Scrolling Headlines:

UMass basketball lands transfer Kieran Hayward from LSU -

May 18, 2017

UMass basketball’s Donte Clark transferring to Coastal Carolina -

May 17, 2017

Report: Keon Clergeot transfers to UMass basketball program -

May 15, 2017

Despite title-game loss, Meg Colleran’s brilliance in circle was an incredible feat -

May 14, 2017

UMass softball loses in heartbreaker in A-10 title game -

May 14, 2017

Navy sinks UMass women’s lacrosse 23-11 in NCAA tournament second round, ending Minutewomen’s season -

May 14, 2017

UMass softball advances to A-10 Championship game -

May 13, 2017

UMass basketball adds Rutgers transfer Jonathan Laurent -

May 13, 2017

UMass women’s lacrosse gets revenge on Colorado, beat Buffs 13-7 in NCAA Tournament First Round -

May 13, 2017

Meg Colleran dominates as UMass softball tops Saint Joseph’s, advances in A-10 tournament -

May 12, 2017

Rain keeps UMass softball from opening tournament play; Minutewomen earn A-10 honors -

May 11, 2017

Former UMass football wide receiver Tajae Sharpe accused of assault in lawsuit -

May 10, 2017

Justice Gorsuch can save the UMass GEO -

May 10, 2017

Minutemen third, Minutewomen finish fifth in Atlantic 10 Championships for UMass track and field -

May 8, 2017

UMass women’s lacrosse wins A-10 title for ninth straight season -

May 8, 2017

Dayton takes two from UMass softball in weekend series -

May 8, 2017

Towson stonewalls UMass men’s lacrosse in CAA Championship; Minutemen season ends after 9-4 loss -

May 6, 2017

Zach Coleman to join former coach Derek Kellogg at LIU Brooklyn -

May 5, 2017

UMass men’s lacrosse advances to CAA finals courtesy of Dan Muller’s heroics -

May 4, 2017

On campus: The liberal assault on free speech -

May 4, 2017

SALT partners with SaveUp to fight student debt

Cade Belisle/Daily Collegian

SALT, a non-profit free educational resource created by American Student Assistance to assist students in making better decisions about finances, partnered earlier this month with SaveUp, the nation’s first free rewards program for paying down debt.

SaveUp is a free online program that offers users an opportunity to save money and get out of debt through a reward system. A for-profit social enterprise, SaveUp is funded through sponsorships and partnerships. It was founded in San Francisco in 2011. Since that time, it has helped users rebuild over $1 million in savings. The site includes financial education tools and aims to help people become more aware of the issues surrounding debt and its causes.

SALT provides free resources for students to take control of their finances, so it was a natural partnership, according to SaveUp CEO Priya Haji. The website features videos, articles, and a “Money Coach” designed to help students learn about savings plans, repayment options and how to control their debt.

“SALT is one of the largest student loan guarantors in the country,” Haji said. “They are very motivated and they moved quickly on the partnership.”

The two organizations have entered into a collaborative co-marketing agreement in which they will be helping each other reach millions of new people, according to Haji.

“It’s designed to appeal to people used to social interaction,” Haji said. As a result, it’s the 20-35-year-old crowds that use the site most often and benefit the most, according to Haji.

This age group is the one that faces the most debt. According to the Federal Reserve Bank of New York, 14 million people under the age of 30 held student loan debt in 2012. The average amount of loan debt is more than $26,600, according to the Project on Student Debt.

“We want to reach every campus in the US,” Haji said. “We want to make SaveUp the tool of use for college students.”

Haji noticed that while the recession was affecting younger people as they tried to establish their professional lives, at the same time student loans were growing in record numbers. In response, she created SaveUp, which she calls “a fun way to organize your finances and get rewarded for doing the right things.”

According to Haji, the program is designed using behavioral economics. It is specifically designed in such a way that people will become addicted to it. The addiction, however, is not to spending, but to saving money. The user receives points for saving money and paying off loans and credit card payments, as well as for watching educational videos related to finances.

“The goal is for people to strategically rebuild their savings,” Haji said.

Credit card debt can also be a severe problem for recently graduated students.

“Credit cards are not inherently bad,” Haji said, “if they’re used the right way. Building up credit is important, but not at the expense of your future.”

Presently, the two websites differ in that SALT provides information and resources for students, while SaveUp provides incentives and games for anyone facing debt. It’s a partnership that makes sense, according to Haji, and it’s her hope that the two websites can help eradicate student debt.

Eleanor Harte can be reached at eharte@umass.edu.

Comments
One Response to “SALT partners with SaveUp to fight student debt”
  1. Incredible, such a useful web-site.

Leave A Comment