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American Student Assistance and UNCF Join Forces to Promote Financial Education for Minority College Students and AlumniAmerican Student Assistance®, a private nonprofit dedicated to demystifying the college financing process, is teaming up with UNCF (United Negro College Fund) to develop greater financial competencies among recipients of the Gates Millennium Scholarship. "Far too many college students and graduates today, particularly those of color, are being locked out of the American Dream because they either forego college due to the expense or suffocate under the heavy burden of student debt for years afterward," said Robert Cole, ASA® director of community impact. "American Student Assistance, UNCF and the Gates Millennium Scholars Program are working together to eliminate finance as a barrier to higher education so that all students can unlock the potential of college, thrive, graduate and achieve their postgraduate dreams." UNCF, the nation's largest and most effective minority education organization, is joining with ASA to underwrite the delivery of Salt®, ASA's education finance support program, for 20,000 past and present Gates Millennium Scholars so they can access the program for free. Salt's full suite of digital services includes an online personal finance curriculum; a Repayment Navigator to track loans and compare repayment plans; search engines for scholarships and careers/internships; an online community to ask questions of peers and experts; and blogs, articles, videos, calculators, tools, and apps that teach users how to take control of their finances. Salt online content and webinars will be promoted to the Scholars at various times throughout the year. Scholars can also access one-on-one counseling with a loan specialist via a special Salt telephone hotline, email or live chat. Surveys will be distributed pre- and post-Salt activities to determine scholars' financial education needs and to measure program effectiveness. UNCF manages the GMS (News - Alert) program, a $1.6 billion dollar initiative funded by a grant from the Bill & Melinda Gates Foundation. Since 2000, the GMS program has awarded over $1 billion in scholarships to more than 20,000 Gates Millennium Scholars with a graduation rate of 90 percent, providing an opportunity for outstanding minority students with significant financial need to reach their highest potential. "Many Gates Millennium Scholars are aso first generation, low-income students, without the benefit of wealth transfer or wealth knowledge, passed down from generation to generation," said Larry A. Griffith, UNCF senior vice president for scholarships and programs. "Salt will help our Scholars develop better financial competencies so they can successfully retire any student debt they've taken on and thrive as consumers post-college. To close the wealth gaps in our society today, we must build a robust pipeline of high-achieving minorities who can excel in education and life. Salt helps to give them an equal position at the starting line."
About Salt and American Student Assistance
About UNCF
About GMS
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