BeautyLink - Volume 6, Issue 3 - (Page 25)

& Access Affordability A CONGRESSMAN'S PERSPECTIVE BY BEAUTYLINK STAFF C ongressman Robert (Bobby) C. Scott (VA) spoke up in support of federal funding access and affordability during a keynote presentation delivered at the AACS Spring Operations Conference in May. "I'm pleased to be addressing an industry that is an important part of the national economy-an industry that represents over $40 billion in salon sales and employs over 1.1 million people," he said. Rep. Scott noted that the path to successful careers-including careers in the beauty and wellness industry-is achieved through education. He noted that while U.S. lawmakers have long espoused the value of education, an educated workforce is even more important in today's global economy. "Our nation is competing in a world where companies don't have to be close to their workers. The number one competitive advantage the U.S. has is access to an educated workforce and we need to improve more in this area," he said. Just as education is central to employment, Scott remarked on the correlation between education and earnings. "Twothirds of jobs today require education beyond high school, including careers in vocational fields," he said, adding that in order to secure the education needed to pursue their career, students need access to financial resources. "All students should be able to pursue their dreams and the funding necessary to move toward those Learn More Congressman Robert (Bobby) C. Scott (Virginia), AACS Spring Operations Conference speaker. dreams. We need to keep education affordable and accessible," Scott said. As the Higher Education Act is considered anew, Scott reflected on two central priorities: [1] New legislation must ensure access to post-secondary education. [2] Legislators must ensure that funding remains available for that education. Over the past 40 years, the Pell grant has been successful at delivering educational access to low-income students, noted Scott. However, in today's environment of soaring tuition increases, government funding is not delivering the same level of access. For example, four decades ago, federal funding covered about 75 percent of the cost of a four-year college. In 2012, Pell funding covered just one-third of tuition at a public institution and one-sixteenth of tuition at a private school. How is Congress responding to this situation? Scott noted that in 2014, Congress considered increasing federal student loan interest rates from 3.4 to 6.8 percent. Instead an "11th-hour" legislative response adjusted the rate to the U.S. 10-year Treasury, plus one percentage point. The uncertainty of what level Treasury yields might reach means uncertainty for student borrowers. Scott criticized Congress for their approach to federal student lending. He noted that the Federal government made $16 billion off student loans in 2013 and that the extra one percent added on to 10-year Treasury yields represents all profit for the government. "Is it more important to have an extra one percent to pay for tax cuts or to make more funds available for education?" he asked an audience that responded with strong applause. At the same time that federal funding for education has been cut, Scott lamented an increase in funding for correctional facilities. He used California as an example, noting that funds available for prison populations used to be one-third the amount of funds for education. Now those numbers have been reversed. He closed his remarks by noting that legislators have a choice: Congress can vote to continue tax cuts, or vote to fund education-an approach he says will serve the nation's interests better in the future. Unfortunately, he noted that Congress's failure to effectively deal with the 2013 "fiscal cliff" resulted in the problem being pushed down the road for consideration at a later date. "Ultimately, we didn't make any choice at all," he said. Editor's Note This story is a recap of remarks made by Rep. Robert (Bobby) C. Scott at the AACS Spring Operations Conference, May 2014 in Phoenix. Some of Rep. Scott's most encouraging comments were delivered in a Q and A with attendees. Please reference the Workings from Washington update on page 13, which includes comments excerpted from the Q and A session. The courses FA110 - Developing an Efficient Financial Aid Office and FA120 - Default Prevention: A State of Mind are available on the AACS Online Training Center. Members call AACS at 800-831-1086 for your VIP Discount Code. Visit the following URLs to learn more about these courses: www.aacstraining.org/courses/FA110 and www.aacstraining.org/courses/FA120. B E AUT YL I NK | C E L* E * BR AT E | 2 0 1 4 | 25 http://www.aacstraining.org/courses/FA110 http://www.aacstraining.org/courses/FA120

Table of Contents for the Digital Edition of BeautyLink - Volume 6, Issue 3

Message From the Aacs President & CEA Chair
The Workings of Washington
The Art of the Consult
A Student’s Perspective
Celebrating Our Graduates
Access and Affordability
And Then There’s Compliance
Are You Ready to Thrive?
Navigating the Acquisition Path
Manlink
Creating a Marketing Mixture
Multicultural Corner
Culture Trumps Strategy
Beauty Changes Lives
Engaged Learning
Superstar Graduate
20 Ways to Celebrate You
Battle of the Strands
Students Leaving the Beauty School “Nest''
Why Every Educator Needs to Be at CEA This Year
Step by Step
Voices From the Classroom
People & Places
Create a Recipe for the Future
New Products & Services
Associate Member Profiles: Furniture Manufacturers
New School Members
Upcoming 2014-15 Events
Index to Advertisers
Advertisers.com

BeautyLink - Volume 6, Issue 3

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