College Affordability Coalition : Portland Family Magazine

Oregon Community Colleges Join American Student Assistance Movement?to Address College Affordability, Student Debt?

Salem, OR?? Fourteen Oregon community colleges have teamed up with American Student Assistance? (ASA) on a movement to address the college affordability issue by revolutionizing how students and alumni finance and repay their higher education. Through a game-changing educational membership program called SALT, Oregon?s community colleges and ASA? are helping students learn how to navigate higher education financing, successfully manage any resulting debt, and build money skills for life.

While a college degree has never been more valuable than in today?s global economy, many students and families are unsure of how to successfully pay for higher education. Approximately 12 million students borrow for college each year, but many make uninformed decisions, either borrowing more than they need or failing to take advantage of loans that offer the lowest rates and flexible payment options. A record one-in-five households now owe student loan debt, 5 million Americans are behind on their student loan payments, and more than 13 percent of student borrowers default within the first three years. Struggling student loan borrowers delay purchasing homes, cars, and other consumer goods, with dire consequences on the U.S. economy.

These community colleges and ASA are taking steps to address this higher education and economic crisis with SALT, a dynamic, multichannel educational program that 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.

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 is 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.

SALT schools? students and alumni automatically become SALT members and gain full access to the program?s services. Multiple administrative offices on campus, from financial aid and the bursar to student affairs, alumni, and development, will actively partner with ASA to drive SALT awareness and engagement among on-campus students and alumni.

As a public purpose nonprofit organization, 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 multiple stakeholders interested in student success, including federal or state government entities, colleges and universities, foundations or other non-profit organizations, and corporate sponsors, contribute to the overall cost of delivering service. The Oregon Department of Community Colleges and Workforce Development (CCWD) is one such stakeholder who has chosen to invest in this initiative to make it possible for so many colleges to participate.

?CCWD is excited to join the SALT movement because we believe in the program?s principles of financial education and empowerment to help address the issues of college affordability and student debt,? said Elizabeth Cox Brand, Director of Research and Communications for CCWD, ?Students and alumni deserve the proper support network to help them finance their education and manage any resulting debt. We?re committed to playing our role in ensuring that students and alumni have access to these critical education debt management and financial education services.?

Participating community colleges include: Clatsop, Mt. Hood, Blue Mountain, Tillamook Bay, Lane, Clackamas, Linn-Benton, Central Oregon, Klamath, Rogue, Columbia Gorge, Umpqua, Southwestern, and Treasure Valley.

Category: Blog

Source: http://www.portlandfamily.com/posts/college-affordability-coalition/?utm_source=rss&utm_medium=rss&utm_campaign=college-affordability-coalition

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