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UMass women’s basketball handles Duquesne at home -

January 16, 2017

UMass men’s basketball’s late comeback falls short after blowing 15-point first-half lead -

January 15, 2017

UMass hockey outlasted at home against No. 6 UMass Lowell -

January 14, 2017

Hailey Leidel hits second buzzer beater of the season to give UMass women’s basketball win over Davidson -

January 13, 2017

UMass football hosts Maine at Fenway Park in 2017 -

January 12, 2017

UMass men’s basketball snaps losing streak and upsets Dayton Wednesday night at Mullins Center -

January 11, 2017

UMass women’s track and field takes second at Dartmouth Relays -

January 10, 2017

UMass hockey falls to No. 5 Boston University at Frozen Fenway -

January 8, 2017

UMass professor to make third appearance on ‘Jeopardy!’ -

January 8, 2017

UMass women’s basketball suffers brutal loss on road against Saint Joseph’s -

January 7, 2017

UMass men’s basketball drops thirds straight, falls to VCU 81-64 -

January 7, 2017

UMass men’s basketball drops tightly-contested conference matchup against George Mason Wednesday night -

January 4, 2017

Late-game defense preserves UMass women’s basketball’s win against rival Rhode Island -

January 4, 2017

AIC shuts out UMass hockey 3-0 at Mullins Center -

January 4, 2017

UMass professor to appear as contestant on ‘Jeopardy!’ Thursday night -

January 4, 2017

Penalties plague UMass hockey in Mariucci Classic championship game -

January 2, 2017

UMass men’s basketball falls in A-10 opener to St. Bonaventure and its veteran backcourt -

December 30, 2016

UMass woman’s basketball ends FIU Holiday Classic with 65-47 loss to Drexel -

December 29, 2016

UMass men’s basketball finishes non-conference schedule strong with win over Georgia State -

December 28, 2016

Brett Boeing joins UMass hockey for second half of season -

December 28, 2016

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.

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

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