books, rent, living expenses, and other necessary school-related expenses.

Private vs. Federal Student Loans

Single parents can obtain both private and federal student loans. But before you get on the student loan bandwagon, it’s important to understand the whole picture — the amount you can get in private and federal loans as well as how much you can get in scholarships and grants, which are money you don’t have to repay. You may also want to pay for school by reserving a cache of funds from a current job or pulling from some funds you have in savings.

In the next two sections, we’ll walk through the definitions of both private and federal student loans.

Federal Student Loans

The U.S. Department of Education, through the William D. Ford Direct Loan Program (also called the Direct Loan program), offers federal student loans for borrowers who need to finance college or career school.

In order to get a federal student loan, you must file the FAFSA or Free Application for Federal Student Aid every year. The FAFSA lets colleges and universities know about your financial situation by asking you to input information about your savings and checking account balances, investments, and more. The FAFSA will also help you qualify for more than just loans — you could also qualify for scholarships through your institution, grants, and also for a work-study program. The federal work-study program allows you to work for your college or career school and earn up to a certain amount of money.

When you file the FAFSA, you receive a Student Aid Report (SAR) which also reports your Expected Family Contribution (EFC), an index number that colleges use to determine how much financial aid you can receive.

You can qualify for Direct Subsidized or Direct Unsubsidized Loans or Direct PLUS Loans — you can only get a Direct PLUS loan as long as you are an independent student (that is, nobody can claim you on their taxes) or if you are a graduate student.

Most types of federal student loans don’t require a credit check. Independent students may qualify for the following amounts and limits:

•  First-year undergraduate students: $9,500 (no more than $3,500 of this amount may be in subsidized loans)

•  Second-year undergraduate students: $10,500 (no more than $4,500 of this amount may be in subsidized loans)

•  Third-year and beyond undergraduate students: $12,500 (no more than $5,500 of this amount may be in subsidized loans)

•  Graduate or professional students: $20,500 (unsubsidized only)

The current interest rate for Direct Subsidized and Direct Unsubsidized loans is 5.50% for undergraduate students, and the rate for Direct Unsubsidized loans is 7.05% for graduate or professional students. The interest rates are fixed for the life of the loan.

Private Student Loans

The main difference between a private student loan and a federal loan is that you don’t get a private student loan from the federal government like you do a private student loan. You can get a private student loan from a bank, credit union, or another financial institution to finance college or career school.

In general, it’s a wise idea to exhaust all of your federal grant and loan options before you consider private loans because interest rates are usually higher for private student loans compared to federal student loans. The amount you can borrow depends on the costs of your degree, but also depends on personal financial factors (such as your credit score and income). Additionally, private student loans don’t have to offer the same borrower protections and benefits available to federal borrowers, such as income-driven repayment plans.

Student Loans for Single Parents

Single parents can get both private and federal student loans. We’ll also go over some specific financial aid ideas for single parents.

Private Student Loans for Single Parents

As a single parent, you may have a limited amount of time to research your private student loan options, but it’s to your advantage to do so because you can ensure that you choose the right type (and the right interest rate). Take a look at three to five different private student loan lenders and compare everything apples to apples — interest rates, fees, repayment terms, deferment, forbearance and discharge options, as well as in-school repayment options.

Then, walk through the next steps:

1.   Give yourself plenty of time to apply for private loans. The application and approval process can take longer than you might think. Remember that you’ll need to monitor your financial situation each semester to make sure you have enough loan money to carry you through the academic year.

2.   Gather your personal information. Before you apply, you’ll likely need to have the following handy: Social Security number, employment information (including a recent paycheck stub), gross annual income, assets, rent or mortgage information, as well as tax returns. Specific application requirements may vary by lender.

3.   Apply for a private student loan. You can apply on a private student loan lender’s website. The lender will ask for the personal information listed above and possibly more than that — it’s a good idea to be open to that possibility. You’ll submit information about your school, graduation date, and loan amount needed. You must also agree to the lender’s terms and conditions, which you’ll want to read carefully, and proceed with the application.

Your search for financial aid doesn’t have to end with filing the FAFSA or applying for private student loans. You may also want to look for single-parent grants or scholarships through organizations that include your school, state government, federal agencies, charitable foundations and professional associations.

Jumping on Google and searching for “single parent college scholarships” turns up a lot of scholarships, such as the Educational Foundation for Women in Accounting Scholarships and the Patsy Takemoto Mink Education Foundation Scholarships . However, it’s important to verify the validity of the scholarship and steer clear of scholarship scams.

One of the most important things you can do is to contact your school’s financial aid office and explain your situation as a single mother or father. Many colleges and universities offer endowed scholarships for students and may be able to offer you financial aid specifically for single-parent families.

Learn more: Private Student Loans Guide

Federal Student Loans for Single Parents

To obtain a federal student loan, you must demonstrate financial need, be a U.S. citizen or eligible noncitizen, have a valid Social Security number, enroll in an eligible degree or certificate program, show successful completion of a high school degree or GED, maintain satisfactory progress in school, and sign the certification on the FAFSA.

Undergraduate students who show evidence of financial need can qualify for a Direct Subsidized Loan. Undergraduate, graduate, and professional students can qualify for a Direct Unsubsidized Loan, but eligibility is not based on financial need. The government pays the interest for Direct Subsidized student loans while you’re in school but does not pay the interest on Direct Unsubsidized loans during that time.

Graduate or professional students may qualify for a Direct PLUS Loan. Eligibility is not based on financial need, but you will undergo a credit check. Borrowers who have an adverse credit history must meet additional qualifications.

Direct Consolidation Loans allow you to combine all of your eligible federal loans.

You must go through entrance counseling to make sure you understand your loan repayment obligations and you must sign a Master Promissory Note, which shows that you agree to the terms of the loan.

Above all else, in addition to learning more about single parents’ loans at your school, it’s also important to contact the financial aid office at the school you want to attend to fully understand the financial aid process at your college or career school.

Private Student Loans with SoFi

You may have mastered budgeting as a single parent but acknowledge that federal and private loans for single moms and dads will be key for your degree completion. It’s important to remember that loans for single parents aren’t out of your reach.

Why not choose a private student loan with low fixed or variable rates from SoFi? SoFi offers low fixed rates or variable interest rates on school loans for single moms and dads. SoFi can help you get a private student loan that fits your current and future financial budget.

The Takeaway

Affording higher education as a single parent can be a challenge, but there are student loans, grants, and scholarships available to help ease the burden. Single parents can apply for federal student loans by filling out the FAFSA each year. If this aid isn’t enough, some students may consider applying for private student loans.

FAQ

Do you get more financial aid if you are a single parent?

Schools award need-based financial aid based on demonstrated need. If you demonstrate financial need, you’ll more than likely receive some type of financial aid from the college or university that you plan to attend. It’s very important to file the FAFSA to qualify for federal student aid and also talk to the financial aid office of your college or university for more information about the financial aid opportunities available to you.

How can a single parent afford college?

There are a number of ways that a single parent can afford college, and it starts with open communication between you and your school’s financial aid office. A few excellent steps you can take include: filing the FAFSA, looking for scholarships and grants in your community and comparing private loan lenders for private loans that fit your needs.

About the author

Melissa Brock

Melissa Brock is a higher education and personal finance expert with more than a decade of experience writing online content. She spent 12 years in college admission prior to switching to full-time freelance writing and editing. Read full bio.

Photo credit: iStock/Geber86

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 04/24/2024 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org).


External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.


Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Cosmetology school teaches learners about the application of ingredients and chemicals of beauty products as well as how to care for clients’ hair, nails, skin, and more. Cosmetologists can study a single beauty area or specialize in a range of areas. In general, cosmetology school takes less than two years to complete, but it depends on whether you choose to attend school full- or part-time, your state requirements, and the program and school you choose to attend.

Paying for cosmetology school may involve obtaining a mix of grants, scholarships, work-study, and cosmetology loans. You may also choose to pay for school with money you’ve saved.

Read on for more information on how to pay for cosmetology school. We’ll focus on aid that must be repaid (student loans) and will also touch on other types of aid that do not need to be repaid — grants, scholarships, and work-study.

What to Consider When Choosing a School for Cosmetology

It’s a good idea to visit community colleges or cosmetology school campuses prior to choosing the right cosmetology school for you. In general, it’s a good idea to interview an admissions representative or other professional about graduation rates, loan default rate, job placement rate, and school costs. The answer to these questions can give you a good indication of the quality of the school and whether the school might be a good fit for you.

You may also want to consider whether or not you’d like to attend an accredited institution, since many good cosmetology schools choose not to become accredited. An accredited institution is one that meets specific academic and institutional requirements by an institution that offers accreditation. An accrediting body will typically take a look at facilities and staff as well as the curriculum of the school and admission requirements.

Graduation Rate

The graduation rate can tell you a lot about the satisfaction of current and past students at a particular cosmetology school.

The most recent data shows that, about 34% of full-time undergraduate students who began a certificate or associate’s degree at two-year institutions received their certificate or degree within 150% of the normal time required.

On the other hand, 14% of that same cohort had transferred to another institution within 150% of normal completion time. A total of 10% stayed enrolled in that same institution. The rest of the students in the cohort were no longer enrolled in the original institution nor were they recorded as a transfer at a different institution — a total of 42% of students.

Look for a school that offers a high retention rate, which measures the percentage of first-time students who return to the institution to continue their studies the following fall. One way to measure retention and graduation rates is to use College Navigator “>College Navigator, which offers this information about nearly 7,000 colleges and universities in the U.S.

Loan Default Rate

Consider asking about the student loan default rate for a particular institution. The loan default rate indicates whether students are successful in paying off their student loans. Specifically, the U.S. Department of Education publishes the cohort default rate (CDR) which shows how well prior students have done at repaying their student loans. You can check the Department’s cohort default rate database for specific institutions.

Why should you worry about loan default rate? It illustrates the relationship between the quality of the degree and the ability of graduates to obtain jobs that can help them pay off their loans. While a low default rate doesn’t automatically put a particular cosmetology school into the “good school” category, it’s a great metric to have at your disposal.

Job Placement Rate

Job placement rate might be one of the most important questions you can ask a particular college or university. The job placement rate is the percentage in which graduates of the program obtain job placement. Most schools survey students to obtain this data and will showcase it on their websites.

However, there’s no universal method that schools use to arrive at their numbers. That’s why it’s also a good idea to ask deeper questions when you tour cosmetology schools. Dig into whether students who graduate are employed by salons or other cosmetology-related businesses. Ask about how often they open up their own salons. Ask for admission professionals to give you examples of successful alumni and if possible, lists of where the most current graduating alumni currently work.

Also ask about exam rates, because states require students to take a licensing exam in order to be able to practice. How many students successfully pass and how many have passed in recent years?

School Costs

A cosmetology school program may cost between $5,000 to $20,000. Find out how much each school costs and learn the cost breakdown. You should be able to find this information on the school’s website, but it’s a good idea to make an appointment with the financial aid office at the institutions you’re considering to get an exact estimate of all costs as they pertain to your situation.

Furthermore, don’t forget to ask questions about how much tuition will increase over the time you’ll be at the cosmetology school and whether financial aid will match the increasing tuition.

Cosmetology Career Options

As mentioned before, cosmetology careers can encompass a wide range of career options. It’s important to study the types of programs a particular cosmetology school offers in order to make sure it matches up with your career goals. Many cosmetology programs offer full programs in hair styling, skin care, nail care, and makeup. However, many cosmetology programs also offer training in esthetics, nail technology, electrolysis, and teaching as well:

•  Esthetics: Students in this area learn to apply makeup, wax, and perform facials. They also learn how to give clients massages and perform reflexology.

•  Nail technology: Going a step beyond nail care, nail technology includes studying nail art, design, and how to implement tips, wraps, and gels.

•  Electrolysis: Learners who study electrolysis learn the art of permanent facial and body hair removal methods.

•  Teacher training: Students who want to prepare future cosmetologists may choose to enter into a teacher training program.

Cosmetology School Financing Options

The amount of financial aid you receive could be affected by whether a school chooses to become accredited or not. Schools often become accredited in order to offer Title IV government funding to cosmetology students through the U.S. Department of Education. If you attend a schools that is not accredited, you won’t be eligible for federal student aid like federal student loans.

The next sections will review information about scholarships and grants, payment plans, trade school loans, work-study programs, and federal and private student loans.

1. Scholarships and Grants

Scholarships and grants are two methods you can use to pay for college. Scholarships, which can be considered free money and don’t have to be repaid (unless there are caveats in the scholarship requirements — for example, you may be required to finish the program). They can come from a wide variety of agencies, institutions, and organizations. Know the scholarship requirements in depth before you apply. It’s also a good idea to look into a wide variety of scholarship opportunities. Opportunities can come from your cosmetology school or your community.

Grants can be awarded to students from the federal government, state government, or your cosmetology school. Most of the time, you won’t have to pay the money back. However, if you don’t finish your program or fail to fulfill some other requirement, you may have to repay all or a portion of your grant money. The U.S. Department of Education offers several federal grants, including Federal Pell Grant, Federal Supplemental Educational Opportunity Grant (FSEOG), and Iraq and Afghanistan Service Grants.

The American Association of Cosmetology Schools (AACS) partners with various sponsors in the beauty industry to offer scholarships and grants to help students pay for tuition at their chosen institutions.

2. Cosmetology School Payment Plans

Cosmetology schools may allow you to make incremental payments. This means that instead of paying the full tuition bill at the beginning of a new semester, you make small, likely interest-free payments as you complete each course. Students who want to pay for cosmetology school without loans may prefer this method of chopping up payments into smaller bits.

The financial aid offices at the schools on your list will have more information about how payment plans work.

3. Trade School Loans

Learners who attend trade schools can get both private and federal student loans. Federal student loans come from the federal government, while private student loans come from a bank, credit union, or other financial institution. Both types of loans must be repaid with interest, which will vary depending on the type of loan you receive.

Some private lenders offer specific loans for those attending trade schools. It’s important to look into the details before you apply for a trade school loan, such as interest rates, repayment plans, and more.

4. Work-Study Programs

The Federal Work-Study Program provides part-time jobs for students to help pay for expenses related to education. Work-study often gives students enough of a stipend to pay for small expenses such as books. As long as you are enrolled at least part-time, you may apply for a job as long as your school participates in the Federal Work-Study Program. Check with your school’s financial aid office to find out if your school participates.

Because work-study is part of a federally funded program, you must file the Free Application for Federal Student Aid (FAFSA®) in order to qualify.

5. Federal Student Loans for Cosmetology School

The federal student loan program can offer loans for cosmetology school that come from the U.S. Department of Education through the William D. Ford Federal Direct Loan (Direct Loan) Program. You may be able to tap into Direct Loans, including the Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans:

•  Direct Subsidized loans: Cosmetology school students who have financial need may be awarded the Direct Subsidized Loan to help pay for career school. The federal government will pay the interest while you’re in school.

•  Direct Unsubsidized loans: After filing the FAFSA, cosmetology students may want to take advantage of Direct Unsubsidized loans. This federal student loan is not based on financial need and the government does not take care of the interest while you’re in school.

•  Direct PLUS loans: Parents of undergraduate students can help pay for cosmetology students’ education with a Direct PLUS loan. Parents will have to undergo a credit check. An adverse credit history may require an additional credit check.

The interest rates of federal student loans are typically lower than that of private student loans and they offer income-driven repayment plans and other perks such as public service loan forgiveness. Keep in mind that, as mentioned, one of the federal student loan requirements is attending an accredited institution.

6. Private Student Loans for Cosmetology School

You can also obtain private student loans for cosmetology school. Private student loans for cosmetology school are different from federal student loans because they come from different organizations. However, they also diverge further from there. Private student loans may require you to make payments while you are still in school. They may have variable or fixed interest rates. Federal interest rates, on the other hand, are always fixed.

Private cosmetology school loans are not subsidized, which means that your lender doesn’t pay the interest on your loans while you’re in school. You’re usually completely responsible for paying the interest on your loans.

In addition, you must also have to have a positive credit history or a cosigner to get a private loan. You cannot consolidate your loans (turn them into one loan) like you can with a federal Direct Consolidation Loan or take advantage of loan forgiveness programs with a private student loan. Because private student loans lack the benefits offered with federal student loans, they are often considered a last-resort option.

Are student loans worth it? It’s important to remember that private student loans can fill in the gaps between scholarships, grants, your own cash, and cosmetology loans for school. Check on the student loan requirements among private student loans as well as when to apply for student loans.

Explore Private Student Loan Options With SoFi

If you decide to take advantage of your federal student loan options but still need more loans to cover your tuition bill, private student loans with SoFi may help. SoFi private student loans may be an option for certain eligible certificate programs.

SoFi offers competitive rates for qualifying borrowers as well as flexible repayment options. You also won’t pay any extra fees to get a private loan with SoFi.

FAQ

Are there student loans for cosmetology school?

Yes, you can take advantage of both federal student loans and private student loans for cosmetology school. You may also want to consider tapping into trade school loans as well. It’s worth meeting with the financial aid office at your cosmetology school in order to make the right decision about the type of loans for your particular situation.

How do you get money for cosmetology school?

In order to get money for cosmetology school, you’ll want to file the Free Application for Federal Student Aid (FAFSA). The FAFSA determines your eligibility for federal and institutional financial aid, including institutional scholarships, federal student loans, and grants. If you want to apply for outside scholarships, you may have to seek out and apply for independent scholarships.

How do I go to cosmetology school for free?

You may be able to get free training while still in high school. Many high schools have agreements with technical or vocational schools or community colleges that allow you to attend at no cost. Some community colleges also offer free tuition to certain students as long as they meet certain requirements.

About the author

Melissa Brock

Melissa Brock is a higher education and personal finance expert with more than a decade of experience writing online content. She spent 12 years in college admission prior to switching to full-time freelance writing and editing. Read full bio.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 04/24/2024 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org).


External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.


Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

SOPS0622010

When you’re thinking about earning more money in the quickest way possible, you might consider targeting a certificate program. Certificate programs have a major added benefit in that once you have your credentials in hand, they can help you boost your financial situation, sometimes significantly.

Graduates of all levels can take advantage of certificate programs, whether you’re a high school graduate or whether you have completed graduate school. (You may have come across information about paying for graduate certificates in your graduate school program.)

Keep reading to learn the definition of certificate programs, whether you’re eligible for student loans with a certificate program, funding options for certificate programs, the pros and cons of taking out a student loan for certificate programs, and more.

What Are Certificate Programs?

Certificate programs can help you specialize in a specific trade or update your professional skills. These programs teach practical skills and training related to a specific career field — you don’t take general courses toward a degree.

Why might you want to tap into a certificate program? In addition to increasing your salary potential, you may want to get updated career training or learn about technological advancements or updates in your field.

Students who have a high school diploma or general educational development (GED) can use undergraduate certificate programs to go straight into the workforce with an entry-level position within a specific field.

Students who have already earned bachelor’s or graduate degrees may be interested in enrolling in certificate programs related to their field and level. Certificates could also give those who have already earned a bachelor’s degree an option to advance their career while avoiding graduate school altogether. (However, it’s important to distinguish the difference between a certification and a certificate. A certification usually means a stepping-stone credential that you must have for certain career paths. This article primarily discusses certificate programs, but some careers may require a certificate, even after getting a bachelor’s or graduate degree.)

Recommended: Is a Post-Grad Certificate Program Worth It?

Cost of Certificate Programs

The earning potential relative to the low cost of a certificate program can pay off. For example, consider that in the 2023-2024 academic year, students at private nonprofit four-year institutions paid $41,540 on average for tuition and fees.

Students can spend far less on a certificate program — around $5,000 per program (or more or less, depending on the type of program you choose to complete). The variations in cost depend on the college, program, and credit requirements. For example, an online program at a community college will most likely cost less than through an in-person state or private college certificate program.

Let’s take a look at a few types of certificate programs and potential earnings:

•   Surgical technologists: Earn a median income of $60,370 per year as of 2023 and will see 5% job growth through 2032, according to the Bureau of Labor Statistics (BLS).

•   Construction and building inspectors: Earn a median income of $67,700 per year as of 2023, according to the BLS, though it is anticipated the industry will see a 2% decline through 2032.

•   Plumbers, pipefitters, and steamfitters: Earn a median income of $61,550 per year as of 2023, according to the BLS. This job is expected to experience a 2% increase in growth through 2032.

•   Court reporters: Earn a $63,940 median income per year as of 2023, according to the BLS. The industry will see a 3% increase in job growth through 2032.

•   Sheet metal workers: Earn a $58,780 median income per year as of 2023, according to the BLS. The industry is expected to see no increase in job growth through the year 2032.

Are Certificate Programs Eligible for Student Loans?

Yes, you can get a student loan to help you pay for a qualifying certificate program. As long as you attend an eligible school, you may qualify for a federal or private student loan to pay for a certificate program.

However, certain certificate programs may not qualify for federal student aid, depending on the nature of the certificate program. For example, if you need to take a class to boost your credentials as a criminalist in the DNA section of your state’s crime lab, you may not be able to borrow student loans to cover that class. In some cases, your employer may cover the fees for your course.

We’ll dive into the exact funding options for certificate programs below.

Funding Options for Certificate Programs

Before embarking on a certificate program, you need to figure out how you’re going to pay for it. Talk to the financial aid office at the college, university, or career school you plan to attend. Options for paying for certificate programs include:

Private Student Loans

Can you get student loans for certificate programs, or more specifically, private student loans for certificate programs? Answer: Yes!

A private student loan refers to money you borrow for educational expenses and pay back over time, with interest. You can get a private student loan to cover the cost of a certificate program. Private student loans can come from a bank, credit union, or another financial institution.

Interest rates are usually slightly higher for private student loans compared to federal student loans. Federal loans also come with borrower protections and forgiveness options. In general, it’s best to exhaust your federal student loan options prior to tapping into private student loans, if you’re eligible. The amount you can borrow depends on the cost of your degree and personal financial factors like your credit score and income.

Check out the private student loan guide for more information about student loans.

Federal Grants

You may qualify for federal grants to cover the costs of a certificate program. Federal grants are typically free money, assuming you meet the obligations. 

In order to qualify for a federal grant, you must file the Free Application for Federal Student Aid (FAFSA®). The FAFSA will also verify whether your certificate program qualifies for federal student aid under the U.S. Department of Education.

You may qualify for a Pell Grant , the largest program under the Department of Education. Pell Grants are awarded to students with financial need and no prior degree. You may also be able to tap into Federal Supplemental Educational Opportunity Grants (FSEOG).

Recommended: FAFSA Grants & Other Types of Financial Aid

Federal Student Loans

Just like federal grants, you must file the FAFSA in order to qualify for federal student loans. The difference between federal grants and federal student loans is that you must repay the money you borrow for loans. You must also meet some basic eligibility criteria to qualify for federal student loans.

Undergraduate certificate students who show evidence of financial need may qualify for a Direct Subsidized Loan. Undergraduate, graduate, and professional students can qualify for a Direct Unsubsidized Loan, but eligibility is non-need-based. It’s important to discuss both of these options as well as Direct PLUS Loans for graduate or professional students with financial aid offices to determine whether you can get any one of these loans to cover the costs of your certificate program.

You must go through entrance counseling to make sure you understand your loan repayment obligations to get a federal graduate student loan or undergraduate loan, as well as sign a Master Promissory Note. The Master Promissory Note states that you agree to the terms of the loan.

Recommended: Types of Federal Student Loans

Personal Loans

It may also be possible to borrow money from a bank, credit union, or online lender in the form of a personal loan. You’ll pay back a personal loan in fixed monthly payments or installments, usually over the course of two to seven years.

Just like a student loan, a personal loan is an unsecured debt. This means that it isn’t backed by collateral. If you stop making payments, none of your assets will be seized by the lender.

Interest rates may be higher for personal loans compared to private student loans and federal student loans, however. Do your homework before selecting one option over the other.

Employer Funds

If you’re currently employed and a certification relates to your current job description, your employer may pay for a portion or all of the cost of your certificate program. Companies like Starbucks, Google, and Target all have tuition assistance programs. Many companies will offer tuition assistance for college courses and some may even cover professional certifications.

Explore your options with your human resources office or ask your supervisor for more information.

Recommended: How to Pay for a Grad Certificate Program

Pros and Cons of Taking Out Loans for Certificate Programs

What are the pros and cons of taking out loans for certificate programs? Let’s walk through a few.

Pros of Taking Out Loans for Certificate Programs

•   Offers career change opportunities: You may want to branch out or change your career completely, and getting a loan for a certificate program may allow you to do so.

•   Costs less than a traditional degree: A certification usually costs less than pursuing a four-year or even a two-year degree. You may quickly pay off a loan, particularly because it may take you only a few months to attain a certificate.

Cons of Taking Out Loans for Certificate Programs

•   You owe money with interest: The obvious downside to taking out a loan is that you’ll owe money at the end of your program — with interest. Because a certificate program can generally be completed in a relatively short time frame, though, you may be able to repay your loan (and minimize the interest rate impact) in a short period of time.

•   Choosing the right option can be complicated: You may feel as if you’re in a maze with so many different options at your disposal. It’s a good idea to reach out to a financial aid professional at the school you’ve chosen to go over all your financing options. They can also guide you through the scholarships and grant opportunities that you can obtain.

Explore Private Student Loans With SoFi

It’s almost impossible to ignore the allure of a quick certification that can result in a lifetime of job satisfaction. Options for paying for certification include cash savings, grants, scholarships, federal student loans, and private student loans.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

FAQ

Can federal student loans be used for certificate programs?

Yes, in certain cases, you can get federal student loans to cover the cost of certificate programs. However, your school and program must qualify under the Department of Education rules. Talk to the financial aid office at your college or career center for more information about your eligibility for federal student loans.

Can grants and scholarships be used for certificate programs?

Yes, you can obtain grants and scholarships to cover the cost of certificate programs. Talk to the financial aid office at your college or career center for more information. Your school may offer specific scholarships, but don’t forget to check into professional organizations or local chapters for the certificate program of which you plan to enroll.

Do some companies pay for employee certifications?

Yes, many employers pay for employee certifications to help boost employee retention and put employees at the top of their field. These may differ from certificate programs, however, so make sure you understand how your career-based certification may differ from a certificate. Ask your human resources office for information about continuing education or certification training.

About the author

Melissa Brock

Melissa Brock is a higher education and personal finance expert with more than a decade of experience writing online content. She spent 12 years in college admission prior to switching to full-time freelance writing and editing. Read full bio.

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