The Culinary Student's Guide to Financial Aid

Your decision to attend culinary school can be a practical career decision that pays off handsomely over time, but what about paying for school in the interim? How to pay for college or career training is often the first important financial decision you face as a student.

A number of financial aid programs are available and you can also solicit advice from guidance counselors and financial aid offices. Here is an overview of some of the resources available to help pay for culinary school.

Types of Financial Aid

To maximize the financial aid necessary to pay for culinary school, you may have to use multiple sources of financing. Some are free and some are more expensive than others are, so the following list is a hierarchy of financial aid, from more desirable to less desirable. Start at the top and work your way down.

1. Free money. Grants and scholarships are the most desirable forms of financial aid because they do not require repayment. Grants are available from state and federal governments and most are based on financial need.
   
   Scholarships often take financial need into account, but many are based solely on academic performance, your chosen course of study, or other unique traits. In addition to your own Internet searches on free scholarship websites, high school guidance counselors and culinary school financial aid offices can help you identify scholarship opportunities.
2. Government-guaranteed loans. Federal educational loans need to be repaid, but they do have advantages. The federal government guarantees these loans to keep interest rates low, some are subsidized (the government pays the interest while you are in school), and many do not require you to start repayment until you leave school.
3. Private loans. Loans from private lending institutions may be the important final link in the financial aid chain, but they are also the most expensive way to pay for culinary school. Private loans usually carry market interest rates, and while loan payment can be deferred until you leave school, the interest accrues and is added to the principal. It's important to shop around for different interest rates or loan benefits.

FAFSA

To be eligible for most financial aid programs (except private loans), you must complete the Free Application for Federal Student Aid (FAFSA). You can complete it online or on paper and once you apply, you may be required to provide supplemental documentation. Different culinary schools have different deadlines so it's a good idea to work closely with your school financial aid office.

Sources

• Sallie Mae
• US Department of Education