Dear Editor,
We are proud that Tufts is a place for vibrant student dialogue on a wide range of social and political issues, but there seems to be a lack of talk among students on one of the most important aspects in the lives of the students: personal finances. Although it doesn't seem popular to talk about finances at Tufts, it is a topic that is relevant for almost all Jumbos, who leave the Hill with an average education debt of $16,454. The average undergraduate will spend 10 years paying nearly $190 a month to pay off these loans — which has a huge impact on career and life opportunities.
While college debt can be frightening, the good news is that Tufts students don't have to go down this road unprepared. The Tufts Financial Aid Office has teamed up with American Student Assistance, a Boston-based non-profit, to launch the new web-based SALT Financial Literacy program.
The SALT website offers tools for students to track their loans, their repayment schedules and their accrued interest. Since paying the bills can be something that often slips students' minds, they can sign up to receive email reminders when their loan payments are due. If students begin to have trouble with their loans, ASA staff will answer questions about loan deferral or refinancing options. Students can take brief online seminars on topics like budgeting, credit card management and identity protection.
SALT is free and students can use the program as little or as much as they want. But since Tufts funds the program, students are only able to sign up while they are students here. Tufts students should have received emails last week issuing them personal links to sign up for the SALT program for free. If students think that they may want to use the program, they should sign up today. And if they need help signing up, they should stop by the Campus Center today between 1 p.m. and 5 p.m. The Financial Aid Office will provide coffee, cookies and hot chocolate to snack on while students sign-up on provided computers.
The world of finances after graduation doesn't have to be scary. With a little bit of thought and preparation right now, students can face their post-graduation years in a smart way. Think about it. Talk about it. The dialogue has to start here.
Sincerely,
Mark Rafferty
Tufts Financial Aid Office
