BC Teams Up With SALT Financial Program
Published: Sunday, February 19, 2012
Updated: Wednesday, January 9, 2013 18:01
On Thursday, Boston College announced its new partnership with the SALT program in an effort to help students and alums better manage their finances.
"We've partenered with American Student Assistance (ASA) in this initiative so that BC students, both current and alumni, will have access to a robust debt management and financial education program," said Mary S. McGranahan, director of financial aid.
SALT has seven major goals. Its first goal is to promote ASA's resources to universities in order to achieve its other goals, including enhancing schools' existing resources to allow staff to address other issues, improving relationships between financial offices and students and alums, and increasing alumni contributions by helping alums become more financially stable.
In order to improve the image of each school enrolled, it aims to raise the graduation rate by preventing students from dropping out for financial reasons and lower the default rate.
As part of this financial literacy program, SALT provides webinars and Money 101, self-paced financial education courses that teach students and alums about paying student loans successfully and creating a feasible budget, for example.
Communication is an important element of SALT. To this end, it e-mails, calls, and sends direct mail to students throughout the repayment process and at other critical moments in their financial processes, including repayment reminders in an effort to prevent delinquency on loans.
In addition, SALT provides students with the professional resources they need to discuss loan options; search for scholarships, jobs, and internships; and create a repayment plan.
Because it is geared toward getting students interested and more actively involved in their financial futures, SALT also works with schools to design a comprehensive ad campaign that is specific to each unique student body. Its Money 101 classes, for example, come with customizable activities so that administrators can implement a program that will have the maximum effect on their students.
Money 101 also provides administrators with instant feedback, allowing them to see what students find most important and track their progress in the course.
SALT is also highly personalized on the student side. Each student gets a dashboard that keeps track of all of their student loans in one place as well as access to financial counselors.
BC students should be receiving access codes within the next week, after which they will be able to sign up for an account.
The program is part of ASA, one of the leading student debt management organizations in the country.
"We believe the tools and information available through the SALT program will help BC students become financially literate for a lifetime," McGranahan said.