At Cobb Beauty College, your premier beauty school near you, one of our goals is for every student to be able to pursue their dreams, regardless of their financial situation. To achieve this goal, we offer several, cosmetology school financial aid options to help cover the cost of your education. Students planning to enroll in cosmetology training can apply for financial assistance to receive Grants and Loans. Between these two types of financial aid, many students are able to offset a large portion of their educational costs.


Grants are often called “gift aid,” because they represent financial aid that doesn’t have to be repaid. There are many different types of federal grants, but the most common type is the Federal Pell Grant. The exact amount of the Pell Grant depends on several factors:

  • Your financial need
  • Your cost of attendance (COA)
  • Your status as a full-time or part-time student
  • Your plans to attend school for a full academic year or less

Financial need is the difference between the cost of attendance (COA) at a school and your Expected Family Contribution (EFC). While COA varies from school to school, your EFC does not change based on the school you attend.


Unlike grants, loans represent financial aid that must be paid back to the lender. Loans also generally accrue interest, which is a loan expense charged for the use of borrowed money. Interest is paid by a borrower to a lender. The expense is calculated as a percentage of the unpaid principal amount of the loan. Student loans can come from the federal government or from private sources, such as a bank or financial institution. Loans made by the federal government, called federal student loans, usually offer borrowers lower interest rates and have more flexible repayment options than loans from banks or other private sources. Some of the difference between these two types of loans are listed below.

Federal Student Loans

  • You will not have to start repaying your federal student loans until you graduate, leave school or change your enrollment status to less than half-time.
  • The interest rate is fixed and is often lower than private loans—and much lower than some credit card interest rates. View the current interest rates on federal student loans.
  • Undergraduate students with financial need will likely qualify for a subsidized loan, where the government pays the interest while you are in school on at least a half-time basis.
  • You don’t need to get a credit check for most federal student loans (except for PLUS loans). Federal student loans can help you establish a good credit record.
  • You don’t need to get a credit check for most federal student loans (except for PLUS loans). Federal student loans can help you establish a good credit record.
  • Interest may be tax deductible.
  • Loans can be consolidated into a Direct Consolidation Loan.  Learn about your consolidation options.
  • If you are having trouble repaying your loan, you may be able to temporarily postpone or lower your payments.
  • There are several repayment plans, including an option to tie your monthly payment to your income.
  • You may be eligible to have some portion of your loans forgiven if you work in public service. Learn about our loan forgiveness programs.
  • Free help is available at 1-800-4-FED-AID and on our websites.

Private Student Loans

  • Many private student loans require payments while you are still in school.
  • Private student loans can have variable interest rates, some greater than 18 percent. A variable rate may substantially increase the total amount you repay.
  • Private student loans are not subsidized. No one pays the interest on your loan but you.
  • You may need a cosigner.
  • Interest may not be tax deductible.
  • Private student loans cannot be consolidated into a Direct Consolidation Loan.
  • Private student loans may not offer forbearance or deferment options.
  • You should check with your lender to find out about your repayment options.
  • You need to make sure there are no prepayment penalty fees.
  • It is unlikely that your lender will offer a loan forgiveness program.
  • The Consumer Financial Protection Bureau’s private student loan ombudsman may be able to assist you if you have concerns about your private student loan.