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How to Find Financial Aid for Culinary School

Financial aid may help you afford your culinary school education.

Making Education Affordable

If it feels like you know your way around the kitchen better than a culinary school financial aid package, you're not alone. Resources are available and financing your education just might be easier than baking an apple pie from scratch.

Before you can truly delve into your financial aid options, you should first complete the Free Application for Federal Student Aid (FAFSA). Once you've applied, you could be offered one, or some, of the following financing options.

Culinary School Scholarships and Grants

First, let's start with the financial aid packages that may ease your pocketbook the most. Scholarships and grants are popular ways to help pay for school because they don't have to be paid back. This means no debt or interest rates. Because of these perks, competition can often be fierce. Here's a brief rundown of the differences between scholarships and grants:

• Scholarships: Usually merit-based for academic performance, excellent test scores or community service.
• Grants: Need-based (dependent on income). The U.S. Department of Education notes that in some instances (i.e. if you withdraw from school before a semester is over), repayment will be expected.

For culinary students, your state's restaurant association may be a great place to start your search for culinary school scholarships. You should also check with national organizations for scholarship possibilities. A couple of organizations in the culinary industry that offer scholarships include the following:

• International Food Service Executives Association
• American Institute of Baking

Beyond professional associations, some reliable scholarship resources can include:

• Religious organizations
• Private and public schools
• Small businesses
• Large corporations
• Generous individuals
• Community groups
• Philanthropic foundations

Applying for grants can be worthwhile since students have the potential to save hundreds or thousands of dollars. For example, the maximum award for the federal Pell Grant for the 2022-23 year will be $6,895. The amount you could receive is based on your financial need, cost of school and other factors.

More facts can be found here:

• FAFSA application and information:
  https://studentaid.gov/h/apply-for-aid/fafsa
• Federal student aid on the web:
  https://studentaid.gov

Culinary School Loans

Financial aid for culinary school also includes federal and private student loans. It's important to understand the distinctions between them since factors like repayment, interest rates and co-signer requirements differ.

Since federal loans have the government's backing and a lower interest rate than private loans, many culinary students tap into federal money before turning to private lenders.

Federal Student Loans

The U.S. government operates two loan programs: The William D. Ford Federal Direct Loan Program and the Federal Perkins Loan Program. Here are some quick facts:

• The government regulates the maximum amount of interest lenders can charge on loans
• Loan repayment doesn't start until after you graduate, leave school or enroll less than half time
• Many federal loans are subsidized meaning the government pays the interest while you attend school

Stafford Loans: Available through the Direct Loan program and usually the most affordable type of student loan, Stafford Loans are dispersed directly to students by the U.S. Department of Education. The popularity of this loan has a lot to do with its low fixed interest rate and the fact that you can borrow up to $20,500.

Depending on your financial need, you may be offered a subsidized Stafford Loan, which means the government pays the interest while you're in school. If you receive a non-subsidized loan, interest accrues while you're in school and you'll be responsible for paying it off upon graduating.

Perkins Loan: Given to students who have an extreme financial need. Because colleges and universities serve as the lender, you'll want to find out if the culinary arts school you plan to attend participates in the program. The interest rate is 5 percent.

PLUS Loans: Graduate and professional degree-seeking students as well as parents of a dependent student (enrolled at least half the time in an undergraduate program) are eligible to apply. The loan has an annual limit, which is equal to your school costs minus other financial assistance you receive. Borrowers are required to have a good credit history.

PLUS loans have to start being repaid 60 days after the loan is distributed. Parents are charged a small fee as well.

For more information about loans, visit these financial aid resources:

• FAFSA application and information:
  https://studentaid.gov/h/apply-for-aid/fafsa
• Student loan information and opportunities:
  https://www.govloans.gov 
• Stafford Loan information:
  https://www.staffordloan.com

Private Loans

Private loans typically have higher limits, which can be helpful if you need more than what federal loans will provide. However, the down side is interest begins accruing immediately after the loan is dispersed. In order to get a lower interest rate, you'll need a good credit score and/or a co-signer/parent with a solid credit history.

Students should remember that all loans—federal and private—need to be repaid at some point in the future. Therefore, it's a good idea to only borrow what you truly need to attend school.

Work-Study Programs

Work-study programs are another means to financing your culinary education.  Students work in on-campus jobs, community-related jobs or assisting teachers. Work-study can be particularly beneficial if you're able to land an opportunity in the area of your interest or field. Not only will you help pay for some of your education, you'll gain hands-on experience and build your resume.

Often, work-study awards depend on factors such as a student's level of financial need and school funding availability. You can indicate whether you want to be considered for work-study assistance when completing your FAFSA form.

For more information, visit these work-study resources:

• Federal work-study information

If you've held off on applying to culinary school because of financial reasons, now is the time to make plans. With so many financial aid options available, it's time to get things cooking.