Give Your Students An Education On How To Pay For One BRINGING SALT TO YOUR SCHOOL

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1 Give Your Students An Education On How To Pay For One BRINGING SALT TO YOUR SCHOOL 1

2 A degree is an investment you make in yourself. (And probably the best one you ll ever make.) Percent Returns Housing T-Bills 10-Year Treasury Bonds Gold Stocks Some College Bachelor s Degree Professional Degree 1 The return on a college investment is more than double the average return to stock market investments since 1950, and more than five times the returns to corporate bonds, gold, long-term government bonds, or homeownership. The Hamilton Project at the Brookings Institution But most students will need loans to help pay for it. AVERAGE COST OF COLLEGE $ 23,066 2 MAXIMUM PELL GRANT $ 5,645 THE GAP $ 17,421 (per year) Greenstone, Michael and Adam Looney. Is Starting College and Not Finishing Really That Bad? The Hamilton Project. June Web U.S. Department of Education, National Center for Education Statistics. (2013). Digest of Education Statistics, 2012 (NCES ),Chapter 3. HIGHER EDUCATION: WORTH EVERY CENT 2

3 Most students assume at least some education debt in order to complete their degree. Those who borrow will definitely need to understand loans and their finances and have a plan in place for repayment upon degree completion. IN 2014, 7 in 10 GRADUATES LEFT SCHOOL WITH STUDENT LOANS 3 THE AVERAGE DEBT FOR COLLEGE GRADUATES IS NOW $33,000 4 ADJUSTED FOR INFLATION, STUDENT LOAN DEBT LOAD HAS NEARLY DOUBLED 5 IN 20 YEARS THE AVERAGE STUDENT TODAY WOULD NEED TO WORK 3X AS MANY HOURS AS THEIR PARENTS DID TO KEEP UP WITH TUITION 6 LESS THAN 25% OF STUDENTS HAVE TALKED WITH PARENTS ABOUT HOW TO PAY OFF STUDENT DEBT 7 70% OF STUDENTS DON T THINK THEY LL HAVE THE FINANCIAL ACUMEN TO MANAGE THEIR DEBT 8 3. Bidwell, Allie. Average Student Loan Debt Approaches $30,000 US News & World Report. November 13, Web. 4. Fortenbury, Jen. How much student loan debt is too much? USA Today. August 26, Web. 5. Izzo, Phil. Congratulations to Class of 2014, Most Indebted Ever. The Wall Street Journal. May Web. 6. Herzog, Karen. Working your way through college doesn t add up for today s students. Milwaukee Wisconsin Journal Sentinel. June 1, Web. 7. White, Martha. You ll Never Guess College Students Biggest Regret. Time. November 27, Web. 8. Citizens Financial Group 2014 study HIGHER EDUCATION: WORTH EVERY CENT 3

4 And what impacts students, impacts institutions. A perceived lack of ROI for students is leading to lower enrollments. 60% 2.3% FEWER STUDENTS were enrolled in Spring 13 than Spring % OF STUDENTS with loans leave before earning a degree a loss of almost $10M IN REVENUE ON AVERAGE for schools 10 60% OF STUDENTS FEEL THEIR SCHOOL SHOULD HELP THEM MANAGE LOANS 8 3% Only 3% of alumni donate with debt between $30K & $40K the average debt carried by the Class of ASA Proprietary data. 9. Lederman, Doug. Enrollment Decline Picks Up Speed. Inside Higher Ed. Web. May Raisman, Neal A. The Cost of College Attrition at Four-Year Colleges and Universities: An Analysis of 1669 US Institutions. Rep. Educational Policy Institute, Feb College Debt Impacts Alumni Giving. Eduventures. Web. May THE EFFECTS OF DEBT ON CAMPUS 4

5 Students without a plan become people with a problem. CDR rates have risen 5 of the last 6 years 12, but that s not the whole story. Rising CDR Compounding the impact of CDR, the rate of student loan borrower delinquency is even higher than default rates and has wide-ranging economic implications none of them positive. + 26% of borrowers who entered repayment in 2005 (~ 454,000 borrowers, representing $8.5 billion in loans) were delinquent at some point, but had not defaulted About 35% of a credit score is based on payment history 15 so persistent or periodic delinquency can make financing homes, cars, or new business ventures difficult, or even impossible 2-AND 3-YEAR COLLEGE LOAN RATES ARE THE HIGHEST THEY VE BEEN IN NEARLY 2 DECADES & 13. Bidwell, Allie. Student Loan Default Rates Rise for Sixth Year. U.S. News & World Report. Web. October Delinquency: The Untold Story of Student Borrowing, March 2011, Institute for Higher Education Policy. 15. How Late Payments Can Affect Your Credit, creditkarma.com, THE LIFELONG EFFECTS OF MISMANAGED DEBT 5

6 Changing student attitudes toward debt starts with proactive, sustained outreach. Students don t always understand the impact of school debt. By engaging them at the point of enrollment, during and after they re in school, we can help them think differently about their finances and the money they borrow to pursue higher education so that they borrow smart, borrow less and repay successfully. AT THE POINT OF ENROLLMENT Help students understand the details of their loans when they take them out so that they appreciate their future financial obligations DURING COLLEGE Help students cope with the pressures of mounting debt so that they proactively create a plan for addressing it and don t leave school before earning a degree AFTER COLLEGE Help graduates deal with the reality of balancing loan payments with the daily cost of living expenses A UNIQUE OPPORTUNITY 6

7 Students come to learn. So teach them what they need to know about debt. Student loans are most young people s introduction to debt. That puts colleges in a unique position to help make a difference that lasts a lifetime. SALT empowers students and alumni to make smarter borrowing decisions and fosters financial skills that last. Students fare much better throughout life when schools: Provide existing students with expert counseling, internship finders, debt management tools, and financial education to help them stay in school and complete their degrees Engage with matriculating students when borrowing decisions are being made so they understand financial aid options, learn about scholarship opportunities, and start them on the path for success Support graduating students with real-world money skills, job search services, and guidance around repayment so they stay on track and become financially healthy alumni A UNIQUE OPPORTUNITY 7

8 Why SALT? As you think about whether to build your own program or find a partner, consider: ASA is a private nonprofit providing neutral financial education, debt management tools and counseling OUR PROGRAM IS THE RESULT OF 50+ YEARS WORKING WITH 1,000,000+ STUDENT BORROWERS With SALT, you can: Reach students where and how they live with well-timed education, advice, and self-paced courses designed from their point of view, in captivating multiple mediums THERE ARE CURRENTLY OVER 807,961 ACTIVE STUDENT MEMBERS 270+ SCHOOL PARTNERS HAVE SUCCESSFULLY IMPLEMENTED OUR PROGRAM Give students access to live one-on-one counseling by 65 trained advisors who can answer their questions objectively and advocate on their behalf, 7 days a week Provide easy-to-use online tools that help students and alumni monitor and manage their loans HOW SALT CAN HELP 8

9 The benefits of SALT are campus-wide: ADMISSIONS ENROLLMENT FINANCIAL AID CAREER SERVICES ALUMNI RELATIONS BUSINESS OFFICE PRESIDENT S OFFICE Your school is more attractive to prospective freshmen when they know they ll get help managing their student loans Knowing how to handle school-related debt helps students believe in the value of their degree and the importance of staying in school to graduation Students will make smarter loan-related decisions throughout college years and be more successful during repayment Expert counseling, job & internship finders and financial education helps students leverage their degrees and achieve the American Dream Real-world money skills and student loan management services help alumni be in better financial shape and increase likelihood of alumni giving Students with better financial skills are less likely to be delinquent or in default, helping you balance tight budgets and your school maintain federal loan eligibility A Financial Education and Responsible Borrower Program helps differentiate your school as a forward-thinking institution that truly prepares students for the real world HOW SALT CAN HELP 9

10 SALT: everything it takes to learn how to manage financing a higher education. What students need to succeed are financial know-how and debt management skills. SALT provides both in simple, engaging articles, videos and tools that answer questions students wonder about, but can t easily find answers to. Questions like, How do you choose the right bank or credit union? How can your credit score keep you from getting hired at a new job? Or When is student loan deferment a good idea? SALT includes: Web content covering 50+ financial topics 20 interactive lessons and tools 12 My Money 101 courses on financial fundamentals and student loans 60+ videos 800+ blog posts 200 articles 24 Federal forms WHAT IS SALT? 10

11 Students like SALT because it works. And it works because students like it. A survey of active student members revealed: 16 USERS RATE SITE CONTENT 4 out of 5 STARS 49% HAVE ALREADY TAKEN MEANINGFUL STEPS TO DECREASE EXPENDITURES 73% WILL CONTINUE TO TRACK EXPENDITURES AND INCOME 98% SATISFACTION RATE FOR LIVE COUNSELING 60% HAVE A BETTER UNDERSTANDING OF TRADE-OFFS OF FINANCIAL DECISIONS 8 out of 10 USERS LIKELY TO RECOMMEND MY MONEY % HAVE TAKEN STEPS TO INCREASE SAVINGS 16. All results from ASA survey of student users WHAT STUDENTS THINK 11

12 The best reason to bring SALT to campus is it works. 3-YEAR CDR ( ) 13.7% 6.8% FOR 2011 COHORT 74% OF PARTICIPATING SALT SCHOOLS SHOW POSITIVE CHANGE IN THEIR 3-YEAR COHORT DEFAULT RATE 93% 93% OF THE LOANS AMERICAN STUDENT ASSISTANCE MANAGES ARE IN GOOD STANDING National Average SALT 85% 85% OF SALT BORROWERS ARE IN GOOD STANDING VS. NATIONAL AVERAGE OF 70% 33,000+ BORROWERS COMPLETED REHABILITATION OVER THE LAST 2 YEARS 168,000+ BORROWER DELINQUENCY CURES PER YEAR 80% 80% DELINQUENCY CURES WITH SALT S PROACTIVE OUTREACH ASA Proprietary data. THE RESULTS ARE IMPRESSIVE 12

13 As these institutions know, financial education and responsible borrower programs make a difference. Alabama A&M University Bard College Carnegie Mellon University Colorado State University Occidental College Georgia State University Howard University Kansas State University Ohio Wesleyan University Quinnipiac University Saint Anselm College Texas A&M University Tufts University University of Maine University of Nevada University of Tennessee University of Texas University of Vermont Washington State University OUR PARTNERS 13

14 Ready to give your students the help they need? Give us a call. At ASA, our vision is to use the higher education experience as a series of teachable moments. We want to revolutionize the way students learn about money, transforming them from passive financial aid recipients to proactive, financially savvy consumers who truly own their student loans and finances. If you re ready to partner with us, please call today. Contact David Snow Help build momentum for bringing SALT to your students. Share this with your colleagues. NEXT STEPS American Student Assistance, ASA, SALT, Money Knowledge for College and Beyond, and corresponding logos are trademarks or registered trademarks of American Student Assistance. Other marks are the property of their respective owners American Student Assistance. All rights reserved. 14

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