January 15, 2016 / / Inspiration & Helpful Tips

A Beginners Guide To Financing Your Cosmetology Education

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By Ingrid Nelson, Financial Aid Leader

Congratulations on your decision to join the beauty industry! You have the opportunity to contribute to an amazing, eclectic and creative group of driven people. And just like many other opportunities in life, this one needs your investment: time, energy, passion, and yes, money.

Financing your education may initially seem confusing or overwhelming, but our financial aid team is here to support you in this process. There are a number of different types of financial assistance you can use here at The Temple.  They include (but are not limited to): Pell Grants, Stafford Loans, VA benefits and scholarships.

The starting point for seeking any federal funding is The Free Application for Federal Student Aid (FAFSA). The FAFSA will ask
a series of questions that will determine your eligibility and dependency status. If you are considered a dependent student, the future professional will need to provide their parents’ information as well.

Once you complete and submit a FAFSA, the information contained on the FAFSA is reviewed by the Department of Education. Your eligibility will be calculated using a formula approved by Congress, which is based on your (and/or spouse or parent’s) income and asset information.


Pell Grants:
 The Federal Pell Grant is a need-based federal grant for undergraduate students and it does not require repayment. Visit here for a full guide on government-sponsored financial aid.

Direct loans: These are government-funded loans used to cover your education expenses. The Direct Loan Program offers low interest, government-funded loans that include Direct Stafford Loans (subsidized and unsubsidized), and Direct Parent Loans (PLUS). These long-term loans are available to students who are enrolled at least half-time in school.

  • Direct Subsidized Stafford Loan: The Direct Subsidized Stafford Loan is a need-based loan. The interest rate varies annually and is paid by the government while students are in school at least half-time and during any periods of deferment. Loan repayment begins six months after students graduate, leave school or drop below half-time enrollment status.
  • Direct Unsubsidized Stafford Loan: The Direct Unsubsidized Stafford Loan is a non-need-based loan available to all eligible students regardless of income. The interest rate varies annually and begins to accrue at the time of disbursement. Loan repayment begins six months after students graduate, leave school or drop below half-time status.
  • Direct Parent Loans for Undergraduate Students (PLUS): For students who qualify as dependent, parents may choose to use the Direct Parent Loans for Undergraduate Students
to borrow up to the total cost of their child’s education, minus any other aid the child may be eligible for. The loan is credit based, the interest rate varies annually and loan interest begins to accrue at the time of disbursement. Loan repayment typically begins within 60 days after the loan has been fully disbursed.

VA benefits: These are benefits granted to the men and women of the armed services and members of their families. Please contact your VA representative or our Financial Aid office for more details.

Scholarships: There are a wide variety of scholarship opportunities for the beauty industry, with some paying as much as thousands of dollars toward a student’s education. Scholarships can take some time and research, ​here are some scholarship resources that are offered though accredited associations and institutions to get you started:

​​The Temple Blog

Professional Beauty Association

​American Association of Cosmetology Schools

The following video resources about financial aid may be helpful as well:

As always, our Financial Aid Team is here to support you! Please feel free to contact us with any questions or concerns you may have.

Ingrid Nielsen: ingridn@pmthetemple.com


About Ingrid: Ingrid brings years of real-world experience to The Temple.  She was a Makeup Artist and Beauty Advisor for Elizabeth Arden, Lancôme and Jolie Day Spa & Hair Design in Bethesda, Maryland.  She also has experience with the business side of beauty, having been Retail Manager, Assistant Director and Spa Director for Jolie Day Spa & Hair Design.  In her time at The Temple, she has had the privilege of being on the Service Desk Team, Makeup Team for Lingerie Fashion Week 2013 & 2014 in New York City, Education Team & Enrollment Team.  She loves to impart her years of experience to the next generation of our industry here at The Temple. 

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