June 18, 2012
Houghton College teams up with SALT to Alleviate Student Debt
Houghton College has teamed up with SALT, a groundbreaking educational program designed to motivate financial literacy in college students and recent alumni.
While a college degree has never been more valuable than in today’s global economy, the debt necessary to attain higher education has become prohibitive for many students.
Houghton seeks to ease the student debt burden with SALT, a dynamic, multichannel educational program that spans financing higher education and successful management of student loans, through the many financial decisions which students face after they leave school. SALT educates and engages college students and young adults to truly own their finances, by making it immediately rewarding and simple to make smarter student loan and financial decisions.
“We are excited about the resources now available to Houghton students and alumni through this new partnership with SALT. From the practical financial concepts it will teach our current students to the personal service it will provide to our graduates, we believe this program provides vital benefits to our students and alumni,” said Daniel Noyes, executive director of alumni relations at Houghton College.
Previously, Houghton has held a high record of loan repayment, achieving the lowest loan default rate in western N.Y. last year. In cooperation with SALT, Houghton intends to continue and build upon this impressive loan repayment standard among its graduates.
SALT uses a variety of channels to meaningfully engage student and alumni members and positively influence behavior. Members receive proactive communication about student loan repayment options; one-on-one repayment counseling with student loan experts; a personalized online dashboard to track all their federal and private student loans in one place and compare payment options; a highly interactive Web financial education curriculum and other educational content; multiple “self-serve” Web tools and calculators to assist with budgeting; in-person group financial education training at their higher education institution; advocacy and assistance with resolving complex student loan related problems; and meaningful benefits and incentives relevant to either the higher education experience or to the financial needs they face after completing college, such as assistance with job/internship and scholarship searches.
SALT was created by American Student Assistance®, a 56-year-old nonprofit that empowers college students and alumni to successfully manage and repay their student loan debt. Previous ASA programs have demonstrated that students provided with proactive, customized and targeted communication are 50 percent less likely to fail in loan repayment.
Consistent with its public purpose mission, ASA is committed to offering SALT services free of charge to student and alumni members whose higher education institutions participate in the program. In order to do so, ASA has established a contribution-based model whereby ASA seeks to engage multiple stakeholders interested in student success, including federal or state government entities, colleges and universities, foundations or other non-profit organizations and corporate sponsors, to contribute to the overall cost of delivering service.
To learn more about SALT or to gain access to the full SALTMONEY.ORG site for a demonstration, visit www.asa.org or call 617.728.4631.