Marion Technical College Joins SALT to Help Students and Alumni “Face the Red” of Student Debt
September 25, 2013 – Marion, Ohio - Marion Technical College has teamed up with SALT™, a financial education resource created by the nonprofit American Student Assistance® (ASA), to empower students and recent graduates to take control of their student loan debt on a practical, day-to-day level.
“When managed properly, student debt is a wise investment in the future and the foundation for building good credit,” said Deb Langdon, Financial Aid Director. “Where students run into trouble is when they don’t have the proper information or skills to make financial decisions in their best interest. We’ve partnered with SALT to ensure our students and alumni have support every step of the way as they navigate paying for college and repaying student loans.”
SALT, available online at saltmoney.org, is a dynamic multichannel educational program that teaches students and alumni how to borrow less for college, borrow the right types of loans, make repayment stress-free, and build money skills for life. SALT recently launched its “Face the Red” campaign (FaceTheRed.com) to raise awareness of both the problem of student debt and existing solutions to help student borrowers take control of their finances.
While a college degree has never been more valuable than in today’s global economy, student debt is a trillion dollar issue that is slowing our nation’s economic recovery. Approximately 12 million students borrow for college each year, but many borrow more than they need, choose loans that don’t offer the best consumer protections, or fail to take advantage of the many available programs to make repayment more manageable. As a result, as much as 30 percent of the nation’s 37 million student loan borrowers are delinquent on payment 90 days or more—unable to buy homes, cars, or any other consumer purchases typically associated with starting out in life.
Marion Technical College is taking steps to address this higher education and economic crisis with SALT. The program combines online and offline interactions to deliver decision support, engaging content, and one-on-one loan repayment guidance in a simple, useful, and motivating experience.
Marion Technical College joins a growing number of higher education institutions nationwide—from four-year private institutions to public institutions and community colleges—that have already signed on with SALT. SALT schools’ students and alumni automatically become members and gain full access to the program’s services.
As a public purpose nonprofit organization, ASA® is committed to offering full SALT services free of charge to students and alumni whose higher education institutions participate in the program. In order to do so, ASA has established a contribution-based model whereby multiple stakeholders interested in student success—including federal or state government, colleges and universities, foundations or other nonprofit organizations, and corporate sponsors—all contribute to the overall cost of delivering the service.
“We recognize that loans are a reality for some of our students,” Landon said. “We want to alleviate their burden by ensuring they have the proper support network to face the debt head-on, make wiser decisions, and take advantage of existing remedies.”
About SALT & ASA: SALT is a free educational resource that provides simple, smart, personalized ways for college students and recent graduates to take control of their student debt and manage their finances. With a combination of helpful tools, tailored information, and unbiased expertise, SALT helps young people borrow less, borrow smart, and repay their loans in a way that works for them. SALT was created by American Student Assistance® (ASA), a nonprofit organization with 50+ years’ experience helping people make better decisions about financing their education and repaying student loans.