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Rate is 3 percentage points above inflation
Typical student will be saddled with £49,404 debt
By Lauren Thompson
Last updated at 1:40 AM on 9th July 2011
Exorbitant interest rates on new university loans mean that average middle-class students will owe £6,000 more on the day they graduate than they originally borrowed to fund their three-year course.
From the moment they receive the first tranche of their loan, they will begin racking up interest at a crippling rate which is 3 percentage points above inflation and higher than at most high street banks.
A Daily Mail investigation found that typical students will have to borrow £43,500 to fund their higher education over a three-year course – £9,000 a year for tuition and £5,500 a year for living costs.
Looking forward: Students of Liverpool University waiting to receive their degrees can also look forward to receiving a statement on their student loans (file picture)
Before they even start work, that debt would have grown to £49,404.
And interest charges would rack up year after year, with many saddled with a massive debt they can never hope to pay off, even if they have a relatively well-paid job.
A Money Mail investigation into this student debt-trap has also revealed:
The Government may pocket more than £150million in interest in the first year of payback;
Low-earning graduates will have to pay 41p in every pound they earn in loan repayments and tax;
Higher earners could be forced to pay back double what they borrowed;
Graduates who don’t get a full-time job for several years will be £25,000 better off
Ian Mulheirn, of the Social Market Foundation think-tank, said: ‘The headline figure of £9,000 a year for tuition fees is deeply misleading. With punishing interest rates this high, and kicking in so early, it is more like they’ve increased from £3,000 to £12,000.’
From September 2012 tuition fees will rise from £3,290 to £9,000 a year at most universities. All students will qualify for a loan or a grant to cover these fees and their living expenses. How much they get depends on their household income.
While they are at university the interest rate is inflation, as measured by the retail prices index (RPI), plus 3 percentage points. It remains at this rate until they graduate.
IMPACT ON HOMEBUYERS
Buying a house will be much harder for graduates saddled with huge amounts of student debt.
The average mortgage for a first-time buyer is currently £103,000 – double what many people will already owe on their student loan.
The Government says a student loan ‘is very unlikely to impact materially’ on getting a mortgage.
But mortgage brokers point out that when applying for a mortgage, all lenders will ask about your debts – including a student loan.
Because the debt is likely to last for 30 years, an even bigger problem may occur if the graduate starts a family, thereby further reducing their financial ability to raise a mortgage.
Currently RPI is 5.2 per cent, so the loan interest rate would be 8.2 per cent – 1.5 per cent higher than on a personal loan from Marks & Spencer Money.
After they leave university the interest rate on the loan will depend on earnings.
Repayment does not begin until their salary tops £21,000. However, even below this salary interest continues to rack up at the rate of RPI.
On earnings between £21,000 and £41,000, the interest rate gradually rises to 3 percentage points above RPI. If the loan is not repaid within 30 years, any remaining debt is written off.
For our calculations, which have been compiled by financial data analysts Moneyfacts, we have assumed inflation is 3.5 per cent and that the graduates leave university with a debt of £43,500.
One graduate starts work on £21,000 and receives a 5 per cent pay rise every year. Over 30 years they would pay back £68,869 – of which £25,369 is interest.
At the age of 50, they would still be paying £5,889 a year in student loan repayments. When the loan was finally written off the graduate would still owe £123,285.
Our second example assumes the same salary but the graduate goes travelling for five years and starts earning £21,000 only on returning to Britain.
They would pay back £42,954 over 30 years, £25,915 less than someone who starts earning £21,000 immediately after graduating. A massive £189,027 would be written off.
Our third is a high-flier who starts on £30,000 and earns £100,000 by the age of 50. This graduate would pay back £89,100 – which means the £45,600 interest they would have paid is greater than the sum they originally borrowed.
To make things worse, graduates will not be able to overpay their loan or pay it off early, although the Government may change its mind on this. It means that for every £1 they earn, graduates who are basic rate taxpayers will lose 41p in income tax, National Insurance and student loan repayments. Higher rate taxpayers would lose 52p of every £1.
The extra 3 percentage points interest means that based on an intake of 400,000 students the Government would rake in more than £150million interest in the first year alone.
The increase in tuition fees and new rates for living cost loans are expected to be confirmed later this year.
WASHINGTON (AP) — Americans took on more debt in May and used their credit cards more for only the second time in nearly three years. Consumers stepped up their borrowing just as the economy began to slump and hiring slowed.
The Federal Reserve said Friday that consumer borrowing rose $5.1 billion in May, the eighth straight monthly increase. It followed a revised gain of $5.7 billion in April. Borrowing in the category that covers credit cards increased, as did borrowing in the category for auto and student loans.
The overall increase pushed consumer borrowing to a seasonally adjusted annual level of $2.43 trillion in May. That was just 1.7 percent higher than the nearly four-year low of $2.39 trillion hit in September.
Borrowing is a sign of confidence in the economy. Consumers tend to take on more debt when they feel wealthier. That boosts consumer spending. Ultimately, it gives businesses more faith to expand and hire. But an increase in credit card debt can also be a sign of people falling on harder times.
The economy added just 18,000 jobs in June, the fewest in nine months, the Labor Department said Friday. It was the second straight month of feeble job growth. The unemployment rate rose to 9.2 percent, the highest rate of the year.
Economists have said that temporary factors, in part, have forced some employers to scale back hiring plans. High gas prices have cut into consumer spending, which fuels 70 percent of economic activity. And supply-chain disruptions stemming from the Japan crisis have slowed U.S. manufacturing production.
The increase in credit card borrowing marked only the second monthly gain since August 2008. Households began borrowing less and saving more when unemployment spiked during the Great Recession. Many have resisted pulling out their credit cards in the two years since the downturn ended. Even with the May increase in credit card debt, this category is down 4.4 percent over the past year and 18.5 percent from its peak in August 2008.
High unemployment, slow wage growth, and a weakening housing market have forced people to be more frugal. Analysts believe the rise in student loans reflects the slumping economy: more people who have lost jobs have returned to school to get training for new careers.
Most analysts had thought the economy would pick up in the second half of this year. Manufacturing output has shown signs of reviving and auto factories in Japan have resumed production. And gas prices have come down a little. The national average for gas on Friday was $3.59 a gallon, down from a peak of nearly $4 in early May.
But a weaker job market, plus the slumping housing market and fears of the fallout from a European debt crisis, could weigh on the economy for the rest of the year.
Peter Newland, an economist at Barclays Capital, said consumer borrowing would show gradual gains in coming months. But he said the modest gains were “unlikely to be a strong driver of consumer spending for some time to come.”
Economists don’t expect consumers to load up on debt the way they did during the housing boom. During that period, Americans felt wealthier and more willing to take on increased debt because of the soaring value of their homes.
The Federal Reserve’s borrowing report includes auto loans, student loans and credit cards. But it excludes mortgages and loans tied to real estate.
Media Contact:Annette GunnConnex Credit Union(203) 603-5717agunn@connexcu.org
North Haven, CT (July 8, 2011) – Connex Credit Union awarded scholarships in its annual competition to three exceptional college students. Each candidate submitted an application with transcripts and an essay addressing the topic, “According to Credit Union Management Magazine, eighty nine percent of K-12 teachers believe that personal finance should be part of the education process in schools. If you were teaching a high school personal finance class, what specific topics would you include in your curriculum and why?”
Sean Grasso of Wallingford received the Arthur B. Haesche Memorial Scholarship for $2,000. Sean, who currently attends Bentley University in Massachusetts majoring in Business, received a Presidential Award for Outstanding Academic Excellence, is a member of the National Honor Society and president of the Cultural Diversity Club. Connex established this scholarship in honor or Arthur B. Haesche, one of the founding fathers of the credit union.
Brittany Bendel of North Haven received the Nicolas G. Hackett Memorial Scholarship for $1,000. Brittany will be attending the University of Connecticut in the fall, majoring in Engineering. At North Haven High School, she was president of Mu Alpha Theta Math Honor Society, a Southern Connecticut Scholar Athlete, Cross Country Captain, and Math Peer Tutor. Connex established this scholarship in honor of Nicolas G. Hackett, a longtime credit union volunteer who served on the credit union’s Supervisory Committee for more than 40 years.
Allen Copas of Wallingford received the Connex Credit Union Scholarship for $1,000. Allen will attend the University of Connecticut this fall, majoring in Electrical/Civil Engineering. At Lyman Hall High School, Allen was a member of the National Honor Society and was a varsity letter athlete in Indoor Track, Outdoor Track and Cross Country. Allen has gone on a total of 15 mission trips to help rebuild churches, schools and hospitals, including three trips to Mississippi to rebuild after Hurricane Katrina, three Dominican Republic trips and nine trips to West Virginia.
“Congratulations to all three of our 2011 scholarship winners. These awards are just one way we live our mission to improve the lives of our members,” said Tansley Stearns, Connex Vice President of Sales and Service. “With scholarship qualifications like being involved in the community and maintaining at least a 3.5 grade point average, we award our young members for being active and productive now and in the future.”
About Connex Credit Union:
As the Unbank, Connex Credit Union is one of Connecticut’s largest credit unions that serves more than 40,000 members at 7 branches throughout greater New Haven. Headquartered in North Haven, Connecticut, Connex is a full-service member-owned credit union that offers members a full range of financial services and products, including savings and loans, Unbank Checking, Smart Score credit score range, free online banking, and more. Membership is open to anyone who lives, works, attends school or worships in New Haven, Hartford or Middlesex Counties. It’s time to Unbank! For more information, please call 1-800-CR-UNION or visit www.connexcu.org or www.unbanknow.org.
by Sandra Kelly on July 8, 2011
in News
The Scotch Plains Fanwood Scholarship Foundation recently announced the winners of its many college scholarships. Ninety five students in total will receive college scholarships for the 2011-12 academic school year with eighty one of those students being first time recipients and fourteen students receiving payment for a recurring scholarship. Scholarship winners were selected through a rigorous screening process administered by members of the foundation, of PTAs of each school in the Scotch Plains and Fanwood districts, and of the Fanwood-Scotch Plains Service League. These screeners selected the scholarship winners based on academic achievement, financial need, community service and leadership, and the students’ plans for their education.
The scholarships range from $500 to $2,500 and can be used to cover college tuition and expenses during the upcoming semester. Overall, the foundation awarded $116,150 through forty nine independent funds that are funded by private citizens and community organizations. Included in this $116,150 of college scholarships is fifteen recurring scholarships that will be awarded every year for four year’s during the recipients college career. All of the other scholarships handed out by the Scotch Plains Fanwood Scholarship Foundation are only one year scholarships. In addition to these scholarships, the foundation also awarded twenty one scholarships worth $25,500 to students who demonstrated academic achievement and financial need. These scholarships bring the overall total awarded by the Scotch Plains Fanwood Scholarship Foundation to $141,650.
The Scotch Plains Fanwood Scholarship Foundation is one of the premier scholarship programs in the area, constantly awarding college scholarships to worthy students who showcase a financial need for scholarship money. These scholarships will surely help a large number of students reach their academic goals by enabling them to pursue a college degree without having to worry as much about their college expenses.
Tagged as: College Scholarships, Financial Aid, scholarship programs, Scotch Plains Fanwood Scholarship Foundation
Staff Reports
Published: Friday, July 8, 2011 9:38 AM MST
Each year, donors contribute to the Pinal County 4-H Scholarship Fund to provide post-high school educational assistance to 4-H members who have demonstrated academic achievement, community service and the commitment of being members in good standing.
Eight youths have been awarded college scholarships for the 2011-12 academic year, according to 4-H extension agent Kimberley Gressley:
–?Colby Ferguson, daughter of Jeffery Ferguson and Kim Sutton of Casa Grande. Colby is currently a student at Central Arizona College, majoring in business and photography. She graduated in 2010 from Casa Grande Union High School and was involved in 4-H for nine years. Colby excelled in the 4-H swine program as a member of the Casa Grande Big Hogs 4-H club. She was active in her school with cheerleading, dance, National Honor Society and DECA.
–?Hannah Woehlecke, daughter of Karl and Lisa Woehlecke of Red Rock. Hannah will be a senior this fall at Utah State University. She was involved in the 4-H program for more than 10 years. She enjoyed large livestock programs. Hannah also participated in quilt making, leather craft and cake decorating. Over the past year, she has continued to share her knowledge as an AmeriCorps volunteer assigned to the Pinal County 4-H Youth Development program with the University of Arizona. She is working on a degree in agriculture business and equine science.
–?Kristen Brown-Cardon, daughter of Kevan Brown and Janine Brown of Maricopa. Kristen is a longtime member of the Maricopa Trailblazers 4-H Club. Her 4-H experiences include participation in horses, livestock, small animals, goats, clothing, foods, crafts and teen leadership. She was a delegate to National 4-H Congress in Atlanta and STAR in Tucson. She has assumed a leadership role with the Maricopa club while attending Arizona State University, where she is majoring in elementary education with a minor in special education.
–?Rachel Turner, daughter of Alan and Esther Turner of Maricopa. Rachel is a longtime member of Pinal County 4-H. She was home-schooled, excelling in her studies and graduating with a 4.0 grade-point average. Within the 4-H program she raised livestock, small animals, participated in leadership, community service, citizenship opportunities and numerous family and consumer projects. She is currently an AmeriCorps volunteer working within the Family and Consumer Sciences program. She has been attending college while finishing her high school credits and will continue attending CAC this fall. Rachel is pursuing a degree in animal sciences.
–?Vanessa Simpson, daughter of Joe and Jenny Simpson of Coolidge. Vanessa has been involved in Pinal County 4-H for the past eight years as a member of the Coolidge Clovers 4-H Club. Her major activities and projects included market swine and photography. During her years at Coolidge High School, Vanessa achieved a 3.5 GPA and participated in FFA. She will be attending CAC, majoring in physical therapy.
–?Lacee Reidhead, daughter of David and Rikki Galka and John and Tera Garcia of Kearny. Lacee has been a longtime member of the Kearny Koyotes 4-H club. Her main project has included raising market swine. Lacee has participated in numerous community service activities with her 4-H club over the years benefiting food banks, Little League and others in the Kearny area. She is attending CAC to pursue the medical field in the area of nutrition.
–?Taran Homol, daughter of Greg and Kelly Homol of Casa Grande. Taran has been involved in 4-H for the past seven years as a member of the Big Shots 4-H Club. Taran was home-schooled, earning a 4.3 GPA, and began taking classes at CAC while finishing her high school credits. Taran was active in 4-H with market swine and shooting sports. She recently earned a position on the Arizona 4-H Shooting Team and traveled with 4-H to Texas. Taran is attending CAC and is pursuing a degree in accounting.
–?Danae Baker, daughter of Dave and Denise Baker of Maricopa. Danae has been very actively involved in the horse, market lamb, shooting sports and ceramics programs in the Maricopa Trailblazers 4-H Club. Danae graduated this year from Horizon Honors High School with a 3.9 GPA. She will be attending the University of Arizona, pursuing a degree in microbiology.
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by Jane Stancill & Sanette Tanaka / CHARLOTTE OBSERVER
WCNC.com
Posted on July 8, 2011 at 11:03 AM
RALEIGH, N.C. — UNC Charlotte will lose $33.5 million in state money this year, a cut that will cost the university hundreds of positions and millions of dollars in student financial aid.
UNCC’s 16.2 percent cut, approved Thursday by the UNC Board of Governors, is surpassed in the statewide system only by UNC Chapel Hill (17.9 percent) and Western Carolina (16.4 percent.) The rollbacks will affect the budget year that started July 1.
The cuts to UNC Chapel Hill, the flagship campus of the statewide system, amount to close to $101 million. N.C. State, the state’s largest university, will lose $79 million.
Overall, the losses to the system will reach $414 million.
At UNC Charlotte, officials described the cuts as of “historic proportions.”
Chancellor Phil Dubois was out of the country and not available for comment Thursday.
His predecessor, Jim Woodward, who also served as the interim head of N.C. State, said budget cuts of this size will mean a significant loss of jobs.
“By definition, you reduce the educational opportunities available to students,” Woodward said. “My view is that the impact will be long-term.”
John Bland, director of public relations at UNC Charlotte, said in an email Thursday that the cuts mean “more than 270 faculty and staff positions currently open will go unfilled this year.” Bland said he expects to have a more detailed report within the next 10 days.
The budget enacted by the General Assembly ordered that the reductions not be made across the board. That could have resulted in a 15.6 percent cut for each campus.
Instead, the system used six criteria to determine how to dole out the pain, taking into account differences among the campuses.
Those included performance measures, such as student retention and graduates produced, and financial factors such as tuition, percentage of low-income students and the availability of other sources of revenue on a given campus. Also, campuses with fewer than 6,000 students got special consideration because they aren’t large enough to operate with economies of scale.
Those were factors the UNC system leaders thought were important in tough economic times, UNC President Tom Ross said.
Ross, the former Davidson College president, said he was proud of the unity among chancellors who lead individual campuses. He said budget turmoil across U.S. public higher education had led to infighting and fragmentation in other state systems.
“I’ll tell you they’re not all happy about this, but they all understand it and they’re all supportive of it because they support the system,” Ross said.
UNC Chapel Hill Chancellor Holden Thorp was out of the country Thursday and could not be reached for comment. But last month in an email to the campus, he said that a proactive cut of almost 5 percent on July 1 will “only marginally ease the pain of this new round of reductions.”
State money accounted for 22 percent of the school’s $2.4 billion budget in 2009-10. However, the state’s flagship university has more private fundraising capacity than other campuses and pulls in a large amount of federal research money.
The state dollars go to the core of the classroom, Thorp said.
“These cuts will undoubtedly hurt our teaching mission because state appropriations primarily support undergraduate education,” he wrote. “And we’ll see further cuts to administrative units that have already absorbed significant reductions to protect the classroom experience for our students.”
Everything will be on the table as chancellors deal with the situation, except an additional tuition increase. Some chancellors had said another hike was necessary.
Tuition has increased an average of 39 percent in the last three years across the system. Increases had already been enacted in February for the coming academic year, and financial aid packages had been set accordingly. So another increase would have been disruptive and unfair to parents and students, Ross said. There is also less financial aid available for a larger pool of students.
“We just felt it was more important to figure out how to get through this without another tuition increase right now,” he said.
Although tuition has been set, UNC Charlotte will reduce its financial aid packages for the upcoming year, Bland said. The damage: $17 million out of a total package of $54 million.
“The end result,” he said, “will be higher costs but less financial aid for some students.”
NEW YORK — School isn’t over yet for recent college graduates. Their next test is figuring out how to repay student loans.
It’s easy to become complacent about student loans because the bills don’t start arriving until after a six-month grace period following graduation. The catch is that interest continues to pile up, so borrowers should start making payments as soon as they’re able.
The reality is that many graduates are struggling just to find work in this job market. And those who land jobs may only be earning enough to cover living expenses.
If you don’t think you’ll be able to cover the monthly bills when they start arriving in a few months, here are options that can make payments more manageable.
Extend payments
The easiest way to reduce monthly bills is to pick a repayment plan that stretches over a longer period. Instead of repaying federal loans over the standard 10 years, for example, borrowers might choose to stretch payments over 25 years.
If you had $35,000 in federal loans, the standard repayment plan would require monthly payments of about $400. That’s compared with $240 under an extended plan. But the short-term relief comes at a price.
Under the first scenario, the total amount you’d repay over the life of the loan would be $48,300. By comparison, the extra interest expenses under an extended plan would drive up the cost to $72,880. To see how different repayment plans would affect your debt, check out the U.S.
Department of Education’s calculator at http://tinyurl.com/3l8ok8t .
Keep in mind that if you switch to an extended repayment plan, you’re not locked in. So make it a priority to switch back to a shorter plan as soon as you can afford the larger payment.
Consolidate loans
Before the government overhauled its student loan program last year, borrowers could get federal loans from two sources. They could get Direct Loans from the government or Federal Family Education Loans from private lenders such as banks.
New graduates who have both types of loans can opt to consolidate their debt so they get just one monthly bill.
In addition to streamlining repayment, a consolidated loan can reduce the monthly payment. That’s because the repayment period starts afresh, meaning the remaining amount you owe is stretched over a longer period.
As for the interest rate, don’t expect any discounts. The rate on the new loan will be the weighted average of the original loans, rounded to the nearest one-eighth of a percent. The formula is designed to maintain the underlying cost of your loans.
Graduate payments
If you’re entering a field such as law or medicine where you expect your pay to rise relatively quickly, another option is a plan that increases payments over time. Under a graduated repayment plan for federal loans, payments start lower than they would under the standard plan. The payments then increase every two years, over a maximum repayment period of 10 years.
To ensure payments don’t rise too dramatically, the highesºt monthly payment under the plan will be no more than three times the amount of the lowest payment.
Defer payments
In certain circumstances, graduates can also choose to defer payments. This is an option for borrowers who are continuing on to graduate school, enlisting in the military, unemployed or earning below about $16,000 a year. Anyone on public assistance or who works in public service is also eligible.
If you don’t qualify for deferment, you can still apply to postpone payments on federal loans under what’s called “forbearance.” This may be an option if you’re dealing with medical issues or other circumstances that would impair your ability to make payments. Forbearance is decided on a case-by-case basis. You may be able to make interest-only payments during forbearance to keep the total amount you owe from ballooning. Otherwise, a deferment or forbearance will also drive up your debt because interest continues to accrue.
With private loans, it’s up to the lender to decide whether to let borrowers postpone payments.
Income-based repayment
With federal loans, strapped borrowers should check if they qualify for the Income-Based Repayment program. This program caps monthly payments at 15 percent of earnings above around $16,000; those who earn less may not have to make any monthly payments. Any debt remaining after 25 years is also forgiven.
Eligibility for the program is determined by weighing your debt level against your income. To figure out whether you qualify, check the calculator at www.ibrinfo.org. There’s no similar program with private student loans.
Measures were taken Tuesday night by the Fallon City Council to continue its eligibility for financial aid, in addition to approving a final map for condominiums and modifying a contract with Naval Air Station Fallon.
The council unanimously approved an interlocal agreement with Western Nevada HOME Consortium, and Mayor Ken Tedford Jr. appointed Councilwoman Rachel Dahl to its advisory council.
“The HOME Consortium exists as a requirement to be eligible to receive certain federal monies for various housing type needs. Rehabilitation, new construction, tenant based rental assistance, so on and so forth,” City Engineer Jim Souba said. “The city has been asked to join this particular consortium. I believe that there is a history of previous membership within the consortium and future membership is recommended based on the fact that if you’re a member of the consortium, your community becomes eligible for these various types of federal aid available through these programs.”
City Attorney Mike Mackedon, Tedford and Dahl all agreed being a part of the consortium is beneficial to the city and the county for social services. Souba added there is no known fiscal impact other than staff time.
Furthermore, the city council unanimously approved a final map for Lahontan Valley Professional Condominiums located within the New River Business Park at 1020 New River Parkway.
On Sept. 7, 2010, the city council approved a resolution that made it possible for condominiums to be built within the business park. The council had also approved a tentative map for seven individual condominium units to be built within the property.
“The business park didn’t necessarily anticipate having condominiums style ownership so the Resolution 10-20 addressed that hurdle and made it possible for a condominium-style ownership to exist within the business park, consistent with all the codes and restrictions,” Souba said.
The map approved Tuesday night was similar to a previous one except it added a common area and divided the rest of the property into seven different units.
Additionally, the council unanimously approved a modification to a water treatment contract between the U.S. Navy and city.
“The city provides water treatment services for the Navy’s water,” Souba said. “The Navy contributed to funding when the water treatment plant was initially constructed, and the water treatment plant treats water for the Navy base. The Navy has their own wells, so technically we treat their water and put it back in their system.”
Souba added the Navy pays for the service, and it is an existing contract that renews every three years.
“This is a modification which accomplishes two important things,” he said. “It trues-up the costs for the last three years that we provided services and then it sets new rates for the next three years.”
The current rate structure expired in June, and this contract will establish new rates as of July 1 that will be good until June 30, 2012.
“Over the last three years the estimated rates were slightly low and so the actual costs were $64,929,” Souba said. “We’re going to reconcile that amount and then establish new rates for each of the following three fiscal years.”
Pyongyang, July 7 (KCNA) — The financial crisis in Greece is again drawing world attention.
The EU heads agreed to provide financial aid to Greece to help it tide over the financial crisis in Brussels, Belgium recently. Greece received the aid last year.
The Greek parliament accepted the proposal for cutting down the government expenditure by 2015, which the EU raised as a precondition for the aid, and adopted a mid-term economic austerity plan according to it.
It was reported that the EU and IMF would formally sign the new aid plan in July.
Some people describe the efforts made by Greece and EU to tide over the crisis as futile, asserting the euro-zone will soon collapse.
Bernanke, chairman of the Board of Governors of the U.S. Federal Reserve System, said Greek economic slump would endanger the unitary political structure in Europe.
The executive director of CEBR said the Greeks and the international community will soon be fed up with this meaningless struggle and this will lead to a collapse of the currency union.
He meant the euro zone might cease to exist by 2013.
EU, however, is not so hopeless about the grim situation in Greece. It says the country’s economy will surely recover by 2013.
EU voiced its willingness to defend euro, protect euro zone and tide over the financial crisis in Europe by closely cooperating with each other at the 41st International Economic Forum in Switzerland early this year. It is now making efforts to put it into practice.
China predicted the euro zone can make stable economic progress and promised to increase loans for EU member nations and boost trade with them.
How the situation will turn out over the serious financial and monetary crisis of the EU member nations triggered by the financial crisis in the U.S. is drawing attention of the world people.
by Bob Eley / beley@newsminer.com Fairbanks Daily News Miner
FAIRBANKS — Four college scholarships worth a $1,500 apiece were awarded by the Midnight Sun Run scholarship committee to Interior high school athletes who graduated in June and will be attending college in the fall.
West Valley’s Molly Callahan and Courtney Kisner, Lathrop’s Kimberly Fitzgerald and North Pole’s Meghan McKinnell were recipients of the scholarships given to athletes who participated in cross country and track and field and who had both outstanding academic and athletic achievements.
Callahan will attend the University of Arizona and has plans to balance criminal justice and criminology with cross country and track.
Kisner plans to attend Lehigh University and will study either biology or biochemistry along with running on the track team.
Fitzgerald is headed to the University of Colorado-Colorado Springs to study health care science as well as participate in the cross country and track teams.
McKinnell will attend Whitman College to study nutrition and plans to play on the volleyball team and join the track team.
The 2011 scholarship review committee was comprised of committee chair Wendell Shiffler, Ann Tremarillo, Dr. Larry Bennett, Deanna Dieringer and Patrick Lovely.
“We enjoyed working on this worthwhile community project,” Shiffler said in a letter Midnight Sun Run organizers at the United Way of the Tanana Valley, “Again, we were certainly impressed by the personal quality and intellect of all the (13) applicants.”