Q: What is your institution doing to make itself more affordable and ease student debt?
A: While Peninsula College is committed to keeping its cost of attendance as affordable as possible through greater efficiencies, we recognize that many students and families must explore multiple options to pay for an education from our institution. We believe that all our students, families, and alumni should have access to the most information possible to help them make wise decisions about financing and repaying their education. We’ve joined with SALT, a financial education resource created by the nonprofit American Student Assistance (ASA), to give our students and alumni the support they need before, during, and after college.
Q: What is SALT?
A: SALT is a multichannel educational membership program that helps students and recent graduates “Face the Red” by empowering them to take control of their debt on a practical, day-to-day level. 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 away that works for them.
Q: How much do students pay for SALT?
A: SALT is offered at no charge to the students and alumni, because SALT’s provider, American Student Assistance, has established a contribution-based model where 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.
Q: How much is Peninsula College paying for its students/alumni to use SALT? Why did you decide to participate in SALT?
A: Peninsula College pays an annual sponsorship fee to support SALT. We’ve chosen to sponsor SALT because we believe that students and alumni deserve the highest level of support as they navigate paying for college, repaying their student loans, and gaining financial independence after college.
Q: Wouldn’t that money be better spent on institutional grant/scholarship aid directly to students so they wouldn’t have to borrow as much?
A: While Peninsula College is committed to keeping student debt levels as low as possible, the reality is that some amount of borrowing is inevitable for most students and families. The cost of our SALT contribution is so low that only a very small number of current students would benefit if our institution were to invest those dollars into grant aid instead. Even then, most students who received the additional aid would still have to borrow. Additionally, investing in more grant aid for current students offers no relief to our alumni who have already borrowed. SALT delivers exceptional value at a very reasonable price in that it supports all of our students and alumni; teaches them how to manage the debt, regardless of how much they have; and prepares them for a lifetime of consumer debt decisions.
Q: Who can benefit from using SALT?
A: College students and alumni who need to become more financially savvy, whether they’ve borrowed student loans or not, can benefit