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Show SPORTS ''" Student loan interest rates on the rise ••- - ' I NBA Summer League New Jazzmen, including Rafael Araujo, show what they can do during the Rocky Mountain Review. Read more on page A8. VOLUME XXXV • NO. 5 THE STUDENT VOICE OF UT^H VALLEY STATE TUESDAY • JULY 25 • 2006 In one of the largest increases in the history of the federally guaran- ; teed student loan program students will now pay 39% more inter- SPORTS est than they previously did when the low interest rate of 4.75% Lamar Hunt U.S. Open Cup was raised by 1.84% Virginia Beach went into overtime against Real Salt Lake during the tournament's third round action. For more details see page A8. ! iLIFE ' i i I Shyamalan's latest ' * • # ews Writer . S tudents who use loans to fund their college education will now pay more for that assistance. On July I, the federal government raised the interest rate on student loans by nearly 2 percent from 4.75 percent to 6.59 percent. Two percent may not seem like much, but any math major can tell you it adds up. If a student at UVSC uses loans to pay for all four years of school, he'll end up borrowing around $15,000, assum- ing he borrows enough to pay resident tuition. At the rate of 4.75 percent, that student would pay $7,125 in interest, and his payments for those loans would be approximately $185 a month for 10 years; at the new rate of 6.75 percent, that same student now will pay $10,125 in interest, and his payments will jump $24 to almost $210 a month. This is a rough estimate and does not include books, graduate school, or potential tuition increases. Borrowers were given until July 1 to consolidate older loans to lock in the original in- terest rate. Students who took advantage of this loan consolidation will continue to pay an interest rate of 4.75 percent on those loans, but any new loans applied for after July 1 will be secured at the new rate. While consolidation will save students money in the long run, many students were told they didn't qualify for consolidation because their total loan debt was less than $5,000. Other students discovered that they forfeit any repayment grace periods by consolidating, meaning they must immediately begin paying back their loans as soon as they graduate. According to the Financial Aid office, roughly 23 percent of students at UVSC use loans to pay for school, which is the lowest in the state. Only a small percentage of those students knew about the July 1 consolidation. Students with questions about their loans should contact the financial aid office or their individual loan provider. I Is Shyamalan's "Bedtime Story" ! shallow or deep? Test the water on . LIFE Dave Eaton interview Meet a local artist in Jason Pyles' exclusive interview. Discover Eaton's ambition, optimism and hopes on page A6. Donner-Galbraith Memorial Scholarship growing Beta Lambda places nationally Abraham Hernandez Ashley Robertson News Writer News Writer OPINIONS Academic Freedom Quotas, policies and robust debate. To see the story turn to page A5. NEWS Homeless in Utah County Jeffrey Hilton goes to the streets to investigate the truth about living homeless. See page A3. "Chicken on the Barbie" was the theme of a fundraiser hosted by the Orem Outback Steakhouse last Thursday, July 20, to benefit UVSC's Donner-Galbraith Memorial Scholarship for the school of Humanities, Arts, and Social Sciences (HASS). "There is no better cause," said HASS Advisory Board Chairman, Mary Robinson. "[Outback] has been very generous, this is one example of the many different ways UVSC can benefit from the community's generosity." Jeff Weissgerber, manager of the Orem Outback Steakhouse, was impressed and inspired to contribute to the memorial scholarship after learning about two UVSC philosophy professors, Michael Shaw and Shannon Musset, who are conducting a summer teach-a-thon to benefit the scholarship. "I thought perhaps Outback could help out since we're soclose to UVSC and we're big on giving back to the community so we decided to host the benefit lunch," Weissgerber said. 100 percent of the proceeds from the benefit luncheon were donated to the Courtesy photo/UVSC Marketing Jeff Weissgerber, manager of Outback Steak House in Orem, generously hosted a benefit lunch for the Donner-Galbraith Memorial Scholarship. Outback management and employees their time, food and all proceeds. memorial scholarship. The restaurant donated the food and even the restaurant employees worked for free. Also, Joann Losee and Losee Jewelers donated a necklace for silent auction that would go towards the scholarship fund, along with pieces of student art See BENEFIT-A3 UVSC's Phi Beta Lambda chapter recently returned home from the National Leadership Conference in Nashville, Tennessee, where they were awarded three first-place winnings, second place, third place, fourth place and seventh place out of nearly 3,000 participants in 40 events. "It's always fun to take students to a nation conference, because they get excited about what they do," said Colleen Vawdrey, UVSC Phi Beta Lambda advisor. Phi Beta Lambda is a national organization for business students at the college level. The organization currently has about 250,000 members nationwide that first compete at the state level before moving on to the national conference where they participate in 40 different events. "The competition is difficult since these are the best college and university students from all over America, making these awards all noteworthy." UVSC's Phi Beta Lambda placed in many of these 40 events including Computer Operating Systems, Cyber Security, Computer Concepts, Organizational Behavioral & Management, Telecommunications, an American Enterprise Project, and Impromptu Speaking. The fourth place American Enterprise Project, one of the most notable Phi Beta Lambda projects in Utafi County, involved members of Phi Beta Lambda visiting Grandview Elementary in Provo and Sharon Elementary in Orem and teaching their "The competition is difficult since these are the best college and university students from all over America, making these awards all noteworthy." — Colleen Vawdrey students business and marketing skills. At the end of the project the members of Phi Beta Lambda helped these elementary school students setup small companies, gave them play money, taught them hands-on business skills such as supply-anddemand, and gave away prizes to top companies. "I'd like to see more students get involved, obviously, to have the same experience, because this is an experience they'll enjoy and they'll gain a lot from it," said Vawdrey. |