What Obama’s Proposed Budget Will Mean for Beauty School Students

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What Obama’s Proposed Budget Will Mean for Beauty School Students

Published: March 02, 2009
by Rosanne Ullman

Pell grants, which significantly help many students finance their beauty school education, are specifically addressed in President Obama’s proposed Fiscal Year 2010 budget. Cosmetology schools that have been accredited by the National

Accrediting Commission of Cosmetology Arts and Sciences (NACCAS) are entitled by the U.S. government to make Pell Grants available to students.

As proposed, the maximum amount of the Pell Grant will change each year to reflect the annual cost of living. The dollar figure will be tied to the Consumer Price Index (CPI) plus 1 percent. So if the cost of living goes up 4 percent in one year, Pell Grant recipients will receive 5 percent more money than those who received grants the previous year. “For years the Pell Grant award has remained relatively flat while the cost of everything else, including a college education, has increased,” remarks Philip Day, president and CEO of the National Association of Student Finance Aid Administrators (NASFAA). “President Obama’s proposal to tie the Pell Grant award to the CPI plus 1 percent is a significant victory for low-income students struggling to pay for college.”

In addition, the proposed budget nationalizes the funding for Perkins Grants, which are distributed to worthy vocational programs; details are still sketchy. Of some controversial interest is the recommended elimination of the Federal Family Education Loan Program (FFELP), which would replace private lenders with the U.S. government as the sole financier of student loans. I’ll keep you informed about financing your cosmetology school education.