2014 Annual Report - American Student Assistance

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2014 Annual Report - American Student Assistance
options
and I like options.”
“I’ve had student loan issues for the last
20 years; your service relieved me of a lot
of the stress that I’m under at this time.”
“Empathy.
“I highly recommend
anyone else to call SALT.”
It gives you
a peace of mind to know there’s
somebody else helping you out.”
“Took the time to reclarify
things and I really appreciate it.”
“Professionalism;
put me at ease; gave me
“He’s amazing; our family feels a lot
of relief since speaking with him.”
Unlocking Opportunity:
Revolutionizing the Way Students Approach,
Finance, and Repay Higher Education
2 014 ANN UA L R E P O RT
Table of Contents
1
Letter from the President
2
Turning Debt on Its Head—From Barrier to Opportunity
5
About American Student Assistance
7
A Look Back/2014
OUR WORK
10
11
12
13
14
15
16
17
18
Elevating College Students’ Money Knowledge
Building a Money Knowledgeable USA—One Community at a Time
Unlocking Opportunity, Changing Lives
Working With Like-Minded Partners: The Boys & Girls Club of Dorchester, Massachusetts
Working With Like-Minded Partners: The Hispanic Association of Colleges and Universities
Working With Like-Minded Partners: Experian
Serving the Community
Assisting Older Americans With Education Debt
Helping Maine Tackle College Affordability and Student Debt
FINANCIALS
19
20
Consolidating Statements of Activities
Consolidating Statements of Financial Position
22
Leadership, Council Members, and Partners
LETTER FROM THE PRESIDENT
Paul Combe
President & CEO
The road to the American Dream begins with higher education. For the individual, it remains the surest path to social and
economic mobility; for society, it is the way to greater equality and a more competitive workforce.
Today, paying for higher education successfully can be a decades-long proposition; it can be a long road from thinking
about how to pay for college to making a final installment payment on a student loan years after graduation. Unfortunately,
that long road, for far too many Americans, is paved with financial missteps that reduce the economic advantage a higher
education bestows on both the individual and society at large.
Imagine how much stronger our nation could be if college students made wiser financial decisions during their college
careers, so they didn’t have to live like a student long after they’ve finished being one. Or if alumni had enough financial
know-how to manage student loan repayment effectively, so they didn’t damage their credit or face garnishment of wages,
tax refunds and Social Security benefits. Or if parents didn’t have to jeopardize their own retirement savings and financial
security because they clearly understood the best way to pay for their children’s education.
At the nonprofit American Student Assistance®, we aspire to make this possible. We believe that those who pursue college
shouldn’t be left worse off financially than those who don’t. A college education should be a step up—not a set up for
financial ruin.
That’s why, every day, American Student Assistance helps people realize the full economic benefit of investing in higher
education, by empowering them with money knowledge for college and beyond.
We help high school students and parents evaluate the best options to pay for postsecondary education, and boost their
financial skills. We assist adult learners to overcome financial barriers to completing their education. We teach college
students how to borrow less and borrow smarter. We counsel alumni on how to manage student loan repayment more
effectively. We give more mature borrowers, with longstanding student loan delinquencies and problems, the tools and
knowledge they need to take control of their situation and find definitive solutions. And we inform policymakers of the
challenges facing student borrowers and advocate for policies that alleviate their burden.
The impact we’re having on people’s lives—the peace of mind they get from learning how to pay for higher education
responsibly, or the relief they feel after resolving enduring problems with their student loans—is reflected in the
testimonials highlighted on the cover of this year’s Annual Report, as well as some of the individual stories told on the
following pages. The voices of the people we help speak loudly to the critical need for the work we do.
Yet we recognize there is still so much more to be done—and we know we can’t do it alone. To date we’ve partnered with
more than 300 higher education institutions, nonprofits, foundations, and representatives of the corporate sector to bring
our programs to those who need it most. This year’s Annual Report honors and thanks the committed partners who make
our work possible.
Looking toward the future, we seek to broaden our network of like-minded, socially conscious partners—those who see
value in better informed, better prepared, college-educated consumers—so that we can reach more students and alumni,
deepen our offerings, and secure sustainable funding that will ensure our resources continue to be available for years to
come. As you read through this year’s report, I hope you’ll be inspired to join us in creating a fiscally strong, educated nation
and I invite you to contact me directly to learn more about partnership opportunities.
Sincerely,
Paul Combe
President & CEO
American Student Assistance
[email protected] 617.728.4500
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American Student Assistance / 2014 Annual Report
Turning Debt on Its Head—From Barrier to Opportunity
A Growing National Economic Issue
Higher education is one of the best investments one can make, delivering proven long-term benefits to both the individual and society. But the
process of paying for college can overwhelm students at the outset and long after they’ve left school, preventing them from unlocking their future
potential. Today almost 50 million Americans, across all generations and demographics, carry more than $1 trillion in higher education debt. By
some estimates, nearly half of them have had difficulty retiring it.
The mismanagement of student debt has harmful impacts on both individual borrowers and economies at the state, regional and federal level.
Newly minted college graduates, once the engines of entrepreneurship and budding consumerism, find themselves so hampered by student loan
payments they can’t start the businesses, buy the homes, or form the households that make our economy run. Meanwhile, mid-career workers
can’t save adequately for retirement when they’re caught between paying off their own education debt and putting children through college, and
retirees who carry student loan payments into their golden years face Social Security garnishment.
As a result, how we pay for higher education in the United States has transcended from an education policy issue to an economic issue; student
debt has moved from a personal problem for the individual to a social challenge for us all. Now, our nation stands at a crossroads. The solution
cannot be less education. Higher education remains the key to economic mobility for the individual and greater equality for society overall.
College graduates still earn significantly more over their lifetime than non-graduates, enjoy better health and civic participation, grow tax rolls, and
rely less on government funded services.
At the same time, we cannot eliminate the need of most students and families to rely on student loans as they shoot for their education dreams.
While higher education institutions and lawmakers must do all they can to keep college affordable, the reality is that a dramatic decline in college
tuitions, or a rapid ramp-up in parents’ savings, government-funded grants or scholarships, is simply not on the horizon. We will continue to rely on
debt to finance higher education. And, we must deal with the 50 million Americans whose existing education debt is a reality.
A Practical Solution
We must look to a different solution, one that is relatively simple, yet highly effective—and often overlooked in the national dialogue. We must
teach students how to successfully complete the key to their American dreams, a college degree, in a financially responsible way. We must equip
them with the tools and knowledge they need to confidently approach, manage, and pay back their student loans. We must transform the student
loan process into the ultimate teachable moment so we can give students financial skills for life that will turn them into the competent, confident
consumers on which our economy depends.
A New Model for Empowering Education Consumers: SALT
To ensure that more people have access to all the opportunity and economic advantage higher education provides, American Student Assistance
has created SALT®, a new model for delivering the money knowledge students need to succeed in higher education today—and in the 21st century
as an American consumer.
Consistent with our nonprofit public purpose mission, ASA® is committed to offering SALT to students and borrowers for free. To that end, SALT
is enabled by multiple partners across public and private sectors who contribute in a number of ways, from funding, to access to students and
alumni, to dynamic content and more. This support extends the reach of our services, amplifies our impact and ensures the program can benefit
students and alumni far into the future.
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American Student Assistance / 2014 Annual Report
Launched just four years ago, SALT is achieving considerable momentum. The number of higher education institutions we partner with has more
than doubled in the last two years; student and alumni activations of SALT accounts grew fourfold from 2013 to 2014, totaling nearly one million
to date; and we continue to expand the scope and variety of our partnerships to include like-minded, socially responsible nonprofits, membership
associations, state and municipal governments, and corporations who support SALT financially and in other ways.
A Win-Win for All
The work we do to build the financial capabilities of education consumers brings shared benefit to multiple sectors, from local employers to
municipal and state governments, to higher education institutions and Fortune 500 companies. Higher education institutions see retention,
completion and alumni giving rates rise when students are less likely to drop out due to financial concerns, more likely to graduate on time to save
costs, and more likely to give back because their debt is not a burden. Corporations win when customers are more financially powerful, and when
college-educated employees can be more productive at work because they’re spending fewer hours worrying about finances. Governments and
taxpayers see tax rolls grow and assistance programs shrink when more citizens go to, complete, and repay college successfully. And economies
thrive when educated, financially capable Americans can once again buy homes, cars, and consumer goods.
Let’s Work Together
Shared benefits require a shared commitment. As such, we look to partner with stakeholders across all sectors with a united interest in the longterm financial success of postsecondary students. Together, we can create a virtuous cycle that breaks down the financial barriers to education,
helps more people achieve their dreams, and helps them maximize all the economic benefits a higher education should bestow. The more
we work together, the farther we extend our reach, the more people we engage, and the greater impact we have. With your assistance, we can
continue to offer programs and experiences to more students, inspiring measurable change and enabling more people to achieve their dreams.
To learn how you can help support American Student Assistance’s nonprofit mission and promote our SALT financial empowerment
program, contact ASA President and CEO Paul Combe at 617.728.4500 or at [email protected]
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ABOUT
AMERICAN STUDENT ASSISTANCE
MISSION
American Student Assistance is a private nonprofit dedicated to opening the gateway to opportunity by
revolutionizing the way students approach, finance, and repay their higher education.
We do this by providing student loan education, and enabling the development of financial competencies
through the use of innovative web-based tools and trusted, neutral advice—all free of charge to students
and alumni.
American Student Assistance
For nearly 60 years, American Student Assistance has continuously revolutionized the way students approach, finance, and repay higher
education. In 1956 we pioneered the guaranteed student loan model, whereby a guarantee fund functioned as a form of insurance to
mitigate lender risk. The guaranteed student loan program spread to other states and then was adopted nationally, growing exponentially
over the years into a multibillion-dollar-a-year industry.
As a nonprofit with a public purpose mission, ASA began to recognize in the 1990s that the greatest public “need” in the federal student
loan program was no longer ensuring private lender participation through a guarantee, but instead guaranteeing that students could
successfully retire the education debt they took on. Through an analysis of its own guaranteed loan portfolio, the organization found that
approximately two-thirds of student loan defaults were due to the borrower’s lack of knowledge about available options and repayment
plans to deal with the debt before default occurred.
Starting in 2001, ASA began to test the concept that developing a positive, consumer relationship between the borrower and ASA early
in the process could positively affect the borrower’s repayment habits. At the core of ASA’s research was a very simple hypothesis: Given
the right information at the right time, no borrower working in good faith to repay his loan should default. We believed—and continue
to believe—that proactively providing borrowers with information on repayment options and general debt management skills, before
problems set in, will help them to better keep on track with their student loan payment, avoid credit problems, build a better credit record,
and achieve more holistic financial health.
Using these best practices, ASA created a series of proactive communications and campaigns targeted to borrowers at critical junctures,
such as right before the first payment due date, if the borrower dropped out before completion, etc. These communications achieved
remarkable results, including student loan default rates that beat the national average by greater than 50 percent; an average decline in
delinquency rate of approximately 50 percent among contacted borrowers; and savings to taxpayers of more than $122 million through
default prevention.
Today, we’ve taken the lessons learned during our successful experiments in the 2000s and expanded the scope, the reach, and the
delivery of our offerings in our financial education membership program “SALT.” SALT is a broad range of financial education and debt
management services that work across the student lifecycle to provide advice before college, encourage college completion, empower
successful student loan repayment, and open the door for future achievement.
SALT Services
College financing continuum
COLLEGE PLANNING
FINANCIAL EDUCATION
for high school students
and parents, and adult learners
PRE COLLEGE
FINANCIAL EDUCATION
EDUCATION DEBT MANAGEMENT
EDUCATION DEBT MANAGEMENT
FINANCIAL EDUCATION
for college students
and recent alumni
for alumni, parent borrowers,
and older Americans
IN COLLEGE
POST COLLEGE
College Planning in Massachusetts
ASA’s College Planning team helps young people and adults from all backgrounds plan to pay for college and find sources of financial aid.
Many of our programs, backed by a wide range of supporting partners, focus on improving college preparation, enrollment, and success
for students traditionally underrepresented in higher education.
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American Student Assistance / 2014 Annual Report
Our College Planning Centers, located in Greater Boston communities with high need, provide guidance on choosing a college, applying
for financial aid and scholarships, managing money, and choosing a major or a career. Through our School-Based Programs, advisors
work with students, specifically those who have the potential to succeed in higher education but are unlikely to enroll without guidance
and encouragement, and their parents during and after school, offering tutoring, peer mentoring, college visits, and career and college
workshops.
Additionally, together with The Boston Foundation and other college access professionals throughout Boston, we support the Success
Boston initiative that helps Boston Public School graduates complete their studies at Boston-area colleges. We provide individual
assistance with the financial aid process, course registration, and other challenges that students face in the transition from high school to
college.
American Student Assistance also supports College Goal Sunday, a national initiative that helps students and families prepare their
financial aid applications, and we partner with a wide variety of organizations and nonprofit groups throughout Massachusetts to bring
college planning services to the community.
Financial Education
SALT, available online at saltmoney.org, uses a combination of online and one-to-one interactions to empower students and alumni to
confidently approach, manage, and pay back college costs while gaining financial skills for life. SALT delivers services built around the
student—before, during, and after college. Free to all who sign up is access to the program’s easy-to-use online tools and calculators
to monitor and manage loan repayment, tailored educational articles and unbiased resources, videos, and search engines for jobs,
internships and scholarships. Students, alumni, or employees associated with a SALT sponsor also receive access to “My Money 101 ” selfpaced online financial education courses and personalized one-on-one loan repayment counseling via phone and live chat. SALT’s 300
sponsors, which include higher education institutions, nonprofits, and corporations, along with American Student Assistance enable the
provision of the program to more than 3.5 million current and former students free of charge.
TM
Using active engagement methodologies, SALT targets the transition from college to the “real world” through a series of teachable
moments and then reinforces them with practical tools and the opportunity to share ideas and experiences via an online community of
members. The program is delivered in multiple content formats and multiple channels to satisfy different learning styles, and enriches the
user experience by tracking individual preferences and storing outputs for a more personalized experience.
Education Debt Management Services
After students leave college, ASA provides ongoing proactive outreach, helpful advice and in-depth counseling about repaying student
loan debt. Our education debt management services are provided to student loan borrowers who attended a higher education institution
that sponsors our SALT program, as well as to our “legacy” borrowers who hold existing Federal Family Education Loans guaranteed by
American Student Assistance prior to 2010.
Our education debt management services are built on a simple principle: Given the right information at the right time, no borrower working
in good faith to repay his loan should default. Over the past 15 years, we’ve proven that providing borrowers with timely, ongoing, relevant,
and actionable information on repayment options and general debt management skills, helps them prevent student loan repayment
problems before they set in, build a better credit record, and achieve more holistic financial health.
Our proactive delinquency-prevention services both ensure better loan outcomes for borrowers and safeguard taxpayers’ investment in
the federal student loan program.
ASA’s borrowers receive helpful communications and reminders tailored to key points along the student loan process, such as the first
payment, early withdrawal or transferring to another school, or missing a payment. Additionally, our Call Center counselors take the time
needed to diagnose and resolve student loan issues, providing multilingual services in Spanish, French, Haitian Creole, Cantonese, and
Mandarin. Counselors do everything from helping borrowers choose the right payment plan, to assisting them in contacting their loan
servicers, to even finding custom solutions for severely delinquent and defaulted loans.
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American Student Assistance / 2014 Annual Report
A LOOK BACK/2014
Student and alumni
member activations in our
SALT financial education
program grew to nearly
1 million.
More than 60,000
SALT members raised their
financial knowledge and
confidence by completing
100,000 courses in
SALT’s My Money 101™
personal finance curriculum,
for an average exam score of
nearly 90%.
Our student loan cohort
default rate was less than
half the national average,
74%
of our SALT
and
higher education institution
partners showed positive
change in their student
loan default rate.
Members and student loan borrowers
interacted with the SALT site and
counselors more than
2 million times.
94% of the Federal Family Education Loan borrowers and
87% of SALT borrowers in American Student Assistance’s
care stayed in good standing, vs. the national average of 70%.
Our SALT website received more
than
page views
a month—and an average of 3,000+
visitors per day.
500,000
98% of students and alumni
who spoke with a live counselor said
they were satisfied or extremely
satisfied.
Severely delinquent student loan borrowers who engaged with
70%
more likely to resolve
our counselors were nearly
their delinquency than those who did not engage.
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American Student Assistance / 2014 Annual Report
We expanded our education debt
management support channels to
include phone, email, live chat, and an
online community.
We INCREASED our digital
financial literacy offerings to more
than 1,200 pieces of web content—
and growing.
We published nearly
50 blog posts for
the U.S. News and World
Report “Student Loan
Ranger” blog for more than
380,000 views by readers.
Our College Planning team served more than
18,000 Greater Boston residents through
our Centers, school-based programs, outreach
activities, Success Boston, and a toll-free Call Line.
In our role as FFELP guarantor,
we helped nearly 18,000
borrowers rehabilitate
defaulted loans, clearing in excess
of $558 million from their
credit histories.
We conducted outreach to 40,000
student loan borrowers in the military to
alert them to their rights and benefits.
66 higher education
institutions participated
in the first annual
“Know Your Money Day,”
signing up more than
1,500 students
for SALT.
Our SALT partnerships grew to more than
300.
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American Student Assistance / 2014 Annual Report
OUR WORK
Tatiana Andrade
Student, SALT Ambassador
Elevating College Students’ Money Knowledge
Tatiana Andrade has always had a passion for all things financial.
“My parents weren’t the best at managing money,” says Andrade. “It was frustrating. I remember when I was in the tenth grade, my older
sister and her husband met with a financial planner to get a grip on their finances. I thought it was the neatest job and ever since then I’ve
dreamed of being a financial advisor to families.”
Tatiana’s getting a head start on her ambitions as a SALT peer ambassador at Stonehill College. The SALT Ambassador Program
leverages the power of peer-to-peer interaction by empowering student leaders on a campus to promote ASA’s financial education
program, SALT, and financial literacy to their fellow students. SALT ambassadors increase awareness of the program by integrating it into
existing campus events and performing campus outreach, and they raise their peers’ financial acumen through presentations on student
loans, budgeting, and repayment options.
Though she started her ambassador role as just a freshman, Tatiana has presented to Stonehill classes from freshmen to seniors and she
partners with offices across campus to spread the SALT word. “I’ve worked with the Health and Wellness department and Career Services,
and this year I’ll be working with Stonehill’s communications staff a lot more to use social media and create a SALT resource page on
Stonehill’s website.”
Tatiana will also soon kick off SALT one-on-one peer sessions. “Stonehill Financial Aid is converting one of their offices into the official,
‘SALT room’, so I can hold office hours and provide more in-depth-training on how to use the SALT website (saltmoney.org).”
Tatiana says the SALT ambassador program has been invaluable in helping her develop leadership and public speaking skills, as well as
sharpened her own money management ways so she can practice what she preaches. “I’m paying the interest on my student loans while
I’m in school so I won’t owe as much at graduation,” she says.
Being a SALT ambassador gives students like Tatiana a chance to not only pay it forward to younger students, but also pay it backward as
well. “Now I help my parents budget,” she says proudly. “They’re starting to see that I know what I’m talking about.”
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American Student Assistance / 2014 Annual Report
Ribbon-cutting ceremony to celebrate launch of SALT “VancouverUSA” partnership
Building a Money Knowledgeable USA—One Community at a Time
Communities prosper from highly educated, financially capable workforces. Tax rolls grow, and government spending decreases,
when citizens pursue and complete higher education, earn higher incomes, and rely less on public services. But the opposite is also
true. When residents don’t complete college, or they fail to realize the financial benefits of their degree because of student debt, the
trickle-up effects are felt throughout the entire community.
“Unless we provide our students with tools to navigate education debt and build financial competencies, we will see low college
completion rates, limited job prospects, decreased sales of homes, autos and consumer goods, and higher incidences of stressrelated illness within our community,” explains Sarah Arslanian, American Student Assistance Manager of Community and
Corporate Engagement.
So Sarah set on a mission to raise financial IQs, starting in her own backyard of Vancouver, Washington. “My role at ASA is to partner
with both the public and private sectors to modify student borrowers’ behaviors as a means to create financially educated and
economically sound communities,” she says. “Roughly 25 percent of Vancouver-area residents age 25 and older have a bachelor’s
degree or higher, and we’ve struggled economically since the recession. So I thought, why not begin at home?”
As a longtime professional in the higher education industry, Sarah began her quest by speaking with her contacts at the local
community colleges and state universities. Clark College and Washington State University, who were already seeing the positive
impact of ASA’s SALT financial education program on their own students and alumni, were onboard with the idea of expanding
SALT to the broader Vancouver population. The goal: put Vancouver on the map as the first financially savvy “SALT” community in
the USA.
Sarah immediately set out to enlist the help of organizations whose missions focused on higher education, asset building,
economic mobility and helping people out of poverty. The Boys & Girls Clubs of Southwest Washington, the Community
Housing Resource Center, and GEAR UP of the Vancouver Public Schools all agreed to raise awareness of SALT as a resource
among their respective constituents.
Meanwhile, the Greater Vancouver Chamber of Commerce helped Sarah spread the word about SALT to local businesses
through public relations initiatives. Sarah even reached out to Vancouver Mayor Timothy Leavitt on Facebook to tell him about the
growing SALT movement—and from there was born the idea of a customized “VancouverUSA” portal on the SALT website for all
local residents, launched in late 2014.
What’s next for Vancouver and SALT? Ambassadors for the Spanish and Business Clubs at Washington State University will be
spreading the (bilingual) word about SALT as part of their community outreach efforts. “I look forward to keeping this momentum
going,” says Arslanian. “It is tremendously gratifying to be a part of something that enriches my community.”
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American Student Assistance / 2014 Annual Report
Adelina Keshishian
Student, College Planning Center client
Unlocking Opportunity, Changing Lives
The first time that Adelina Keshishian tried college, she wasn’t ready.
“I had no desire, no passion, no drive,” she says about her 18-year-old self. “I wasn’t ready to continue my education beyond high school.”
Nevertheless, continue Adelina did—at a career education college, where she flunked out after a year and a half and accumulated
thousands in student debt but no degree. She became a licensed Aesthetician and worked in the spa industry for six years before deciding
to take a couple of classes at Bunker Hill Community College.
She was hooked. “Bunker Hill changed my life,” she explains. “A couple of the classes there really opened my eyes to social and civil
injustices in our society today. I was inspired to continue my education and pursue a career that can make a difference.”
Adelina finished her associate’s degree at BHCC, but she knew that wasn’t the end of her journey. She decided to complete her bachelor’s
degree at Bentley University, which came with a whole new set of financial challenges.
“At Bunker Hill, I paid for most of my classes as I went, so I didn’t have to worry too much about financial aid,” she says. “But that wasn’t
possible at Bentley. Unfortunately I didn’t really understand the financial aid process and I had no one to guide me.”
With limited guidance available at home (Adelina’s Armenian parents had emigrated to the U.S. 38 years ago and never gone to college,
while her three older siblings had attended some college but never graduated), Adelina turned to the American Student Assistance College
Planning Center after a referral from BHCC.
The CPC staff helped her navigate the whole process, from filling out the Free Application for Federal Student Aid and the CSS Profile,
to assisting her with an appeal for more financial aid because her initial application had failed to account for the expense of her father’s
medications. With the CPC’s assistance, Adelina’s appeal bid gained her an additional $3,000 in aid.
Now, at age 28, Adelina is working toward completing her bachelor’s by 2016, and she’s applying for a summer internship at the White
House with an eye toward going into politics someday: “My time at college has compelled me to be about change, not just talk about it.”
Still, the education debt she’s accumulating—which she estimates to be near $100,000 when all’s said and done—weighs heavy on her
mind. “It’s stressful because you know it’s out there, adding up,” she confesses. “The financial pressure, combined with feeling different from
my classmates because I’m older, is really hard and it makes it difficult to want to continue. But I feel like I deserve to be here. I deserve to
benefit from the networks and connections I’ll make here, just like other kids who come from more privileged backgrounds.”
Adelina also knows the College Planning Center will be there for her when she graduates, to help her deal with all that debt—and she’s
optimistic about her future. “I’ve already started looking into Public Service Loan Forgiveness for my federal loans,” she says. “I know in the
end my education will be worth it.”
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American Student Assistance / 2014 Annual Report
Andrea Navarro
of American Student Assistance
presents Financial Aid 101.
Working With Like-Minded Partners:
Boys & Girls Clubs of Dorchester, Massachusetts
Boys & Girls Clubs across the nation are known for offering programs that foster the academic, artistic and athletic skills of their
members. In the summer of 2014, the Boys & Girls Clubs of Dorchester, Massachusetts, added financial education to the list.
“Teenagers today are faced with rising higher education costs, increased student loan debt, and in general a more complex world of
consumer debt choices,” says Michael Joyce, VP of Programming for the Boys & Girls Clubs of Dorchester. “So it’s never been more
important that they build financial competencies early on, either before they head off for college or strike out on their own in adult life.”
American Student Assistance and the Boys & Girls Clubs of Dorchester collaboratively brainstormed a program for the BGCD summer
interns. Close to 100 teens interning in the Club’s Summer Career Prep program were given access to SALT, ASA’s financial literacy,
higher education finance planning and debt management program for future, current, and past college students. The partnership with
the Boys & Girls Club marked the first time SALT expanded to pre-college users.
The ultimate goal of this initiative was to teach the teens basic principles of money management as they relate to planning for
college, as well as help them build their resumes for the future. The summer workers were encouraged to complete four modules of
SALT’s “My Money 101™” online personal finance curriculum: Financial Fundamentals, Budgeting, Money Management, and Education
Planning.
Eighty-six percent of the summer interns participated in the program, with many completing all four courses. Participants reported
a 92 percent increase in understanding how to apply for scholarships and grants, as well as a 30 percent confidence gain in
understanding different expenses they may incur in the future, among other positive results.
Moving forward, the impressive results of the summer pilot are paving the way for a longer relationship between the two organizations,
including ongoing workshops for Club members and the community on college financial planning. Additionally, all BGCD high schoolaged members (sophomores through seniors) are now being encouraged to complete one My Money 101 module per month and the
number of available modules was expanded from four to eight. Club members receive regular email reminders about the benefits of
the program, and participation is incented via monthly raffles that offer prizes.
Now, ASA looks ahead to forming partnerships with other Boys & Girls Clubs throughout the nation.
“Higher education remains the gateway to the American Dream, but getting through that gate often requires a level of financial
literacy and sophistication that many teens don’t have,” says Joyce. “SALT and the Boys & Girls Clubs are giving students the financial
know-how they need to make it in college and beyond.”
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American Student Assistance / 2014 Annual Report
Antonio R. Flores
President
Hispanic Association of Colleges and Universities
Working With Like-Minded Partners:
The Hispanic Association of Colleges
and Universities
As the youngest and fastest growing segment of the U.S. population, Hispanics are quickly becoming the backbone of the U.S.
labor force.
“From 1990 to 2000, Latinos accounted for 36 percent of the U.S. workforce, but between 2000 and 2010, that proportion grew to 54
percent,” says Antonio R. Flores, president and CEO of the Hispanic Association of Colleges and Universities, which works to champion
Hispanic success in higher education. “Today, Latinos make up 74 percent of all new Americans joining the workplace. Latinos are
vital to the future economic prosperity of our country, and as such it is imperative that Hispanic students not only gain access to
postsecondary education, but also successfully complete their education and gain a clear understanding of how to manage their
education debt so it does not hinder their ability to live life to the fullest post-college.”
Yet many Latinos face financial pressures that threaten their ability to finish college and successfully retire their education debt.
The college graduation rate for Latinos is less than half the national average, according to the College Board.
With stark statistics like these, Flores says a partnership between American Student Assistance and his association was a “no-brainer.”
“There is very clear alignment between our two missions,” he explains. “We’re both committed to empowering Hispanic students to take
control of their finances, complete college and work toward a bright future long after graduation.”
In that vein, HACU and ASA joined forces in 2014 to raise awareness of SALT, ASA’s interactive program that addresses the financial
stress and escalating student debt that can derail Hispanic students’ higher education dreams and post-graduation success. Under
the arrangement, HACU encourages its member colleges and universities to sign up for SALT, and all HACU members receive reduced
pricing on their SALT sponsorship.
Once a school becomes a SALT partner, its students and alumni have access to SALT’s full suite of services, including online content in
English and Spanish; the program’s signature My Money 101™ online personal finance curriculum; a Repayment Navigator to track loans
and compare repayment plans, as well as blogs, articles, videos, calculators, tools, and search engines for scholarships and careers/
internships; and access to one-on-one counseling with a loan specialist via phone, email and chat.
ASA/SALT also presents financial literacy workshops at HACU conferences, and the collaboration allows the two organizations to share
research and data to identify trends and measure success. Close to 30 HACU institutions have signed on with SALT to date.
“I look forward to expanding and strengthening our partnership with ASA and SALT in the future,” affirms Flores.
14
American Student Assistance / 2014 Annual Report
Rod Griffin
Director of Public Education
Experian
Working With Like-Minded Partners:
Experian
The consumer report and credit management company Experian® empowers consumers to understand and responsibly use
credit in their financial lives. So as student debt in 2014 continued to have major impact on consumers’ credit profiles, the global
information services giant recognized the need to be part of a solution and reached out to American Student Assistance as a
natural ally.
“Experian’s community and corporate responsibility initiatives are deeply committed to addressing and providing assistance
on this critically important issue,” says Rod Griffin, Experian director of public education. “We are always researching nonprofit
organizations that align with our community and public education strategies, and we were impressed with and struck by American
Student Assistance and its proactive SALT financial education program. We saw a natural fit between our two organizations’
missions and expertise.”
Experian and ASA immediately set out to champion the same cause—better education and information for the general public on
effectively managing student debt so that it’s a positive building block to a healthy credit history, rather than a black mark on a
credit report that hampers future consumer activities for years.
Thanks in part to a generous donation from Experian, ASA looks forward in 2015 to launching a mobile version of its college
planning and education debt management services to additional locations throughout Massachusetts.
“Sometimes you have to proactively bring the information to consumers rather than wait for them to seek you out,” says Griffin.
“When we heard about ASA’s vision of a vehicle that offers ‘curbside counseling’ in various communities, we knew it was a
grassroots initiative we could really get behind and support.”
Experian and ASA also collaborated on multiple public information initiatives throughout the year. ASA participated in Experian’s
video chat “How to Deal with Student Loan Debt,” and contributed a guest post on Experian’s blog about ways to borrow less,
borrow smart, and repay student loans well. Meanwhile, ASA’s “Student Loan Ranger” blog for U.S. News and World Report featured
insight from Experian on how late student loan payments affect credit scores, and SALT tools and resources on eliminating student
debt were featured on Experian’s website and in its release of an analysis on student loan levels in the United States.
“We’re excited about expanding our partnership opportunities with American Student Assistance in the future,” says Griffin, “as we
work together to address the issue of growing national student debt.”
15
American Student Assistance / 2014 Annual Report
Kevin Fudge
Manager of Government Relations
American Student Assistance
Serving the Community
As part of the Government Relations team at American Student Assistance, Kevin Fudge works with Massachusetts policymakers,
nonprofits, and community groups to promote college access and long-term success for students of all ages through community affairs
and outreach activities. Through these initiatives, he forms partnerships with community organizations to provide information and
guidance on student loan access, financial literacy, and debt management, helping to establish a trusted presence in the communities we
serve.
“A college education should be the gateway to upward mobility,” says Fudge. “But for far too many, paying for, and repaying, college costs
is a huge financial burden that prevents economic advancement. ASA is committed to raising awareness of available tools and resources
that help students gain all of the financial advantage a postsecondary degree should bestow.”
While American Student Assistance serves students nationwide, the Boston-based organization has local roots that run deep since its
founding in Massachusetts nearly 60 years ago. “We have a particular duty to serve the people of Massachusetts, both because it’s our
backyard and also because the region poses unique challenges around higher education debt,” explains Fudge. “Massachusetts is home
to the highest concentration of private nonprofit institutions in the country, so its students often leave college with higher-than-average
student loan balances.”
To help Massachusetts residents struggling with their debt load, Kevin holds office hours once a month at the State House thanks to State
Representative Paul Mark, where members of state government bring him student loan issues from their constituents or even consult him
on their own education loans. Kevin also regularly helps local policymakers and their staffers plan financial aid information sessions in their
own communities, and in 2014 appeared with State Senator Eileen Donoghue on the local TV program “Beacon Hill Buzz” to spread the
word about student loan solutions.
Kevin and his ASA colleagues work with other Massachusetts nonprofits dedicated to empowerment and economic self-sufficiency, like
the Crittenton Women’s Union and the Bessie Tart Wilson Initiative for Children, to educate their constituents on college financing
options and raise awareness of ASA resources that can alleviate the education debt burden.
On a national level, in 2014 Kevin appeared on a panel hosted by think tank New America Foundation to discuss Parent PLUS loans and
suggested reform, while American Student Assistance staff regularly inform federal policymakers of the challenges we see on the ground
in assisting student loan borrowers.
Says Fudge: “From working at a grassroots level to spread awareness, to offering insight to lawmakers, to raising our voice among
influencers, ASA is dedicated to being part of the public discussion on higher education debt.”
16
American Student Assistance / 2014 Annual Report
Grace Bartini
Ombudsman
American Student Assistance
Gene Greene
Ombudsman’s Office
American Student Assistance
Assisting Older Americans With Education Debt
Student loans affect Americans of every age. A recent report by the New York Federal Reserve showed that the number of Americans over
the age of 50 with student debt has increased 130 percent in the last seven years, with 6.9 million individuals over 50 holding student loan
debt. Further, more than 155,000 Social Security recipients, including those receiving retirement, survivor and disability benefits, had their
Social Security garnished in 2013 due to student loan debt. Of this group, 36,000 were over the age of 65, a 500 percent increase from the
level of 6,000 in 2002.
At American Student Assistance, we took it upon ourselves years ago to annually identify and contact the senior citizens within our own
federal student loan portfolio who were scheduled for offset of their Social Security benefits. As a nonprofit federal student loan guarantor,
we manage a portfolio of more than one million borrowers, with approximately $31 billion in federal student loans originated prior to 2010,
for whom we monitor repayment behavior and provide debt management counseling services.
While borrowers subject to offset of their federal benefits receive a standard Treasury Offset Program warning letter, it was our experience
that many seniors were not responsive to this communication. Many senior citizens are well removed from their college experience, or may
have borrowed PLUS loans for their children’s education without fully understanding the ramifications or their options. Either way, they’re
unlikely to know about flexible payment options put in place by Congress in recent years to alleviate the burden of student debt, or whom
to turn to for help or guidance.
So, our Ombudsman office decided to provide a clearer letter targeted to these borrowers that clearly states various options available,
especially with respect to disability and financial hardship issues. We also provided a dedicated telephone line staffed by borrower
advocates specially trained for this population.
Thus far, this multiyear initiative has helped make seniors’ lives better: Hundreds of our borrowers in this situation have taken advantage
of options to reduce or eliminate the offset, either by completing disability applications or agreeing to make voluntary income-based
payments.
But our experience has also shown that we’re just seeing the tip of the iceberg when it comes to seniors and student debt. Where ASA’s
annual list of Social Security garnishees usually totals in the hundreds, this year it surpassed 1,000.
That’s why ASA will continue to go above and beyond in proactively identifying and providing solutions to this population—as well as
advocate for a more equal distribution of information, education, and customer service to all federal education loan consumers, regardless
of age.
17
American Student Assistance / 2014 Annual Report
Bruce Wagner
CEO
Finance Authority of Maine
Helping Maine Tackle College
Affordability and Student Debt
Higher education boosts individuals’ economic mobility and strengthens state economies. But as many state governments are learning, the debt
that comes along with higher education can dampen or even reverse some of the positive benefits traditionally associated with a college-educated
workforce. Numerous reports and surveys show a correlation between debt-strapped residents and slowdowns in local real estate markets, automobile
sales, business start-ups, and general consumer goods purchases.
For the state of Maine, student debt poses a particularly hard challenge. According to the Project on Student Debt, Maine ranks among the top 10
states in the nation for the highest debt level among four-year college graduates with an average of nearly $30,000 per student. To put such debt into
perspective, an individual would require an annual income of $51,757 to retire the debt in the standard 10-year payback term. According to the job site
indeed.com, though, the average Maine salary for college graduates is $41,000, 12 percent lower than average college graduate salaries for job postings
nationwide.
In 2012 the Finance Authority of Maine (FAME), a quasi-independent state agency that provides innovative financial solutions to help Maine citizens
pursue business and educational opportunities, began a unique collaboration with ASA to deliver SALT financial education and debt management
services to Maine students. The two organizations came together with one goal: produce a highly educated, upwardly mobile workforce whose student
loan debt doesn’t stand in the way of all the economic benefits a college education should bring.
In the partnership’s first phase, ASA continued to functionally power SALT services while FAME, the first non-college entity to sponsor SALT, provided
funding through the Maine College Access Challenge Grant, a federal grant administered by the Maine agency. Ten higher education institutions across
the state, both public and private, participated in the pilot, granting free SALT access to all students and alumni.
Thanks to the original pilot program’s success, in 2014 FAME expanded the program by agreeing to cover half the cost of SALT participation for any
higher education institution in Maine. To date, 21 Maine higher education institutions, including representatives of the University of Maine System and
the Maine Community College System, have signed on. Today, more than 56,500 individuals—approximately 85 percent of all students attending
college in Maine—have access to SALT as a result of the FAME/ASA partnership.
The real sign of success for this partnership, though, is not just the number of students who sign up for SALT, but the actual impact the program is having
on their financial behaviors. The University of Maine at Presque Isle reports SALT is teaching its students to borrow only what they need and live like
a student now, so they won’t have to after graduation. Nearly 75 students over the past two semesters have opted to lower the total amount they borrow
by reducing or returning their student loan refunds.
Now, FAME and ASA look to expand SALT’s reach in the state by granting Maine high schoolers access to the program through a guidance counselor
initiative.
“By expanding SALT to Maine high school students, FAME is providing another, earlier opportunity for Maine students to be better prepared to plan their
futures,” says FAME Chief Executive Officer Bruce Wagner. “Eighty-five percent of college students in Maine have access to SALT, and now 100 percent of
all high school students will, as well.”
“Since this initiative in Maine, we’ve begun working with Illinois and Oregon on a SALT solution for their populations,” says ASA President Paul Combe.
“We believe this is a replicable model for other states wrangling with college affordability and student debt.”
18
American Student Assistance / 2014 Annual Report
FINANCIALS
AMERICAN STUDENT ASSISTANCE
Consolidating Statements of Activities
(Dollars in Millions)
As of June 30, 2014
Federal Family Education Loan Program
SALT
Operating Revenues:
Fee for service Grants and contracts Total operating revenues Operating Expenses:
Counseling and support services Contracted services Systems, equipment and maintenance Research and product development Sales Marketing General and administration Total operating expenses ASA subsidy Increase (decrease) in net assets from operating activities
Non-Operating Expenses
Federal Fund transfer and prepayments Other Non-Recurring Total non-operating expenses Change in Net Assets 19
American Student Assistance / 2014 Annual Report
$
262.1
0.0
262.1
$
College Planning
Services 1.3
0.0
1.3
$
0.0 1.9 1.9
Total
2014
$
263.4
1.9
265.3
12.7
71.4
4.9
0.0
0.0
0.0
7.3
96.2
11.7
0.0
4.6
30.9
4.9
4.0
6.3
62.4
3.8
0.0
0.3
0.0
0.0
0.0 0.3 4.4 28.2
71.4
9.8
30.9
4.9
4.0
13.9
163.0
(65.2)
100.7
62.6
1.5
2.6
0.1 0.0
102.3
37.5
0.0
0.9
1.5
38.4 1.5
$ 62.3
$ 0.0
0.0 37.5
0.1 2.5
0.140.0
$ 0.0 $ 62.3
AMERICAN STUDENT ASSISTANCE
Consolidating Statements of Financial Position
(Dollars in Millions)
As of June 30, 2014
Total
2014
Assets
Cash and cash equivalents Agency Operating Fund SALT Quasi-Endowment
College Planning Services
Certificate of Deposit
Investments
Receivables
Other assets
Property and equipment, net
Total assets
Liabilities and Net Assets
Liabilities
Accounts payable and accrued expenses Pension obligation Other liabilities Total liabilities
Unrestricted Net Assets
Board designated net assets Agency Operating Fund SALT Quasi-Endowment College Planning Services
Undesignated net assets
Total unrestricted net assets Total liabilities and net assets $
86.3
100.0
2.3
46.6
124.5
65.4
4.3
8.6
438.2
17.1
23.9
9.1
50.2
2.9
100.0
2.3
282.7
$ 388.0
American Student Assistance provides various
loan-related and other services in connection
with the financing of higher education and
the Federal Higher Education Act of 1965, as
amended. The organization operates through
American Student Assistance, which is the trade
or “doing business” name of Massachusetts
Higher Education Assistance Corporation. A notfor-profit organization, ASA continues to receive
fees in connection with its role as a Federal Family
Education Loan guarantor.
As a result of the Student Aid and Fiscal
Responsibility Act, which was part of the Health
Care and Education Reconciliation Act, no new
loans were originated under the FFEL Program
beginning July 1, 2010. This does not impact ASA’s
commitment to providing services to student
borrowers, but it will cause account maintenance
fees to decrease in the long run.
In recognition of such, ASA established ASA
Fund LLC (“ASA Fund,” also referred to as “SALT
Sponsorship Fund”), a single member LLC
established to hold funds designated by the Board
as a quasi-endowment for the benefit of the SALT
program. Additionally, ASA seeks to diversify SALT
funding sources through the support of likeminded, socially conscious partners.
$ 438.2
Basis of Presentation
The preparation of financial statements is
in conformity with U.S. generally accepted
accounting principles (“GAAP”). For purposes
of discussion and analysis, we have made use
of estimates as necessary to separate our
businesses.
20
American Student Assistance / 2014 Annual Report
LEADERSHIP, COUNCIL MEMBERS,
AND PARTNERS
ASA Senior Management
Paul Combe
President and CEO
Michael F. Finn
Senior VP and CAO
Grace Bartini
Ombudsman and VP
Brian Curtis
VP of Information Services & CIO
Barbara F. Matez
Senior VP, CFO and Treasurer
Susan H. J. Nathan
Senior VP and COO
Lauren Rolfe
VP of Human Resources
Carol Fulp
President and CEO
The Partnership, Inc.
Lawrence H. Gennari
Co-founder
Gennari Aronson, LLP
Andy S. Gomez
Special Assistant to the President for
International Affairs (retired)
University of Miami
Thomas M. Graf
Executive Director
Massachusetts Educational Financing
Authority
Peter C. Read
Executive Vice President (retired)
Bank of Boston
Michael T. Ryan
VP of Borrower Services
Peter Segall
CEO
HealthcareSource
J. Christopher Sheehan
VP and General Counsel
Advisory Council
Board of Directors
Eduardo Brambila
Managing Director, Partnerships
Illinois Student Assistance Commission
Dione D. Kenyon
Chairman of the Board of Directors
President and CEO
The Jewelers Board of Trade
Donald J. Reaves
Vice Chairman of the Board
Chancellor (retired)
Winston-Salem State University
Erin Brown
Executive Director of Foundation and
College Advancement
Lower Columbia College
Mary Dyer
Financial Education Specialist
Finance Authority of Maine (FAME)
Randall M. Behm
Principal and a Founder
Education Solution Partners, LLC
Risa Forrester
Vice President for Admissions and Marketing
Oklahoma Christian University
Stephen C. Biklen
President and Chief Executive Officer (retired)
Citibank’s Student Loan Corporation
Jack Gochenaur
Chief Financial Officer
Manchester University
Jean Eddy
Senior Vice President for Students
and Enrollment
Rhode Island School of Design
Julae Grosz
Director of Financial Aid
Chattanooga State Community College
John R. Currier
Philanthropic Advisor
Massachusetts Institute of Technology
Rose Guerrero
Center Director
Center for Employment Training
Michael Gutter, PhD
Associate Dean for Extension, State Program
Leader for 4-H Youth Development,
Families and Communities
University of Florida
Celestine (Celeste) Johnson
Manager, Student Loan Default Prevention
City Colleges of Chicago
Jodi Kaus
Director Powercat Financial Counseling
Kansas State University
Shanon Little
Director of Financial Aid
Dominican University of California
Lucila Loera
Assistant Vice President for the Office of
Access, Equity, & Achievement
Washington State University
Rachel Maddux
Director of Enrollment Research and Initiatives
Virginia Commonwealth University
John Marcus
Vice President of Enrollment Services
and Marketing
Dean College
Jacqueline Moreno
Managing Director, College Access Initiatives
Illinois Student Assistance Commission
Tara Olsen
Director of Financial Aid
Tufts University School of Medicine
Precious Smith
Precious Smith
Deputy Director, Center for Academic Excellence
Howard University
Dan Welter
Coordinator of Student Activities & Greek Life
University of Southern Maine
SALT
Partners
University of Tampa
Warner University
NATIONAL/REGIONAL
Georgia
Atlanta Metropolitan College
Clark Atlanta University
Columbus State University
Georgia Independent College Association
Georgia State University
Associated Colleges of the Midwest
Hispanic Association of Colleges and Universities
Lutheran Colleges
New England College Council
Rural Community College Alliance
TCS Education System
Idaho
College of Southern Idaho
College of Western Idaho
Idaho Community Colleges
Lewis-Clark State College
North Idaho College
STATE
Alabama
Alabama A&M University
Miles College
Oakwood University
Arizona
Arizona Christian University
Live the Solution
Pima Community College
Prescott College
Yavapai College
California
American River College
Association of Independent California Colleges
and Universities
California Institute of the Arts
Center For Employment Training
Chabot College
Charles R. Drew University of Medicine and Science
College of the Desert
Dominican University of California
Holy Names University
Life Chiropractic College West
Notre Dame De Namur University
Occidental College
Otis College of Art and Design
Pacific Oaks College
Pierce College
Santa Barbara City College
Southern California University of Health Sciences
Western University of Health Sciences
Woodbury University
Colorado
Colorado State University-Pueblo
Metropolitan State University of Denver
Connecticut
Albertus Magnus College
Connecticut Conference of Independent Colleges
Quinnipiac University
Stone Academy
University of Hartford
Florida
Gulf Coast State College
Independent Colleges and Universities of Florida
Miami Dade College
Palm Beach Atlantic University
Saint Leo University
St. Thomas University
Stetson University
Illinois
Chicago School of Professional Psychology
City Colleges of Chicago
Greenville College
Illinois Student Assistance Commission
Oakton Community College
Rock Valley College
School of the Art Institute of Chicago
Indiana
Internal Risk Management Association of Indiana
Manchester University
Kansas
Barton County Community College
Butler Community College
Cloud County Community College
Dodge City Community College
Emporia State University
Fort Hays State University
Garden City Community College
Kansas Board of Regents
Kansas City Kansas Community College
Kansas State University
Washburn University
Kentucky
Jefferson Community and Technical College
West Kentucky Community and Technical College
Maine
Beal College
Central Maine Community College
Eastern Maine Community College
Finance Authority of Maine
Husson University
Kennebec Valley Community College
Maine College of Art
Northern Maine Community College
Saint Joseph’s College of Maine
Southern Maine Community College
Thomas College
University of Maine
University of Maine, Augusta
University of Maine, Farmington
University of Maine, Fort Kent
University of Maine, Machias
University of Maine, Presque Isle
University of Southern Maine
Washington County Community College
York County Community College
Maryland
Morgan State University
Massachusetts
American International College
Anna Maria College
Association of Independent Colleges and Universities
in Massachusetts
Bard College at Simon’s Rock
Bay Path University
Becker College
Benjamin Franklin Institute of Technology
Bentley University
Berklee College of Music
Berkshire Community College
Boys & Girls Club of Lowell
Boys & Girls Clubs of Dorchester
Cambridge College
Clark University
College of The Holy Cross
Dean College
Emerson College
Endicott College
Fisher College
Fitchburg State University
Framingham State University
Franklin W. Olin College of Engineering
Gordon College
Harvard University
Holyoke Community College
Jordan Boys & Girls Clubs of Boston (Chelsea)
Laboure College
Lasell College
Lesley University
Longy School of Music of Bard College
Massachusetts College of Art and Design
Massachusetts College of Liberal Arts
Massachusetts Community Colleges
Massachusetts School of Law
Massachusetts School of Professional Psychology
Massachusetts State University System
Massasoit Community College
Mount Holyoke College
Mount Wachusett Community College
Newbury College
North Shore Community College
Pine Manor College
Quinsigamond Community College
Regis College
Rob Roy Academy
Salem State University
Simmons College
Southeastern Technical Institute
Springfield Technical Community College
Stonehill College
Suffolk University
Tufts University
UMASSFive College Federal Credit Union
Wentworth Institute of Technology
Michigan
Grand Rapids Community College
Kirtland Community College
Minnesota
Minnesota State Colleges and Universities
Mississippi
Mississippi Valley State University
Tougaloo College
Missouri
St. Charles Community College
Nebraska
Concordia University
Nevada
Nevada State College
University of Nevada – Reno
Western Nevada College
New Hampshire
Plymouth State University
Rivier University
Saint Anselm College
New Jersey
Association of Independent Colleges and Universities
in New Jersey
Brookdale Community College
Caldwell University
Seton Hall University
New York
Bard College
Clarkson University
Cornell University
Fashion Institute of Technology
Finger Lakes Community College
Houghton College
LIM College
Monroe Community College
Nazareth College of Rochester
North Country Community College
Paul Smith’s College
School of Visual Arts
North Carolina
Caldwell Community College & Technical Institute
Cape Fear Community College
Central Piedmont Community College
East Carolina University
Guilford Technical Community College
Lees-McRae College
Lenoir-Rhyne University
North Carolina State University
Pfeiffer University
Pitt Community College
Queens University of Charlotte
Rowan-Cabarrus Community College
Western Piedmont Community College
Wingate University
North Dakota
North Dakota State University System
United Tribes Technical College
Ohio
Antioch University
Capital University
Central Ohio Technical College
Clark State Community College
Marion Technical College
Ohio Wesleyan University
Southern State Community College
Stark State College
Washington State Community College
Zane State College
Oklahoma
Mid-America Christian University
Oklahoma Christian University
University of Central Oklahoma
Oregon
Blue Mountain Community College
Central Oregon Community College
Clackamas Community College
Clatsop Community College
College Dreams
Columbia Gorge Community College
Community and Shelter Assistance of Oregon
Dream$avers/Umpqua/Neighborworks
Lane Community College
Lewis & Clark College
Linfield College
Linn-Benton Community College
Marylhurst University
Mount Hood Community College
Oregon Alliance of Independent Colleges and
Universities
Oregon Community Colleges Association
Oregon Student Access Commission
Pacific Northwest College of Art
Rogue Community College
Southwestern Oregon Community College
The Ford Family Foundation
Tillamook Bay Community College
Treasure Valley Community College
Umpqua Community College
Warner Pacific College
Pennsylvania
Carnegie Mellon University
Lehigh Carbon Community College
Puerto Rico
EDP University of Puerto Rico
Rhode Island
Rhode Island School of Design
South Carolina
Francis Marion University
Limestone College
Newberry College
South Carolina Independent Colleges and Universities
Tennessee
Chattanooga State Community College
University of Tennessee Chattanooga
Texas
Abilene Christian University
Dallas Nursing Institute
Schreiner University
Texas A & M International University
Texas A&M – San Antonio
Texas A & M University Corpus Christi
Texas A&M – Kingsville
Texas Lutheran University
Texas Southern University
University of Texas – Arlington
University of Texas – Brownsville
University of The Incarnate Word
Victoria College
Vermont
University of Vermont and State Agricultural College
Virginia
Virginia Commonwealth University
Washington
Bates Technical College
Bellingham Technical College
Big Bend Community College
Boys & Girls Clubs of Southwest Washington
Clark College
Clover Park Technical College
Columbia Basin College
Community Housing Resource Center
The Evergreen State College
GEAR UP Vancouver
(Vancouver Public Schools GEAR UP)
Lower Columbia College
Peninsula College
Seattle Central College
South Puget Sound Community College
South Seattle College
Spokane Community College
Spokane Falls Community College
State of Washington University System
Whatcom Community College
Washington State Community Colleges and
Technical Schools
Washington State University
Washington D.C
American University Washington College of Law
Howard University
Wisconsin
Alverno College
Chippewa Valley Technical College
Fox Valley Technical College
Gateway Technical College
Milwaukee Area Technical College
Moraine Park Technical College
Northeast Wisconsin Technical College
Southwest Wisconsin Technical College
Wisconsin Association of Independent Colleges and
Universities
Wisconsin Technical College System
ABOUT THE PHOTOGRAPHER
Nathan Ouellette is a 22-year-old Boston-based photographer, with a bachelor’s degree in fine arts from the
Massachusetts College of Art and Design. Nathan’s primary interests include documentary practice, portraiture, and
landscape. Although he has a passion for fine art work, Nathan has also begun to establish a freelance base. He has
worked for a number of political campaigns in the Greater Boston area and for the Marketing and Communications
Department at MassArt.
Nathan is no stranger to education debt. He’s currently paying off $26,361 in his own student loans. Luckily, as a
graduate of MassArt, one of many higher education institutions to participate in American Student Assistance’s
SALT financial education program, Nathan can turn to SALT’s resources anytime for advice on paying down his debt
and building his money skills. He has hopes of attending graduate school for photography in the future—debt free. In
the meantime, he enjoys travel, long bike rides, and work as a barista and gallery intern.
Nathan Ouellette
Photographer
American Student Assistance, ASA, SALT, Money Knowledge for College—and Beyond, and corresponding logos are trademarks or registered trademarks of American Student Assistance.
© 2015 American Student Assistance. All rights reserved.

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