Holy Cross Teams up With SALT to Provide Financial Literacy Resources for Students and Alumni

The College of the Holy Cross 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 personal finances.

SALT, available online at saltmoney.org, is a dynamic multichannel educational program that teaches students and alumni how to borrow less for college, make repayment stress-free, and build money skills for life.

Holy Cross is one of a select group of colleges and universities across the U.S. that accept students regardless of their ability to pay (“need-blind admissions”) and then meet 100 percent of demonstrated need.

Nearly two-thirds of Holy Cross students receive some form of aid, typically in a package that combines scholarships and grants, loans, and work-study employment. In this year's enrolling class, nearly half received Holy Cross scholarships, with an average award of more than $29,500. “That said, many Holy Cross families have to borrow money to pay for college,” says Lynne Myers, director of financial aid at Holy Cross. “It’s important for students and families to have a close relationship with their money and understand how they are spending it. We are excited to be taking on a leadership role in higher education and providing a program to our students to help them become financially literate during college and beyond.”

The program combines online and offline interactions to deliver decision support, engaging financial education content, and one-on-one loan repayment guidance in a simple, useful, and motivating experience.

Holy Cross joins a growing number of higher education institutions nationwide—from four-year private institutions to public institutions and community colleges—that have already signed on with SALT.

As a public purpose nonprofit organization, ASA is committed to offering full SALT services free of charge to students and alumni whose higher education institutions participate in the program. In order to do so, ASA has established a contribution-based model whereby 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.