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Show Wednesday, October 8, 2008 %r THE SIGNPOST BUSINESS & SCIENCE New home on a WSU student budget WSU students struggle to find money to afford new homes little uncertain. "I'm a young graduate," Kraft said. "Last tiling I want to do is get in way over my head and not be able to pay for it" Kraft is not the only student*who is To pay $1,200 or $800? This was the wrestling with the idea to purchase a home. difficult decision facing the Kraft family Kirk Smith, Vice President of Bonneville when deciding to continue renting their Superior Title Company in Ogden said most apartment, or purchase a new home, all on students out of college looking to purchase a a student budget. home need to have better credit. Steve Kraft, a recentWeber State University "Lenders are really tightening up their graduate, received his associate's degree in lending practices," Smith said. "Students respiratory therapy. need to have a more stable income and "I am just glad that better credit score." respiratory therapists Smith said that even are in high demand," "What is nice is I though the economy has Kraft said. "I feel lucky slowed, Weber County and that I can come right can write off the most parts of Utah are still out of school and make interest of my great places to purchase. some decent money" Smith also said the less than Kraft, who is loan on my taxes. $200,000 housing market has employed at Praxair always been good. Healthcare in Ogden, "Cheaper housing will a small rented - Steve Kraft, always be in demand, apartment in Roy for WSU graduate especially in the Ogden area," about $800, along with Smith said. "The university his girlfriend and their and its students have always two children. played a key role." "The decision was tough when my Smith said closing on a house can be very girlfriend and I decided to purchase a home/' stressful to all. Kraft said. "Our apartment just wasn't big "About the only thing that has become enough; we needed some space and stability easier when buying a house is the closing," and we felt buying gave us that option." Smith said. Kraft said he decided to purchase an Smith said that with Bonneville's existing home in the Riverdale area. SureClose, they have transitioned and gone "Owning my own home is very exciting," paperless so customers can access the Web Kraft said. "What is nice is I can write off the site, type in their username and password interest of my loan on my taxes at the end of and access their closing documents. the year." "This has been a really nice addition," Kraft said he anticipated that his family Smith said, "It makes closing on a house would see a nice tax check at the end of the faster, with a lot less paper." year to make up the difference between Jason Jacobsen, Senior Loan Officer at renting and purchasing. Kraft said he figures Academy Mortgage said the mortgage crisis purchasing a new home is still a great is as bad as it looks. investment even though the markets seem a Jacobsen, who has been doing loans for By Ned Wallis correspondent I The Signpost SOURCE s\c H U Weber State University ... caption over 15 years, said the media hasn't exactly painted the right picture. "Nobody wants to buy a house, especially when the media is telling people it's the wrong time," Jacobsen said. "Especially nervousfirsttime home buyers." Jacobsen said that even though mortgage companies have tightened up, lenders can tips that we will have a hard time with." Jacobsen also said purchasing a new still find them a good deal, especially through home is still the American dream and always FICA score-driven government products. "If you have good credit and a stable job a wise investment. we can always shop and find a good loan," Jacobsen said. "It is the person with the sub Comment on this story at 700 credit score whose income is primarily wsusignpost.com. in lunch Take a Former-WSU Student President Peter Owen attends lunch with local business work field." Students can take advantage of the program as often as they like, but are limited to one match per Weber State University's Alumni semester. Giving students more Association is offering the "Take a than one opportunity to try the Wildcat to Lunch" mentor program. program helps them to get different The program matches WSU students viewpoints in their potential career. with professionals in the student's "It's an incredible way for the intended career field. Students fill students to get insight for their out an online application {www. future career," said Beverly Rudd, alumni.weber.edu), and the Alumni Associate Director of the Weber State Association contacts the appropriate Alumni Association. "Sometimes professional within two weeks. The the students have illusions about professional hosts the student for a meal, and provides job-related their career and they say they didn't know this or that; the program helps guidance. them understand their future career "We have over 300 wonderful, more." dedicated professionals - both The program gives students alumni and community members the opportunity to learn benefits - who are willing and excited to meet with our students," said Margie - monetary and non-monetary Esquibel, Associate Director of the - that come from the particular Weber State Alumni Association. career option. Students also get an "The mentors provide them a meal, advantage by learning the particulars network, and talk to the students of their job field before they even about the pros and cons of their start their career. "I think this program was a real By Jared Benware correspondent I The Signpost SOURCE: SXC.HU Slowing economy affects students With the declining economy, students are breaking the piggy bank for pennies just to get by each day By Tim Brownell correspondent I The Signpost "There are different kinds of student loans: federal and private, and subsidized and unsubsidized." The difference between There is more than the cost of subsidized and unsubsidized is that a tuition on students' minds this year subsidized loan has the interest paid at Weber State University. for while you are attending school, The slow economy is affecting consumers around the nation, as while if a loan is unsubsidized you well as around the globe, but here are responsible for paying all the at home, college students are feeling interest that has amassed from the the pinch. Everything from student time the loan is started until the loan loans and scholarships, to the cost of is ended. "Yes I have a student loan," said gas and groceries is dwindling WSU WSU senior John VanderVelpen. students' wallets down to the bare "But my interest rates have not gone minimum. up much since I got it" According to Salliemae.com, the VanderVelpen said he obtained current interest rate on a Federal his loan through US Bank and it has Stafford Loan is 6.8 percent, which is stayed right around 6.8 percent since up three percent from past years. he acquired it his fresliman year. The economy's effect on the "Each year my bank gave me set interest rates of student loans varies amount of money," VanderVelpen from time to time. said. "Freshman year I got the least "When the interest rates are amount of money, while this year I higher on a student loan it may be got a lot more money because I am due to a governmental reason," said a senior." Wells Fargo employee Laure SpinksNot all students at WSU have a Loevy. "The government may want student loan, but are still affected to restrict the amount of money they by the slow economy. WSU, give banks when the economy is regarded as a commuter college, down, which in return would lessen has students who live in nearby the amount of money that the banks towns as well as down by Salt Lake can loan out to its customers. City. While some of them may not have student loans, they still need to put gas into their car or truck. With gas prices soaring up to four dollars a gallon this past summer. Even though the prices have dropped over 50 cents, students still have a hard time commuting. "It stinks!" said Tayler Shields, a WSU sophomore. "I spend about 60 dollars a week on gas and since I am spending so much on gas, I can't enjoy other things." Non-traditional students also have a hard time with the struggling economy. Not only must they worry about paying for school, many also need to provide for a family. Making ends meet while providing for a family and an education can get very expensive and lead to quick, deep debt "It almost brings me to tears," said Jackie Sounde, a non-traditional WSU student. "I have three kids at home and my husband works. We have to pay for gas, groceries, insurance, school and so many other amenities. Thanks to the struggling economy, we are struggling every day." Comment on this story at wsusignpost. com. eye-opener, said Peter Owen, a senior majoring in business administration. "I think many students don't understand the daily responsibilities Peter Owen of their career of choice, but this program is an opportunity to find out." Owen registered for the program once, but gained a mentor that has helped him get closer to his career goals in finance. "The individual was amazing in his advice," Owen said. "He told me about the additional education I needed to acquire and we had a few more lunches so he could follow-up on how I felt about my career." The only requirements students need to meet to participate in the program are to have a declared major and a cumulative GPA of 2.0 or better. The alumni staff also stresses proper attire for the student See Wildcat page 7 John Lindquist pays WSU students a visit Ralph Nye lectures welcome the owner of mortuary chains in Ogden By Tennille Palmer correspondent I The Signpost John Lindquist visited with Weber State students as a part of the Ralph Nye lecture series on Thursday, offering his advice about keeping options open, always having the next project in mind and the perils of becoming a workaholic. Lindquist is the president of Lindquist Mortuary, a family business in the Weber and Davis County communities dating back to 1867. Lindquist said he is constantly thinking up new and different ways to expand his business and continue being an entrepreneur. One of the ways Lindquist has done this is by adding new features to the mortuary business, like witnessing the cremation of a loved one. The actual cremation cannot be witnessed, but people are allowed to see their loved one being loaded and the door being closed. Families can even opt to push the start button. "This is something that, if you are not of that mindset, sounds pretty rough - and it is to me," Lindquist said. "However, it is something that a lot of people wish to do and that is what we have provided for them." Lindquist also ventured into the insurance industry by starting Great West Insurance. The company first operated out of the Lindquist Mortuary headquarters in Ogden and has now grown into a multi-million dollar company. Lindquist also took his love for baseball and the community and invested in The Ogden Raptors baseball team. "Always think like an entrepreneur," Lindquist said. "Always invest your own time and money into yourself like any good entrepreneur." Dean Gale of WSU's business administration program said students need to keep in mind there are many options. Students should always have an open mind and attitude when thinking about their careers and future. "You will see one door close, but several others open," Gale said. Lindquist warned WSU students about becoming workaholics. "I went to work when my kids were asleep and came home when they were asleep," Lindquist said. "I regret a lot of what I missed. Don't go overboard." Lindquist said he loves his work and can't wait for Monday mornings. He doesn't allow any of his employees to stay late. "Life's too short to waste it in a mortuary," he said. Lindquist reminded students to give back to the communities they live in. Comment on this story at wsusignpost.com. r |