The short answer is “knowing how money works in the world”. Great, good deal, let’s move on, right?
Not so fast!
You’re in college, and while Washburn makes attending college much more affordable than many other schools, being a student or a recent alumni means that you may have a few extra things to think about.
We want to make sure that when you graduate, we send you out into the world knowing how to manage your money - including your student loans.
Washburn University is rolling out a new program called SALT℠ that you may have gotten a few emails about recently.
What is SALT℠?
SALT is a program started by American Student Assistance that partners with colleges to give you tools and resources to help you manage your money and be sure that you are on track paying back student loans.
Do you know how much you owe? Do you know if your future or current wages or salary will support you when you start paying back your loans? Do you know how to create a budget? SALT gives you lots of tools to figure out how to balance your life goals against your financial obligations. It’s tough to grow up and be a responsible adult sometimes - but we have complete confidence that our Bods can rise to the challenge!
Interested in how SALT works? Let’s take a look!
Below is a screenshot of a sample dashboard from SALT. They import your student loan information and you can set up reminders to pay your bill, choose calculators to help you manage those little daily expenses that end up adding up, and even a job search so you can put your education to work.
SALT also has a blog, where student writers talk about money challenges in the real world, creating and sticking to a budget, and how they’re preparing to face their financial obligations when they graduate. We like this part, since we’re sure you’d rather hear from people that you can actually relate to, rather than us stuffy old College Administrators (that’s what we hear, anyway).
Bottom line: Is this going to cost me anything?
Nope. Not a penny. Washburn University has partnered with SALT to offer these tools and resources completely free of charge to students and recent alumni. We want you to succeed out there in the world without having to worry about money issues. This is a great way to get started.
Use the following links to find additional help in making good financial decisions.
Designed by the Financial Literacy Project at Wichita State University, this site aims to promote college completion by helping college-bound and new college students (and their families) make a sensible plan for managing money—in college and beyond.
A government site that supplies you with articles and guides from different agencies that give advice on money management, understanding loans and repayment, and provides you with access to grants and scholarships.
Money Smart Podcast Network covers topics such as the basics of borrowing money wisely, using a spending plan to achieve financial goals, and how to effectively use banking products. Listen to the audio files online or download them to your portable audio player. Join the more than 2 million people reached through Money Smart!
The Money Smart Computer-Based Instruction (CBI) is a friendly and easy to use learning tool that teaches the 10 modules of the Money Smart curriculum through a computer. The CBI can complement formal classes or enable people to study independently at their own pace. The CBI is for users age 13 and over.
Each module generally takes between 20-30 minutes to complete. Students receive ongoing feedback and, upon successful completion of each module, can print out a personalized certificate of completion.
The National Student Loan Data System (NSLDS) is the U.S. Department of Education's (ED's) central database for student aid. NSLDS receives data from schools, guaranty agencies, the Direct Loan program, and other Department of ED programs. NSLDS Student Access provides a centralized, integrated view of Title IV loans and grants so that recipients of Title IV Aid can access and inquire about their Title IV loans and/or grant data.
Allows you to see your credit score and condenses your credit report into an easy-to-understand format. Also has a simulator to show you how decisions can affect your credit score, along with guides to help you be a responsible borrower.
This central site allows you to request a free credit file disclosure, commonly called a credit report, once every 12 months from each of the nationwide consumer credit reporting companies: Equifax, Experian and TransUnion.