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), Royal Oak, we are proud to offer federal financial aid and scholarships to those who qualify.
What is FAFSA?
The FAFSA (Free Application for Federal Student Aid) 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.
What Types of Loans Are Available?
An unsubsidized loan can be awarded to any student. It’s not necessary to prove financial need. A student has full responsibility for paying back an unsubsidized loan. 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.
Direct subsidized loans are available to students who show financial need. Your school will determine the amount you can borrow and the amount that cannot be exceeded. The United States Department of Education will pay the interest on a direct subsidized loan while you’re still a student, for the first six months after graduation, and during a deferment period. These loans will accrue interest after graduation, so it’s important to make sure to pay them off as soon as possible.
What About Grants and Scholarships?
Looking for another funding option? Scholarships and grants are a great choice. Unlike loans, you don’t need to pay back any money when you receive a scholarship or grant.
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.
We offer a variety of scholarship opportunities at ESI Royal Oak. To see if you qualify for one, fill out this simple form. 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. Give us a call or fill out our online form today!
*Financial aid may be available to those who qualify. For more information about our graduation rates, the median loan debt of students who completed the program and other information visit www.esiroyaloak.com