Some people may not know it, but there’s a lot of training involved to be a barber or cosmetologist. For example, Tennessee requires 1,500 hours of training! This means many aspiring barbers choose, or are forced, to attend for-profit schools. Because of this, many end up burdened with oppressive student debt.
Many of these students are unable to pay back the loans in a timely fashion. Loans for barber and cosmetology schools have some of the highest loan default rates of any for-profit schools in the country according to the department of education. Borrowers are harassed by loan collectors, who can also garnish wages or withhold tax refunds, sending credit scores spiraling and handcuffing entrepreneurs.
Recognizing the problem with this system, Tennessee has put in measures to help ease the burden. Tenneessee became the first state in the nation to pay tuition costs for students headed to community colleges and technical schools. The state pays the remaining cost after scholarships and grants, averaging about $2,000 for the average student. This can drastically reduce debt. Hopefully, more states will follow the lead of Tennessee and help aspiring students achieve their dreams!