The University of Maine at Presque Isle’s SALT team has been nationally recognized for its work in getting UMPI students engaged in SALT, a program that helps students to become more financially savvy and better manage their money and student loans. The nonprofit organization American Student Assistance named the SALT team a “Know Your Money” award recipient for Most Creative Program. The only other program to receive this award was from Washington State University.
SALT is a program created by American Student Assistance that UMPI has been involved with for the past four years; the University served as a pilot site for the program in Maine. The goal of SALT is to educate students about loan and money management to ensure a financially independent future. The UMPI SALT Team is composed of staffers from the University’s Student Financial Services Office and UCU Presque Isle branch.
The team was recognized for its creative “SALT Cash Cab event,” a game where students can earn candy and a little pocket money by answering questions about the SALT program. The third annual SALT Cash Cab took place earlier this fall in honor of Know Your Money Day. The game began with a 100 Grand candy bar offered to students who could show the team their SALT wallet cards, which indicate they are SALT members. A laptop was available so students not yet involved in the program could register online to become a SALT member.
A SALT membership card allows a student the unique range of resources the organization provides, which includes applications such as individual federal student loan tracking, strategies for credit card management, budgeting, and SALT expert loan advice.
After scoring candy, students had the chance to earn cash (donated by UCU). They were asked a series of questions related to the SALT Program, and, for every question they got right, they won $1, with the chance to answer up to 5 questions and win $5. Along the way, students had one “shout out” to ask a friend for help, which helped to form a crowd for the event and entice other students to play. Students who got all five questions right had a choice to go “Double or Nothing,” which meant a total of $10, a 100 Grand candy bar, and a SALT Cash Cab Crown for those who won.
“We had many winners and everyone is still talking about how much fun they had with this event and requested us to have it again next year,” Laurie Boucher, UMPI Student Financial Services Staff Associate and SALT team member, said. “Doing Cash Cab is a fun way for the students to learn about loan information and we are so proud that our small University was recognized as a National Winner alongside Washington State University. It shows how much hard work we have been putting into this program.”
The UMPI SALT team will continue its efforts to ensure students on campus know about the free resources available to them through the SALT program. College students and alumni can activate a SALT™ membership by visiting www.saltmoney.org. There, they can sign up and receive benefits that will help in the next step after college graduation and beyond. For more information or get questions answered, call SALT’s Member Support team at 1.855.469.2724 or email them at salt@saltmoney.org. For help with college loans, call SALT’s Loan Counselling Support staff at 1.877.523.9473 or email them at loanhelp@saltmoney.org.