“Acquiring SALT’s one millionth member is a major milestone for our organization,” said Paul Combe, president and CEO of American Student Assistance. “Financial literacy is a crucial skill set for young adults to learn, but one that many schools don’t have the resources to prioritize. SALT provides engaging lessons and tools to help students navigate their financial aid and repayment options, all while building financial competencies and confidence for life.”
Student debt currently exceeds one trillion dollars, slowing the economy and becoming an issue of nationwide concern. As many as one in three student loan borrowers are delinquent on payment by 30 days or more. Many students aren’t aware of all of their payment and repayment options, stifling their ability to make the best decisions for their unique circumstances.
Since its launch in 2011, SALT has significantly prevented and resolved student loan delinquency, reduced default and helped troubled borrowers get back on track with repayment. When SALT members fall behind on payment, SALT counselors work with borrowers to educate them on the options available, particularly for federal loans, to bring payment current and fit student loan payments into an overall budget. In 2014, SALT outreach helped nearly 340,000 past-due borrowers resolve their delinquency and repair their credit. Troubled borrowers who engage with SALT are three times more likely to resolve their delinquency and spend 22 percent less time in delinquency than those who don’t engage. SALT maintains a 98 percent customer satisfaction rate for its live counseling. Eight out of ten SALT members report that they are likely to recommend SALT’s My Money 101 courses to their peers.
“As a financial aid administrator, I’ve had the opportunity of working with ASA at both the university and community college level,” said Julae Grosz, director of financial aid at Chattanooga State Community College. “SALT’s success is clearly indicated by our students’ positive feedback and by measurable results, including a significant decrease in student loan default rates for our institution. We are sold on ASA’s outstanding customer service, level of dedication, and commitment to providing a superior financial literacy resource. SALT is an invaluable tool for our students as they seek to become more financially informed and empowered.”
ASA’s SALT program combines online tools, articles and one-on-one personal interactions to deliver unbiased guidance, relatable content and loan repayment support in a simple, useful and motivating experience. Nearly 300 higher education institutions, nonprofits and corporate sponsors nationwide currently partner with SALT to bring its resources, including in most cases seven-day-a-week phone support and live chat, to their students, alumni and other constituents.
“As a SALT Ambassador, I’ve helped my classmates learn about their debt and their options for managing it,” said Andrew Brown, a student and SALT ambassador at Howard University. “Not all students know where to turn for reliable information and assistance with their loans and I appreciate that my school provides SALT as a resource for its students and alumni.”
For more information, please visit saltmoney.org.
About American Student Assistance & SALT
American Student Assistance (asa.org) is a private nonprofit dedicated to helping people make better decisions about financing higher education and repaying student loans, so they can become confident, financially competent consumers. After working with millions of student borrowers, American Student Assistance combined 50+ years of knowledge and best practices into a powerful financial education program called SALT (saltmoney.org). Working with more than 300 higher education institutions, nonprofits, and corporations nationwide, SALT provides the tools and resources student borrowers need to help them better understand how to pay for and pay back college costs.
© 2015. American Student Assistance. All rights reserved. SALT, SALT logo, American Student Assistance, and ASA are trademarks of American Student Assistance.
Lucy Muscarella, 617-275-6527