Let’s talk about debt.
Good debt is defined by studentloanhero.com as debt that is taken out when purchasing something that goes up in value over time. These debts are often known as investments.
Defined by the same source, bad debt is money spent on something that depreciates in value.
Comparing the Two
Good debt: a student loan. (In some cases.)
Bad debt: a loan that doesn’t give you a return.
We have to realize that sometimes, debt isn’t a bad thing. What matters is how you use the money.
We Want to Eliminate the Fear of Student Debt
We’re going to be candid: some people do not pay off their student debt for years. That’s just the truth. However, you shouldn’t be afraid to take the leap into a career you’re passionate about.
We believe that if you have the time, the work ethic and the love for it, you can achieve your career dreams and pay off your student loans.
The Ends Justify the Means
This old saying can and should be used in this situation. You can’t hit a bullseye without first pulling back the string on your bow and arrow. There are plenty of statistics that provide us with the hope and the confidence that the beauty industry is a viable one.
We know that this industry is fruitful, and we want our current students and potential students to know and understand their options. Student debt isn’t always a bad thing, especially if it can help you pursue a career you love.
According to the BLS, the job outlook for barbers, hairdressers and cosmetologists is growing at a 10% rate from the years 2014-24. This is higher than the average outlook for most other careers.
As of May 2015, as per the BLS, California has one of the highest employment rates for hairdressers, hairstylists and cosmetologists. Kansas is a state in the next bracket down from California. Employing 1,270-3,310 professionals in 2015.
In 2014, nearly half of all barbers, hairdressers and cosmetologists were self-employed.
We also know that there are upsides to student loans and debts. When you take out a loan, you can build your credit, you can get an education for a career you love, the loan may be tax deductible, and some loans even offer payment plans. All of these things may or may not be true, depending on how you go about paying for your education. However, your only option of paying for schools is not just a loan.
The Financial Options
Bellus has the opportunity to offer our blog on what financial aid is and how to get it.
Certain types of financial aid, like scholarships and grants, do not need to be paid back. Student loans aren’t the only option for everyone. The only way you can find out if you can qualify for loans, grants or scholarships, is to do your research. You can use the resources mentioned above, and you can call us to schedule an appointment with one of our admissions representatives.
We are too. We know that the beauty industry can support you if you put your mind to it, and we know our staff can help you make the right financial decision if you contact us today. Are you ready to change your life?