Train Timing
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Racquetball Racket
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Daily Toreador The
FRIDAY, MAY 4, 2012 VOLUME 86 ■ ISSUE 136
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Congress to vote on federal student loan interest rates Interest rate could double by July 1 By CAROLYN HECK STAFF WRITER
Congress is voting July 1 on whether to extend the current 3.4 percent interest rate on federal student loans for another year or to double it to a 6.8 percent interest rate, according to state officials. Christine Lindstrom, an employee of the Texas Public Interest Research Group, said in a group conference call Thursday that if the current rate were extended, it would mean big savings for Texas students. “If the low rate is extended for one year, the average savings per borrower will be $950 over the life of the loan,” she said. “That translates into $438,456,350 in savings that student loan borrowers in Texas would other-
wise carry in additional debt burden.” Lindstrom is campaigning for citizens and students to encourage Texas senators Kay Bailey Hutchison and John Cornyn to back the bill to extend the low interest rate. “They both backed the College Cost Reduction and Access Act in 2007,” she said, “which set the lower rate.” The 2007 act made federal student loans more manageable for students, she said, by reducing the interest rate on federally subsidized Stafford loans from 6.8 percent to 3.4 percent. The plan is set to expire July 1. Becky Wilson, the managing director for the Student Financial Aid Office at Texas Tech, said a Tech student who takes out loans will graduate with a debt of, on average,
$18,281. These numbers were based off of 2009 and 2010 graduates, she said. In the overall statewide view, 56 percent of undergraduates have student loan debts at an average of $20,919 per borrower, Lindstrom said, and eight out of 10 students have loans backed by the federal government. “According to the U.S. Department of Education in Texas,” she said, “461,533 federal student loan borrowers will be impacted.” Recently, it has been found that student loan debt has surpassed credit card debt as the top form of consumer debt in the U.S., in the amount of $1 trillion, Lindstrom said. Such heavy debt amounts could affect the U.S. and the state economy, she said. “Heavy student loans debt im-
TAB offers volunteer day at Haven Animal Shelter
pedes borrowers after graduation, and it impedes workforce development in the Texas economy more broadly,” she said. “So, until our economy is stronger again, we believe Congress must help Americans attain the higher education and training they need to stay competitive by preventing the interest rate height.” It also may have the potential to affect prospective students as well, Lindstrom said. “But I think, more chillingly, the 6.8 percent interest rate will send the wrong signal to students and workers and the unemployed,” she said, “discouraging them from getting the post-secondary training they need to be successful in the new economic reality.” Hope Mustakim, a senior social work major at Baylor University, said during the conference call she
anticipates having about $60,000 in student loan debt after finishing her master’s degree. Mustakim is a first-generation college student in her family, she said, and has always wanted to be a social worker and has a desire to help better society. However, she said the job she wants may not provide the money she needs to pay off her debt. “It’s discouraging that something like student loan debt could keep me from helping people and having to look for a job that’s simply more lucrative,” Mustakim said, “even if it’s less helpful to society.” At the time of her enrollment at Baylor, she said, the interest rates were 3.4 percent, but now that they have a chance of increasing, she feels daunted. LOANS continued on Page 2 ➤➤
CAR CRUISER
Students able to work, play with dogs, cats By PAIGE SKINNER
dinator for TAB, said her experience with the event last year was great. After the volunteers are done workWith so many dogs and cats with- ing, they are allowed to play with the out homes in Lubbock, human interac- animals. tion with them seem to be that much “They will just expect to work more important. hard,” said the senior psychology The Tech Activities Board encour- major from Brownwood. “But, once ages Texas Tech students to volunteer you get done working and finishing from noon to 4 p.m. Saturday at Lub- up everything that needs to be done, bock’s Haven Animal Shelter. then you can have fun and spend time Amanda Hawkins, an employee with the different animals, and gowith Haven ing around the Animal Shelplace because ter, said volunit’s really big teers can exand they have pect to work on several differprojects for the ent types of animal shelter. dogs and cats. “I know They can just we did the expect to have same (event) fun with them last year and as well too.” we had a ton Last year, of projects,” there were said the senior about 100 marketing volunteers, AMANDA HAWKINS major from Hawkins said. EMPLOYEE Keller. “There She is hoping HAVEN ANIMAL SHELTER was cleaning, to match that painting, yard number this work, a lot of year or have animal care, a lot of socializing with even more students volunteer. the animals, brushing, grooming — so, Currently, there are about 20 it’s going to be a lot of animal care and people registered for the event, Silva probably a lot of cleaning and getting said. She encourages students who are this place ready.” interested in volunteering to register at She said the volunteers will work http://www.tab.ttu.edu. with dogs and cats, some of who might Because of the small staff at Haven bite, during the volunteer day. Animal Shelter, Hawkins said, vol“There are, unfortunately, some unteers are imperative to the animal animals out here that will bite,” she shelter. said. “They all have signs on their pins “They’re essential,” she said. “We and we will kind of debrief everyone. need all the help we can get. We have When they come in, we’ll let everyone usually around four paid employees know who’s OK to go in with them and with nearly 130 animals, so volunteers who’s not OK, and go over the general are crucial because we can’t get done rules and policies. There are a couple everything that we’d like to get done that aren’t kind to people.” without the help of volunteers.” Kelcie Silva, the outreach coor- ➤➤pskinner@dailytoreador.com STAFF WRITER
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Professors receive combined $1.5 million grant Three Texas Tech professors were awarded a fiveyear, combined $1.5 million grant from the National Science Foundation, as part of the 2012 Faculty Early Career Development Award. B r i a n A nc e l l , a n a s sistant professor of atmospheric science, received more than $720,000 for his research, according to a news release. Hamed RadMohsenian, an assistant professor of electrical engineering, received $400,000 and Siva Vanapalli, an assistant professor of atmospheric science received $400,000. “Having three recipients at Texas Tech in one year is quite a testimony to the excellence of the representative faculty members and the climate that is evolving here at Tech for the highest quality research,” said Provost Bob Smith in the release.
Graduate students win MBA Challenge for first time ever
... we can’t get done everything that we’d like to get done without the help of volunteers.
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PHOTOS BY LAUREN PAPEThe Daily Toreador
TOP: TRAVIS HOGUE, a freshman restaurant, hotel and institutional management major from Kyle, sits in the driver's seat of the Aflac NASCAR show car outside the Student Union Building on Thursday. Aflac brought the car to Texas Tech to promote possible career opportunities with the company. ABOVE: Hogue climbs out of the Aflac NASCAR show car.
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Six Texas Tech graduate students placed first in the seventh annual Texas Shoot-Out MBA Challenge last week in Dallas, winning $5,000. This is the first time a team has won the challenge in Tech history. The event was hosted by the North Texas Chapter of the Commercial Real Estate Development Association and was open to registered graduate students from Texas universities. The students were assigned a case involving a site in downtown Dallas. They had to determine a solution of how best to redevelop that site and present their solution to the judges through a PowerPoint presentation. “One highlight of our team’s solution and presentation was a ‘flyover’ of the project, created and embedded in the PowerPoint slides by our architecture student, Jason Turnbow, graphically illustrating the proposed solution,” said Paul Goebel, team adviser and professor of finance in the Rawls College of Business in a news release. “Our students did a fantastic job of preparing for the competition. We were the only team to have such a creative presentation.” ➤➤news@dailytoreador.com
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