6A NEWS
THE UNIVERSITY DAILY KANSAN
TUESDAY, OCTOBER 7, 2008
LOANS (CONTINUED FROM 1A)
having to pay back all three debts separately.
"I know it'll be hard, but I still plan on trying to find a way to consolidate them when I get out," Curtis said. "It'll be really annoying paying them all back individually every month."
MINIMIZING DEBT
Although students will likely find it easier to get approved for private loans. Kantrowitz said, students should exhaust all other financial options first.
Private loans come with higher interest rates than Federal Staford Loans, and they are usually unsubsidized, which means debt starts accumulating while the student is still in college.
The interest rates on private loans are about 11 percent, according to FinAid.org. Kantrowitz said the bailout should bring them down to about 9 percent, which is still higher than the rates on federal loans.
Robert Baker, Lawrence credit counselor for the Housing and Credit Counseling Institute, said students should plan far in advance before borrowing money to finance their educations.
"As with all decisions requiring a large expenditure of resources, careful planning and a judicious gathering of information and options will save a potential college student money," Baker said in an e-mail. "The choices a student makes in advance and the amount of time a student has to review options and make good choices could impact the overall cost of college or debt repayment for the next decade or so."
Kantrowitz said a student's top priority when deciding how to pay for college should be to minimize debt wherever possible.
Edited by Lauren Keith
Scholarships and grants
how students should finance their education
Students should start looking to finance their educations by using scholarships and grants. They can search ones they're eligible for at FastWeb, com, a free scholarship matching service. Students can also go to the KU Office of Financial Aid for additional scholarship and grant options.
Federal Stafford Loans
Once a student has exhausted all the free money available to them, they should use their federal loan options before considering private loans. For the best possible options, students can apply at FAFA.sed.gov. Students who claim to be financially dependent can borrow up to $31,000, and independent students can borrow up to $57,500 from the government for their entire college education.
University help
Source:FinAid.org
After looking at all scholarships, grants and federal loans, students should check with the KU Office of Financial Aid for other choices available to them before going to a private lender for help.
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students used the beds at Sun of a Beach.
TANNING (CONTINUED FROM 1A)
Aly Rodee, Wichita senior and former president of the Memorial Corporation Board, said businesswise, renting the space to Sun of a Beach was a smart choice. As far as students were concerned, she said it was up to them to make informed choices about tanning.
"Students know the health warnings that go along with tanning," she said. "We're supposed to be responsible adults here."
In Kansas it's difficult for commercial tanning bed users to miss the reminders of the health conditions tanning can cause or exaggerate. Kansas state law requires businesses that have tanning beds to hang warning signs and to allow users to tan no longer than the time recommended by the manufacturer of the beds.
Sun of a Beach goes beyond state regulations. Willis said the business required customers to wait at least 24 hours before tanning again and asked students how often they go tanning before booking their appointments. She said the business determined how long and how often students could tan based on their skin tone and tanning experience.
She said she didn't favor either
side of the indoor tanning debate, despite being a tanning salon owner. Willis said her family had a history of skin cancer, so she tried to take a more neutral stance.
"I don't believe it should be swayed one way or the other," she said. "There are people on both sides trying to sell you something."
A study in Pigment Cell & Melanoma Research showed that melanoma cases have risen 2,000 percent in the last 75 years. The American Cancer Society projects that 60,000 Americans will be diagnosed with melanoma this year.
Not all students are mindful of their tanning habits, though.
Leina Rogers, Overland Park junior, said she usually went tanning a couple times a week. A friend of Rogers was diagnosed with skin cancer, but Rogers said her friend went tanning two times a day. Despite her friend's problems, Rogers said she wasn't worried.
"It would have to be me" she said.
Rogers thoughts have been reflected in national studies. Some show most people are aware of the dangers of tanning, but they continue to tan anyway.
A 2002 study that focused specifically on college students found
that 47 percent of students interviewed had used a tanning bed during the last year. More than 90 percent of the students who had used a tanning bed said they were aware that premature aging and skin cancer might be associated with cancer, according to an article in the Archives of Dermatology.
Daniel Aires, director of the division of dermatology at KU Medical School, said the lag time on skin cancers is usually between 10 and 20 years. He said there were a large number of people with skin cancers in their 30s, 40s and 50s who told him they regretted going tanning.
"The damage people do now when they are young and not thinking about it ends up haunting them later," he said.
Aires said he would not endorse the use of a tanning bed at a KU facility or anywhere else and that if someone wants to look better, they should exercise at the gym, take a yoga class or, at the very least, use a self-tanner.
"Try to protect your skin because it's a long term investment," he said. "All of those things will help your looks immensely much more than an artificial tan."
Warnings against the risks of tanning are not entirely going
unnoticed. Margo Lawer, Eudora junior, whose father and grandfather have battled skin cancer multiple times, said she did not go tanning because of her family's history.
Lawer said that her father was pale with red hair and that he used to play softball outdoors without sunscreen. She said before he contracted skin cancer her father would joke that beer was his sunscreen.
Now her family understands the threat is real, she said. Lawer's father has had to undergo chemotherapy several times.
"I saw him in severe discomfort because he was sweating so much, and it got into his scabs," she said. "After that, it's not really worth it. If he can't handle it, there's no way I could."
She said she had only been tanning about 10 times in high school and that she went then simply because prom was coming up. She said now if she comes home on the weekend looking even a little darker, her parents question her.
"I don't want to die, and I don't want my dad to yell at me," she said.
- Edited by Lauren Keith
ECONOMY
Bailout doesn't stop another plunge in the market
ASSOCIATED PRESS
NEW YORK — Wall Street joined in a worldwide cascade of despair Monday over the financial crisis, driving the Dow Jones industrials to their biggest loss ever during a trading day. Even a big afternoon rally failed to keep the Dow from its first close below 10,000 since 2004.
The sell-off came despite the $700 billion U.S. government bailout package, which was signed into law Friday after two weeks in which traders had appeared to count on the rescue as their only hope to avoid a market meltdown.
At its worst point, the Dow was down more than 800 points, an intraday record. The stock market rallied during the final 90 minutes of the trading day, and the Dow finished down about 370 points at 9,955.50.
The average is down almost 30 percent from its all-time high of 14,164.53,set a year ago Thursday.
Speculation among traders late in the session that the market's pullback had been severe enough to force the Federal Reserve into taking other steps to soothe the markets helped stocks rebound from their lows.
"If you can't say that we're
oversold now I don't know what you say. You're at least due for a bounce if nothing else," said Bill Stone, chief investment strategist for PNC Wealth Management.
The global plunge in stocks was under way well before Wall Street ever woke up. In Japan, the Nikkei average lost more than 4 percent. And then the losses spread across Europe — nearly 6 percent for the FTSE-100 in Britain. 7 percent for the German DAX and more than 9 percent for France's CAC-40.
In the United States, President Bush twice made unscheduled remarks on the economy, saying in Cincinnati that the economy would be "just fine" but that the
The troubles that started with an overheated housing market in the U.S. have infected financial markets around the world, making banks fearful of lending to other banks, let alone to businesses and consumers. That has led to worries that economies around the world might not only sputter but slide into reverse.
baailou package needed time to work.
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The crush of selling Monday came exactly one week after the Dow lost 778 points, its biggest closing loss in terms of points. On that day, the House voted down an earlier bailout package that had appeared to be a safe bet to pass.
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The swings in the Dow on Monday also marked the beginning a fourth week of tumult in the markets. Triple-digit Dow swings have been commonplace since mid-September, when investment house Lehman Brothers went bankrupt and the government stepped in to bail out insurer American International Group.
But even with the bailout package firmly in place — a plan under which the federal government will buy bad mortgage-related assets off the books of banks — investors remain worried that banks are too fearful to lend and are cutting off air to the economy.
U. S. investors appeared worried the bailout would not be enough to jump-start the economy.Even other steps,including a Federal Reserve decision to expand a loan program to squeezed banks, didn't help much.
The sharp one-day tumbles over the last two Mondays don't come close to the drops that became black marks on the timeline of Wall Street history. Black Monday, in October 1987, and stock drops that preceded the Great Depression were more than 20 percent. Monday's drop, by comparisons, was less than 8 percent at its worst.
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