Is it possible to get student loans for cosmetology school that helps pay for cost of living with bad credit?
I’m currently enrolled in a cosmetology program in FL, but it’s a cheaper school where they are more concerned about making money, than teaching it’s students. I feel like i’m not getting the education I deserve. A good friend from class recently moved up north with her grandmother and is transferring to a Paul Mitchell school. My hours would transfer as well, and I would start in September and be finished in March. I’d much rather spend a little more and go to a school where i’d gain more and have more opportunity once I finish. I’d have more hours, and be able to take advanced classes for coloring, cutting etc…which would help me more in the long run. There are a few Paul Mitchell schools in Florida, but I don’t live anywhere near them. Plus, i’d be able to attend school with my friend and pay a small amount of rent living with her in comparison to somewhere else.
My only concern is that i’m nearly 15K in debt because of medical bills due to a brain tumor. I don’t have any health insurance so it’s already hard enough paying for everything, on top of school. have been working,but it was only enough to cover gas and necessities. I had to quit due complications with my medication. I’m out of school for the summer, and am hoping to somehow find a job to save a little bit of money to move.
Is it possible to still get loans if you have bad credit? Also loans that help pay for your cost of living? I plan on being a full time student, so I would be having class over 8 hours a day the majority of the week, which makes it hard to find a job that will support my school schedule, not to mention pay enough for cost of living.
I really want to do this. I’ve been talking about it for a few months with my friend, and it would be a great opportunity. The only problem is affording it.
Any suggestions?
You should ask the banks that deal with the federal loans listed by your financial aid office. I have the slightest idea but perhaps with a co-signer you will be able to.
Good luck!
An unsecured personal loan is an excellent choice if you are reluctant or don’t own collateral and need money quickly or for short term. A secured loan carries low interest rates, flexible repayment terms and simple loan clauses. On the other hand, an unsecured loan, carries high interest rates and rigid repayment terms and conditions. Check out this site:
The first question I would ask your new school is if they qualify for federal student aid — only accredited schools (which includes some cosmetology and other career/technical schools) will qualify. If you don’t want to ask, go to http://www.fafsa.ed.gov to find out — they have schools listed (go to Search for School Code). And if they do, they will probably have a financial aid office or financial aid officer that can assist you with figuring out how you can afford school — which actually means you should fill out the Free Application for Federal Student Aid (FAFSA) on the http://www.fafsa.ed.gov website to determine what kind of federal aid you would qualify for including student loans. These are the best loans because they have a relatively low interest rate (it’s capped at 8.75%) and the repayment terms are relatively flexible and the interest you pay on the loan is tax deductible.
Additionally, I know of one instance where I live in which a career/technical school does not qualify for federal student aid but they have their own financial aid office which provided loans (among other forms of support) directly to students to attend the school. So, in short, check with your school and see if they can provide you with any guidance in this area.
Generally speaking, secured loans (like from the bank) often depend on your credit and assets — if you don’t have anything they can take (e. g. property – real estate/house/apt, car) should you default on your loan, it’ll be difficult to get. Unsecured loans (like credit cards) may be a little easier but the interest rates are killer. I know this isn’t much help but hopefully it’ll be more options for you to pursue. Good luck!