SALT program at Plymouth State University aims to help students with finances

Plymouth State University (PSU) has taken action in helping students with their finances by bringing SALT, a free educational program that helps college students to manage their student debt, loans, and more, to the university. 

Money and debt is a large issue when it comes to college students. Students are constantly on a tight budget because of rent, food they need to buy, bills to pay, etc. Keeping track of all of this can be difficult for a student. What can be even more challenging is managing their debt and finances in terms of college.

That is why PSU has teamed up with SALT this past year in order for students to gain knowledge over their finances.

According to the SALT website, the program was “created by American Student Assistance (ASA), a nonprofit organization with 50+ years’ experience helping people make better decisions about financing their education and repaying their student loans.”

The purpose of the SALT program described by the website as way to provide students with “a free educational resource that provides simple, smart, personalized ways for college students and recent graduates to take control of their student debt and manage their finances.”

“SALT can help students with tracking and planning out their student loans. You can speak with SALT representatives and get personalized guidance with loan questions, and even how to communicate effectively with lenders. On the web page there are also many ways to find scholarships, internships, and even jobs. There are also many articles and money courses that can teach users how to be money smart” according to PSU SALT Ambassador, Alexa Moore.

The website is broken down into categories that focus on different topics in regards to student finances.

My Money 101 provides students with interactive money lessons that help students learn about topics such as budgeting, credit cards, financial aid, student loans, and loan repayment.

Goals assists students in becoming more money savvy by providing articles and advice in learning the basics, paying for school, paying bills and student loans, making large purchases, and career goals.

Loan Help offers students a chance to determine and “keep track of all your debt in one place see how your student loans, car payments, credit cards, and more impact your finances” as stated on the SALT website. Students can also review loan payment plans, overcome missed loans payments, and reduce and eliminate their loans.

Resources provide students with the forms, terms, tools and apps, as well as lessons in getting the help they need in regards to their finances.

Lastly, Connect allows students to join together and talk about student loans, debt, and more on their blog site. Students also have the ability to chat live with a SALT representative to learn more about the program and get their questions answered.

When talking to fellow PSU students, many knew of the SALT program, but did not know what the program details and what it had to offer for them as students.

“I am aware of the SALT program and I am part of the website, however I do not know how to use it and I do not know what to use it for, so I have done nothing with the program” as explained by sophomore Elizabeth Gagnon.

“I have heard about [SALT] and seen their booths in the HUB but I am not sure if I am a part of [the program]” states sophomore Jamie Hunt.

Other students, such as junior Dana Caggiano, knew about the program, has an account and used SALT to find and apply for scholarships.

PSU has been making an effort over this past school year for students to become more aware of the SALT program. PSU wants students to become involved and come to learn what benefits the program can do for them as students. 

“We send emails periodically. And about 2 weeks ago our six week ambassador program ended. We tabled about 3-4 times a week in the HUB and activated 433 students in that time. We also had an ice cream social in front of the hub. Last semester we had a pinata event. We lost periodically on the Financial Aid twitter and Facebook accounts. We also meet with clubs and organizations and try to promote it in class. Basically anything that we think will work we do it” according to Moore.

Plymouth State and SALT have established a connection because they want students to succeed and how much this program can benefit them.

“Students should be using this SALT program because of all the different ways the program can benefit them [as she explained in an earlier statement]. Students should take advantage of this program now while it is free, and being offered to them. PSU is paying for this service, and students should use this opportunity to take control of their finances and student loans” states Moore.

Though financial aid at PSU has been stretched to its limits, SALT can be a way for students to find new ways to get themselves the assistance they in order to continue their education.

“SALT teaches students how to manage all their finances, and be smart about the loans they do need to take out. By being knowledgeable about money and the loan process can show students that loans are not the only option. The scholarship option on saltmoney.org is a great alternative to students who are having trouble meeting the tuition costs” as explained by Moore.

Moore also explained that SALT is showing students that taking out more loans are not the only option when it comes to covering the cost of tuition.

“SALT also teaches students that loan debt is not the end of the world. As long as you budget properly, only take what you need, and make use of the many different repayment and loan forgiveness programs, paying student loans back should be a simple and almost painless process for all students” says Moore.

The bottom line is that overall most Plymouth State students will do what they need to do in order to stay at Plymouth State University. Even though the students will be in debt for quite some time after they graduate, they realize that it is worth it in achieving their future career aspirations.

Yes I would [do what she has to do to stay in college]. I'm slowly paying everything off. I already finished paying off my first two years of school. But I am grateful for the education I am getting here” states Caggiano.

PSU has taken action to help students the best they can in regards to their finances by bringing programs such as SALT to the university. PSU understands how difficult it is for a college student in today’s world and want to help as much as they can.

“PSU absolutely does the best they can to allocate their limited funds in both need based and merit aid to PSU students. We [PSU] also do our best to allocate need based funds in the most equitable and fair manner possible” according to Financial Aid staff member Crystal Gaff.

Some might disagree, but Plymouth State University does care and they want every student to be able to attain their degree and have a successful life.

“PSU wants our students to graduate and be successful. That is what we are HERE for! And, in my opinion, this is the most caring community of people I have ever encountered” says Gaff.

By taking advantage of what PSU has to offer, students do have the ability to make it through college. It might take some time, but students know that paying all this money will be worth it in the future.

Cost of college continues to rise with financial help becoming smaller at Plymouth State University

Plymouth State University students are struggling to continue their higher education due to rising costs in tuition, housing, books, and more. While all these add up, the financial assistance students receive is changing every year.
 

Like most colleges and universities around the nation, Plymouth State University (PSU) has been experiencing rises in cost of attendance over the past several years. Whether the student is or is not a resident of New Hampshire, they are being affected.

Liz Gagnon, a sophomore Elementary Education major at PSU, expresses her thoughts on the rising cost of attending PSU.

“As an in-state resident, I chose this college because it was the only one I could afford. The rising cost of tuition adds more stress to me each year…and I don't understand it considering we don't get heat and hot water half the time.”

Collegefactual.com, a website that helps students in determining what college to attend and the costs involved, stated that “tuition for out-of-state students attending Plymouth State University increased at an average annual rate of 4.7% over the past 5 years” and “fees grew by 6.6%.”

Collegefactual.com also illustrates a chart to demonstrate the increase in tuition and fees over the last several years and potential future for Plymouth State students.

According PlymouthState’s Student Account Services, next academic year (2014 – 2015) will cost an in-state resident approximately $10,410 for tuition, not including fees. A non-resident tuition will be even more with an estimated cost of $18,320 not including fees. 

The main question in all of this is what is causing this price jump, particularly over the past few years. PSU finance staff member Linda Dauer gives her take on the increases in tuition.

“In FY12 [fiscal year, 2012] PSU experienced a $6.5 million reduction in its state appropriation.  Being a state university, the appropriation is intended to offset the cost of tuition for NH students.  Prior to FY12, the university generally received a 3% increase in its annual state appropriation and some level of tuition increase for both in-state and out-of –state students.” 

This chart, given by Dauer, shows the state appropriation given to Plymouth State over the past few years.

“You’ll note in the chart that we did receive some of the appropriation back in FY13 and FY14 but under the condition that the tuition rate for NH students would stay flat” states Dauer. 

Dauer also explained that “these increases helped to cover salary; utility, deferred maintenance, financial aid, and other operating cost increases. The university continues to work hard to reduce costs in every way possible to mitigate the impact to its students.”

Adding these costs in with housing, meal plans, and books, all which have a price tag themselves, leaves students to have to get help. They are relying on PSU to provide them with financial assistance whether that is in scholarships, loans, or grants. 

The university receives a certain amount in federal assistance each year which is determined by the Board of Trustees. This budget is used in distributing financial aid to each student. Dauer specified that this year’s institutional financial aid budget was $9.91 million. 

Student’s feel that the amount of financial assistance they are receiving from PSU is decreasing each year they attend. For example a freshman at PSU would likely receive more grants than a senior. 

“I feel that I am receiving less each year. It's like my parents make too much money for me to receive a lot of financial aid but at the same time they don't make enough to send me to school so we then need to take out loans” according to sophomore Early Childhood Education major Jamie Hunt. 

However, Crystal Gaff, from the PSU Financial Aid staff, states that financial aid actually does not decrease but rather fluctuates based on the student’s Expected Family Contribution (EFC). A student’s EFC is determined when they fill out their FASFA form each year. 

“A student’s financial aid package approximately stays the same every year. It might vary from year to year…little more in loans, less in grants.”

Gaff stated that a student’s financial aid is first based off how eligible they are for federal aid. Then PSU has its own formula to equitably distribute the school’s limited funds.

The rising cost of attendance may seem small compared to other schools, but it does have an impact on the students. 

“Every year that I [Gagnon] have attended PSU I have received less and less financial aid. My family's expected family contribution went up this year, and as a result I lost two scholarships that I have received in the past two years.”

Hunt, a sophomore Early Childhood Education major, is getting help from her parents to attend PSU but worries that the continuing rising costs will cause that to change. 

“I am a resident of New Hampshire, so I am paying in-state tuition. As of right now, I am not paying for school, my parents are. But it is still stressing me out because I am afraid that at some point they are going to tell me that I will be on my own and I don't know what I would do.”

Every student at PSU receives some sort of financial assistance each year. Federal Student Aid gives each PSU student an unsubsidized loan every year. The Federal Student Aid also gives students who they feel are in greater need a subsidized loan as well.  

“I receive a Federal Direct Subsidized and Unsubsidized loans each year, as well as the TOPS Scholarship and Federal Work Study” according to Gagnon. “The amount of financial assistance I received from PSU this year covered $12,487 of my overall cost of attendance ($25,650).”

Hunt also receives both the Federal Subsidized and Unsubsidized loans totaling to $7,500 out of her total cost to attend PSU for an in-state resident ($25,650). 

Dana Caggiano, a senior PSU student, gets financial assistance from loans and work study, but only covers about half of her total cost. However, since she will be staying an additional year she will not be eligible for federal loans.

Not having all costs covered to attend PSU brings stress to students. Students have had to do extra in order to stay at Plymouth State.

“I have had to take out loans as well as borrow money from family members to help pay for college. I also have three jobs that I work during the school year, and one during the summer” states Gagnon.

Caggiano has to work three different jobs throughout the year to cover expenses as well as get private loans through her bank.

“I do have a job on campus during the school year as well as at home during the summer and winter break to help ease the costs for books and other things I need for school.” according to Hunt.

Though students need more help to get through college in today’s world, financial assistance has run thin. Plymouth State has given as much money as they can to every student based on what they are eligible for.

PSU realizes that this is an ongoing problem and it is not getting any better. They have taken action to alleviate some of these worries by bringing educational programs such as SALT to PSU. The next blog post will talk more about this program and all it has to offer!