April 11, 2017
Financial Literacy Classes in Cosmetology School?
Hays Academy of Hair Design in Salina and Hays, Kansas strives to produce the most hirable, financially responsible graduates in the nation. It is well known in our communities that our graduates have a strong ability to succeed due to their technical and customer service skills. What many do not know is that these students have been coached consistently about how to maximize their financial situation both professionally and personally.
From their first month at our school, students are coached on how to maximize their student loans and grants without falling into the debt trap that many graduates around the country experience. Our motto for these classes is to “borrow less, pay less back”! It is a hard pill to swallow when students learn that the national average debt for a technical school graduate is $10,000 SOURCE Hays Academy sees this average debt number as a problem, and we want our students to be made aware of how one can combat this issue and the ways they can make smarter decisions.
Student loans are a part of most higher education seeking students’ life. Although the FAFSA website details a great amount of information, we felt that we needed to provide real life experience from a cosmetology standpoint. We break down different techniques to pay off debt while in school. Even just paying on the interest of your loans while you are in school can be extremely beneficial and potentially could save someone thousands of dollars when you calculate the interest being charged over a ten-year period. A mere $50 a month applied to your unsubsidized loans (interest charging loans that start accruing immediately upon receiving the disbursement). We have examples of how to come up with $50 per month, even as a broke college student who eats a steady diet of instant noodles.
When students become salon and spa professionals, Hays Academy of Hair Design is still there to assist them in any way possible. They are given information about the importance of accurately reporting your income and tips, how to build business to increase clientele and even a 30, 60 and 90 day checklists on what to do when you first enter a salon, which is part of their Nuts and Bolts Business Training Program.
Being financially stable is a great feeling, and we want all of our students and graduates to experience this feeling and its lasting effects. If you are a Hays Academy of Hair Design graduate and have questions about money management and how to utilize your finances in the salon, please do reach out to our staff! We would love the opportunity to see you and help you out.