How to Eliminate $20k Student Debt — 5 Years Early
The Importance of Financial Literacy in Beauty Education
There comes a time in most students’ lives when the reality of having to make the transition into the working world hits. And it can hit hard. For most students, discussions around money often evoke anxiety and fear, as the topic can open the door to a vast, overwhelming unknown.
Co-founder and President of Qnity for Schools, Erin Kuhn Bhansali, notes, “We surveyed over 5,000 beauty and wellness professionals or future professionals that are actively enrolled in a cosmetology or aesthetic program, and almost 70% of them stated that they had money or math anxiety. Meaning they felt a sense of fear, angst, or dread even talking about money. To put it further, 76% of those students had zero financial-related education.”
Enter Qnity for Schools.
Offering a core financial literacy curriculum called Money EDU, Qnity for Schools is on a mission to change the narrative surrounding this transition from student to professional, with a goal of empowering each individual and helping them step into their next season with confidence.
Brittani LeJeune, the Head of Curriculum at Aveda Arts and Sciences, is one of the core champions of Money EDU and believes in the program on a personal level.
“I actually started my career in the beauty industry with $20,000 in student loan debt. One of my first bills said that if I took the entire 15 years to pay off my student loans I would spend over $10,000 in interest alone, and that was a really crazy number for me to digest”, she says.
While paying back her loan, with a newborn and a young family in tow, Brittani got to the point where she and her husband had to choose whether to buy formula or put gas in their car so her husband could get to work.
“My husband and I got really serious about financial and debt education, and we made a plan to pay off all of our debt and get back on track with our goals. Luckily, we were able to pay off my student loans 5 years early.”
Brittani’s commitment to financial literacy — and especially paying off student debt — is evident in her powerful story, which led her to join forces with Qnity. Her goal? To equip students with practical financial knowledge before they reach the working world. She does this through honest discussions with students, early on in their studies, and introduces them to the topics of financial literacy, student debt and money management so that they can approach all three without anxiety or fear after graduation. By integrating financial education into the curriculum during the latter part of the program she oversees at Aveda, students are better equipped to navigate their financial journey as they transition into the working world.
The success of Money EDU hinges on passionate educators like Brittani, who are dedicated to empowering students with essential financial skills. Brittani advises that identifying educators within campuses who are committed to facilitating the curriculum effectively is the key to the program's success. Money EDU is brought to life when it’s championed by people who are passionate about the topic and want to take an active stance in empowering students for the real world.
As the beauty and wellness industry continues to evolve, the integration of financial literacy education becomes increasingly vital. Through initiatives like Money EDU, educators and industry leaders are paving the way for a generation of empowered professionals who not only hold academic and practical skills as professionals in their industry, but also the financial skills they need for success.
Watch Brittani’s inspirational session during Qnity Camp 2024 now!