University Business - June 2012 - (Page 23)

SPONSORED CASE STUDY Teaching students what they owe before they owe it American Student Assistance’s SALT program helps Indiana students manage their debt Manchester is one of 55 schools ack Gochenaur was hearthat have started using SALT since ing scary stories around it launched in December 2011. A campus. Some financial aid campus-wide kick-off in the spring students didn’t know whether included sessions to introduce they’d received loans or grants students to the website and the to pay for their education. Many services it provides. After hearing had no idea what they’d need to from professionals and from three earn to meet their monthly loan of the 30 Manchester students who payments. beta-tested the program, attend“I have students who reach ees were encouraged to register their senior year and during for SALT using computers set up exit counseling, it’s the first time outside the event their they know how much money “All schools are facing an increasing default The following day,ortables iPhones. explainthey owe,” said Gochenaur, Chief rate. If we can help our students learn ing SALT were set up in the highly Financial Officer/Treasurer of Manchester College, a 1,300what borrowing involves and what options trafficked student union. SALT will also be introduced to incoming student liberal arts college in they have concerning loan consolidation, freshmen during summer orientaNorth Manchester, Indiana. tion sessions. Something, he realized, had everyone will benefit.” Among the benefits Gochenaur to change. Jack Gochenaur, expects will open students’ eyes: He was already using loan Chief Financial Officer/Treasurer of Manchester College finally being able to see how their counselors from the nonprofit loans are adding up. American Student Assistance® “I think it’s extremely easy for (ASA) as consultants to help students manage their debt. The school offered a popular fi- students to go on the Internet and apply for loans semester nancial responsibility course. And the college president was after semester. They borrow the maximum, but don’t really agtrying to reach students with monthly seminars on personal gregate it in any way.” To combat that problem, SALT allows students to record finance. But Gochenaur still didn’t have enough lifesavers to protect his graduates from drowning in debt. Then he heard every loan they take out, so it’s calculated into their debt load. Gochenaur expects students using SALT to start changing about SALTSM. SALT, a new ASA® program, offers education debt manage- their plans and behaviors, as those who have taken the school’s ment and financial literacy to current students and alumni financial responsibility class have. Some of those students told through in-person and online encounters. By subscribing to him they’ve decided to tackle student loan debt by living with SALT and encouraging students to sign up, educators provide their parents after graduation so they can funnel earnings into proactive communication about student loan repayment op- loan payments instead of rent. He anticipates SALT inspiring tions; one-on-one repayment counseling; a personalized on- similar practical steps. “All schools are facing an increasing default rate. If we can line dashboard to track all federal and private student loans in one place and to compare payment options; a highly interac- help our students learn what borrowing involves and what optive web financial education curriculum; multiple “self-serve” tions they have concerning loan consolidation, everyone will web tools and calculators to assist with budgeting; in-person benefit,” Gochenaur said. group financial education training at their higher education institution; and advocacy and assistance with resolving complex For more information please visit SCHOOLS.SALTMONEY.ORG/UB. student loan-related problems. “Now they have the opportunity to have a free, interactive website, access to loan counselors and finance 101-type courses,” Gochenaur said. Financial literacy to the rescue: J http://SCHOOLS.SALTMONEY.ORG/UB http://SCHOOLS.SALTMONEY.ORG/UB

Table of Contents for the Digital Edition of University Business - June 2012

University Business - June 2012
Contents
Editor's Note
College Index
Ad Index
Behind the News
Viewpoint
Marketing
Independent Outlook
Special Section: Thinking Green
4G: Is It Time for an Upgrade?
Unified Security: All Together Now
Collaborative Workflow
Campus Finance News
3 Student Aid Myths
Deepening the Donor Pool
Keeping Tuition Within Reach
Internet Technology
End Note

University Business - June 2012