LRAP to Provide “Salt” Resources to all Students & Alumni
LRAP ASSOCIATION AND AMERICAN STUDENT ASSISTANCE PARTNER TO PROVIDE FINANCIAL EDUCATION AND CAREER ADVICE TO COLLEGE STUDENTS AND ALUMNI NATIONWIDE
LISLE, IL (February 9, 2017) – LRAP Association is pleased to announce a new partnership with American Student Assistance® (ASA), a nonprofit dedicated to eliminating finance as a barrier to higher education. Under the agreement announced today, ASA’s Salt® financial education program will be made available free-of-charge to all LRAP-awarded students across LRAP Association’s partner colleges and universities.
LRAP, or the Loan Repayment Assistance Program, helps repay all federal and private student loans, as well as parent PLUS loans, for recipients who earn modest incomes (e.g., $40,000) after graduating from college. LRAP is a financial safety-net provided by colleges and universities to help students enroll at their first-choice institution and pursue their career of choice after graduation, by lessening or eliminating the burden of student loan payments early in graduates’ careers.
Salt’s full suite of digital services includes an online personal finance curriculum; a Repayment Navigator to track loans and compare repayment plans; search engines for scholarships and careers/internships; an online community to ask questions of peers and experts; and blogs, articles, videos, calculators, tools, and apps that teach users how to take control of their finances. Salt users can also access one-on-one counseling with a loan specialist via email and chat. As part of the agreement, ASA will proactively curate and distribute relevant Salt content and courses, particularly around personal finance and career services, to all LRAP recipients.
“The addition of Salt to our program is another reason for colleges, students and alumni to appreciate LRAP,” said Peter A. Samuelson, president of LRAP Association. “Colleges working with LRAP are already helping to address the burden of student loans by providing a financial safety-net. Now, through our partnership with Salt, they can rest assured knowing their students are also receiving the tools they need to improve their financial acumen for life.”
LRAP Association joins 300 higher education institutions, nonprofits and employers in assisting ASA to underwrite the sponsorship of Salt for more than 4 million higher education consumers.
“We believe our efforts will improve both LRAP recipients’ chances of securing a solid career and their preparedness for repayment and other financial challenges they may face,” said Robert Cole, ASA director of community impact. “The LRAP-Salt combination safeguards students against overly burdensome student loan payments, sets them up for a successful financial future, and reinforces the long-time value of a college degree.”
About LRAP Association
LRAP Association enables colleges to make a profound promise to students: if your income after graduation is modest, LRAP will help repay your student loans. LRAP gives many students the peace of mind they need to attend their first-choice college, graduate, and pursue the career of their dreams—even if that means using student loans. By resolving students’ and parents’ concerns about debt, LRAP can help colleges increase yield, enrollment and retention.
About Salt and American Student Assistance
Salt, powered by the nonprofit American Student Assistance, is an education finance support program that helps remove the financial barriers to higher education so students and alumni can freely and confidently pursue their dreams. Salt leverages ASA’s 60 years of experience managing student debt to empower students to successfully plan for, pay for, and repay their higher education. The program is underwritten by ASA as well as 300 higher education institutions, nonprofits, and employers who partner to successfully guide millions of students and alumni through the ﬁnancing process. With a combination of financial education, personalized student loan advice, and straightforward budgeting tools, Salt’s unbiased advisors help them make smart decisions about education costs so they can achieve a positive financial future. Visit saltmoney.org or asa.org for more information.