Student financial debt is a growing problem in the United States. Americans now owe more than $1 trillion in student financial debt, surpassing credit card debt. Undergraduate borrowers who graduated in 2012 owed on average $29,400 in debt, a 25 percent increase from just four years earlier.
At the same time, the default rate on student loans is growing, damaging borrower's credit, making it difficult for students beginning their careers to obtain mortgages, car loans and other types of financing.
To address the issue of financial literacy among students, Clackamas Community College has teamed up with SALT™, a financial education resource created by the nonprofit American Student Assistance (ASA), to empower students and recent graduates to take control of their student loan debt on a practical, day-to-day level.
"When managed properly, student debt is a great investment in the future and the foundation for building good credit," said Chippi Bello, director of Financial Aid at CCC "Where students run into trouble is when they don't have the proper information or skills to make financial decisions in their best interest."
SALT, available online at saltmoney.org, is a dynamic, multichannel educational program that teaches students and alumni how to borrow less for college, borrow the right types of loans, make repayment stress-free, and build money skills for life. Students can subscribe to the SALT website where there are numerous videos, tools, articles and even comics offering information on smart money management and decisions.
CCC joins a growing number of colleges and universities across the nation that have partnered with SALT. Several community colleges in Oregon have partnered with SALT including Rogue, Southwestern and Klamath community colleges.
ASA is a nonprofit organization with more than 50 years' experience helping people make better decisions about financing their education and repaying student loans.
For more information, please contact Chippi Bello, director of Financial Aid at CCC at 503-594-3099 or Chippi@clackamas.edu.