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Blog

Financial Aid Options to Help You Afford School

February 9, 2021

Looking for a way to fund your dream education? When we think about *financial aid, we usually think about traditional universities or community colleges. Did you know you can receive federal financial aid for cosmetology school if you qualify?

At Elevate Salon Institute (ESI) in Royal Oak, we are proud to offer federal financial aid and scholarships to those who qualify. We don’t want anything to stand in the way of you receiving your dream education!

What is FAFSA®?

The Free Application for Federal Student Aid (FAFSA®) is a form that students can fill out to apply for federal grants and loans. Eligibility for grants and loans is typically based on financial need, which is information you will provide on your FAFSA®.

You can download the free FAFSA® application here. Our school code is: #041211

What Types of Loans Are Available?

Unsubsidized Loans

An unsubsidized loan can be awarded to any student. With an unsubsidized loan

  1. It’s not necessary to prove financial need.
  2. A student has full responsibility for paying back an unsubsidized loan.
  3. Interest on these loans is accrued throughout your time at school.

If you don’t pay interest on the loan while you’re in school, the interest will accumulate and be added to the total amount of your loan. We recommend making payments while still in school for an unsubsidized loan.

Subsidized Loans

Direct subsidized loans operate a little differently than unsubsidized loans. With a direct subsidized loan

  1. Students must show financial need to be eligible. Your school will determine the amount you can borrow and the amount that cannot be exceeded.
  2. The United States Department of Education will pay the interest while you’re still a student, for the first six months after graduation, and during a deferment period.
  3. Interest will begin accruing after graduation, so it’s important to make sure to pay them off as soon as possible.

If you have any questions about using loans to help you pay for school, feel free to fill out the contact form at the top right of this page. An admissions representative will be in touch to help you through the process.

What About Grants and Scholarships?

Looking for another funding option? Scholarships and grants may be a great choice. Unlike loans, you don’t need to pay back any money when you receive a scholarship or grant.

Pell Grants

Federal Pell Grants are typically given specifically to students who display outstanding financial need. There are limitations on the amounts and time frame, so visit the Federal Student Aid website to make sure you’re clear on all of the rules.

Accessing Scholastic Opportunities (ASO) Grant

This grant is for those entering the Cosmetology Program only. It can award up to $2,000 to those who qualify! Have questions? Contact us online and a representative will be happy to help you.

ESI Scholarships

We offer a variety of scholarship opportunities at ESI Royal Oak. To see if you qualify for one, fill out the simple form at the top right of this page. One of our representatives will then contact you and walk you through the application process.

Speak With Our Financial Aid Advisor

If you have questions regarding financial aid or scholarships at ESI Royal Oak, please don’t hesitate to contact us. Our financial aid advisor would be more than happy to help you decide which financial option is best for you. Receiving your dream education could be just around the corner! Give us a call or fill out our online form today!

You can also calculate your estimated school costs here: Net Price Calculator.

 

*Financial aid is available to those who qualify.