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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.

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SOPS0622010

Regularly paying your bills on time can help you avoid doling out money on interest and fees. It can also help build your credit score, which might help you snag the best interest rates when qualifying for loans or getting a credit card.

Fortunately, organizing your bills isn’t hard. You might use an old-school accordion folder and a calculator to manage the process. Or you might decide to handle the whole process digitally.

Here are some smart ideas for how to organize those bills.

1. Setting Up a Bill-Paying Station

Do you have a convenient spot where you can open, organize, and pay your bills? If you get paper bills, consider setting up a dedicated desk or area or (if space is tight) a roll-away cart. The goal is simply to keep everything in one place, instead of scattered around in your car, bag, or on the kitchen counter.

It’s a good idea to stock your station with all the items you’ll need to get the job done. Depending on how you pay your bills, this might include: envelopes, stamps, pens, your checkbook, a calendar, a filing system for sorting paper bills as they arrive, and storing those you’ve paid.

Or, if you pay your bills digitally, you could set up a separate virtual bill paying space. You might, for instance, set up an email account just for bills. This will ensure that you don’t overlook an electronic bill in the midst of the other emails you receive. You might also use your current email and create a folder, with subfolders, for anything related to your finances. That way, you’ll know exactly where to look if you need to check on a bill or other financial correspondence.

2. Making a Master List of Monthly Bills

Creating a list of every single bill you pay can be another way to help ensure that nothing falls through the cracks. It can also help you see where your money goes and how much money you have left after paying bills (if any).

You can do this with pen and paper, or create a printed out or online spreadsheet that includes a column for each month (allowing you to simply check off each bill as it gets paid). Check your bank account and credit card statements for bills you pay less frequently (annual subscriptions, quarterly membership fees, tax bills, etc.), and anything that’s on autopay.

For each bill, consider including: the vendor/service provider/lender, the account number, contact information, the bill’s due date, the date you think you should send/make the payment so it’s always on time.

For loan/credit card bills, you may want to also include the balance owed, and the minimum monthly payment.

You can use this list to make decisions about which bills you might want to set up by automating your finances and which you’ll pay manually.

And once it’s done, you can keep a copy on your bulletin board and/or in your files to use as a checklist.

Recommended: How to Pay Bills When You’ve Lost Your Job

3. Using Automatic Payments When Appropriate

Looking for other ideas on how to organize bills? There are two basic automatic bill payment options.

•   One is setting up automatic debit payments with a merchant or service, which involves giving them your checking account or debit card number and authorizing them to withdraw money on a recurring basis to pay a bill.

•   Another way is to authorize your bank or credit union’s bill pay service to send recurring payments to a company.

Either way you set it up, there are both pros and cons to using automatic payments, or autopay.

Here are the pros:

•   Autopay can help simplify your finances, since you don’t have to write out checks or log on to various websites to pay online every month.

•   It also ensures that it happens. The money is whisked out of your account before you have a chance to think about it or forget to think about it. Automating this process can help you save on interest and fees.

Here are the cons, because that out-of-sight-out-of-mind factor has a downside.

•   Autopay can make it easier to forget that you’re still paying for a subscription service you don’t use anymore, for example, or you might not notice when a bill’s amount is incorrect.

•   If you don’t have enough money in your account when an autopay bill goes through, you could end up overdrafting your account, which can lead to overdraft or NSF fees.

If you generally have plenty of money in your account and you regularly check your bank and credit card statements to make sure the charges are accurate, autopay might be a good fit.

But if your account balance fluctuates, or you’re likely to forget about small or infrequent charges if they’re paid automatically, you may want to use a different payment method (or at least for certain bills).

One other point: If many of your bills hit on the same day of the month, you might talk to some of your payees about whether you can change your bill due date. That could help you spread out payments over the month is a way that eases your financial pressure.

4. Putting a Bill Paying System in Place

Once you’ve decided which (if any) bills you’ll manage with automatic payments, you can move on to choosing a strategy for paying all your other bills, as well as keeping track of autopayments.

You can go as full-on techie as you like, or handle it with classic pencil and paper. The key is simply having a system.

Some options to think about:

Paying Bills Right Away

There’s no reason you have to wait for a specific day of the week or month to pay your bills. With this method, you would just open and pay bills as they arrive in the mail or online.

Setting up Reminders

Another option is to set up reminders for when you need to pay each bill, whether in your digital calendar or a paper one, if you use it. In addition, some companies and service providers allow you to sign up for bill reminder emails or texts.

Paying Bills on a Specific Day

If you don’t want to (or can’t always) sit down immediately to write a check or get online to pay, you could make it a weekly, biweekly or monthly routine.

With this method, you would file any bills that arrive in a “to pay” folder or inbox. You might also consider opening them and organizing them by the due date.

If the due dates are all over the place or difficult to manage, you may be able to get the dates adjusted simply by calling or emailing the company or service provider. It’s also a good idea to go through autopay notices to make sure you agree with the amounts charged.

Choosing the Best Way to Pay Manually

Many service providers and lenders offer customers several different methods for paying their bills.

Besides autopay, you might be able to use an app, a website, an automated phone system, deliver a payment in person, or send it in the mail.

No matter which option you choose, try to remember to always keep some sort of record of the payment in your files.

5. Keeping Good Records

In addition to checking off each paid bill on your master list, you may also want to create a system for managing your records after you’ve made your payments.

One option is to file paper copies of all your bills, noting on each how much you paid, when you paid, and how you paid (including any confirmation numbers for online or phone payments or check numbers for payments you mailed). If any of these bills are needed for tax purposes, you may want to make a copy and file it with your yearly tax documents.

Another option is to scan each bill and file them digitally on your computer’s hard drive or in the cloud, using a folder for the year that has subfolders for each month.

You may also want to create a real or digital file with all your credit and debit card receipts until you have a chance to reconcile them with your statements. (It’s a good idea to hold onto any receipt, bill, or statement until you’re absolutely sure you won’t need it for taxes or some other purpose, such as an insurance claim.)

6. Designating a Family Bookkeeper

Here’s another way to go about organizing your bills. If one spouse or partner has a knack for organization and bookkeeping and the other is less inclined, you might want to have the “numbers” person take the lead on the household’s bill-paying duties. (Have you ever missed a payment because you each thought the other would take care of it?)

Another option is to sit down together to work through the bills. Or, you might decide to alternate from month to month. You could make it a “money date” and do it over coffee at home.

No matter which approach you choose, consider setting up a regular time to sit down together and review the household budget, see how you stand, and make sure you both have access to account information, including passwords.

You also may want to consider setting up a separate account for paying household bills.

7. Using Budgeting Tools/Apps

Technology can step in and help you manage your bills, too. There are an array of ways to track your spending and paying. Your financial institution may offer digital tools for this, or you can download apps for this purpose, whether free or paid options.

You might want to experiment with a few and see which suits you best, depending on, say, whether pumping up your savings account or avoiding late payments is your key goal with organizing your finances.

8. Using the Cash Envelope Method

There are a variety of budget techniques you might use. One popular one is the envelope method, which involves setting key budget categories, writing the name of each on an envelope, and putting the designated amount of cash for the month ahead into it.

Then you pay the bills from the appropriate envelope as needed. Once the money from an envelope is gone, it’s gone. You either have to forego spending in that category or else borrow from another envelope.

For those who prefer not to use cash, this program can be adapted to involve debit card payments or checks.

Recommended: Savings Calculator

The Takeaway

Setting up a simple bill organization system can save you time, stress, as well as money, and can also make it easy to access records you need come tax time. Smart ways to organize your bills include creating a master list of all your monthly bills, deciding when autopay makes sense (and when it might not), and creating a virtual or actual filing system to track and streamline the bill paying process.

You might have to try a few different methods to figure out what works best for your situation. Another move that might help you get your finances organized is finding the right banking partner.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

FAQ

What bills are most important to pay?

While all bills are important to pay, basic living expenses (the things that keep you up and running, such as rent, utilities, and healthcare) and debt (student loan payments, for instance) can be priorities.

How do I organize my monthly expenses?

There are many ways to organize your monthly expenses, depending on your personal preferences and financial style. You might use an app or pencil and paper; you could try the envelope budgeting method or set up autopay. Many people try a couple of techniques before they land on one that suits them best.

How do you simplify bill payments?

Many people find that either using an app or automating their bills makes payment simpler. Your bank might offer a good app, or you can download one. And automating bill payments is something that vendors may set up for you or you can set up with your financial institution.

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Third Party Trademarks: Certified Financial Planner Board of Standards Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, CFP® (with plaque design), and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.

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