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4 Thursday, April 11, 2002 ALDERMEN From Page 3 The new units will make a small dent in one of the state’s most expensive hous ing markets. According to the National Low Income Housing Coalition, the typ ical North Carolina worker earning the minimum hourly wage of $5.15 has to work 79 hours per week to afford a two bedroom apartment. But in Orange County, the same must work 113 hours. Though the board’s vote removes the project’s municipal hurdle, Club Nova still needs to secure funding from sev eral sources, including the N.C. Housing Finance Agency, before it can start building. Assuming Sarver and project architect Giles Blunden get the money they need, construction should begin at the end of the year. Ten to 12 months later, Club Nova will have anew home, and Carrboro will have more affordable housing. Blunden said, “1 just think it’s a project that meets everybody’s interests.” The City Editor can be reached at citydesk@unc.edu. RHA and present: P Q gjjj 0000000000000000000000 Screen on the Green °♦ JJ toad 1 00 = 0 0000 000 0 00 0000 00 00 I Em Thursday in April at 9:oopm seated in OCUQ (between Davis library and the Arboretum) IffPjfffipHlfliilßß > tori'i niiwt vwinKrr BVB 30 Taps! 100 Different Bottled Beers! JOIN BUB S BEER CLUB! Harris Teeter Fresh Split 16 Ounce 60z. 2 Liter Chicken Harris Teeter Starkist Chunk Sweet. Ripe 13 Oz. Pepsi Or Breast Sliced Bacon Light Tuna Cantaloupe Doritos Diet Pepsi w/tis® 3 . BsSte ms ifijn cm pm mo c®® t With your VIC card With your VIC card El With your VIC card pg With your VIC card BB With your VIC card IB With your VIC card Prices Effective Through April 16, 2002 Prices ln This Effective Wednesday, April 10, 2 °02 Through Tuesday, April l 6,2o° 2 in our Chapel Hill area stores only. We Reserve The Right To Limit Quantities. None Sold To Dealers. We Gladly Accept Federal Food Stamps. LOANS From Page 3 of financial support. And more than half of college students around the country receive a form of financial aid. Each year students seek aid, they must complete the Free Application for Federal Student Aid. These applications are reviewed by the U.S. Department of Education and the University Office of Scholarships and Student Aid. The financial aid office recommends an aid package that can include loans, grants, scholarships and work-study jobs. The loan amount is calculated using a government formula based on a family’s size, total income and assets. Depending on the degree of a stu dent’s financial hardship, there are three types of student loans available: Federal Perkins Loans, Federal Stafford Loans and Alternative Loans. Tabatha Turner, assistant director for client services in the financial aid office, said the Perkins loan is the best of the two federal loans. “The Perkins loan is the best because it has a fixed interest rate at 5 percent and a nine-month AAO N DAy $ I. 52 Domestic Longnecks TU E 55 DAy $2 Pints, 80's Night - Live DJ IA/ST MCCHAV $ 2 50 Micro & Import Bottles Live Acoustic Music TTB4II i PgffcAl/ S3. 50 Pitchers " ® M Karaoke hJight F'lHcfl Ot 52. 52 220 z. Bottles SAkTU it DAV 22oz. Bottles From Page Three grace period. The Stafford loan, on the other hand, has a variable interest rate and only a six-month grace period.” Two types of Stafford loans are available: subsidized and unsubsidized. Subsidized loans excuse students from paying interest during school and an allotted post-graduation grace period. Unsubsidized loans charge students interest for the whole life of the loan. Students who do not qualify for need-based aid have the option to take out a private or alternative loan. But Burdick said students should shop carefully for private loans. “Make sure you get a loan from someone who has good service,” she said. “If you call, you want to know there’s some one on the other end who cares about your problem.” No matter its source, Burdick said understanding the terms of a loan is the best way to avoid unpleasant sur prises during the repayment period. But students do not always follow this advice. Burdick said most students have no idea how much they owe, like sopho more biology major Matt Robinson, who admitted that the details of his loan are more than a little hazy to him. “I know nothing about (the loan),” he said. “My parents deal with it They just say that I’ll have to pay after school.” Students with this attitude are more likely to miss inconsistencies in loan paper work. “Lenders make mistakes, too," Burdick said. Each loan has specific conditions concerning disbursement dates, inter est rates, fees, amounts owed and repayment dates. These terms are out lined in three documents - the promis sory note, the approval disclosure and the repayment disclosure. The conditions of loan repaynlents and borrower fees are outlined in the promissory note, which must be signed before applying. If the loan is approved, the student will receive an approval disclosure. THE Daily Crossword By Edgar Fontaine 50 Little legume 51 Gulp 55 City on the Rhone 56 1987 champion 58 Rock shelf 59 Discernment 60 Quayle or Forsman 61 Curvy letters 62 Frock or gown 63 Before, before DOWN 1 Grass for greens 2 Operatic song 3 Diplomacy 4 _ Wiedersehen! ACROSS 1 Night flyer 4 Before, before 9 Assassinated Israeli P.M. 14 Period 15 Exhorted 16 Wear away 17 1989, '9O and '96 Masters champion 19 Edible root 20 "Little Man " 21 Recent prefix 22 Filled in 23 Wild oxen 25 Spindrift 26 Organic com pounds 29 corner 30 Black shade 33 Move smoothly 34 British gun 35 Actress Spelling 36 Masters course 39 Profound 40 Narrow margin 41 Invitee 42 Lat. or Lith., once 43 1988 champion Sandy 44 Hold your I 45 Wallops 47 Persian fairy 48 Comic Plaza resident rA|MTTMT|Tf¥|¥ITiIET¥ try Loir "Prhp n H a 1 MS BppßTT'a|rl i IBn o[b[l e s | D 101 UIB~L IE | E HHII TTeJB h~ ~o TT I- BRAKES ] 50% OFF Pads and Shoes I Coupon Must Be Presented At Time Of Estimate • Expires 5/30/2002 I ■ Coupons Not Good On Warranty Work Or Previous Work [ EXHAUST S2O OFF I I Exhaust Consisting Of Connector Pipe, Muffler & Tailpipe | I Coupon Must Be Presented At Time Of Estimate • Expires 5/30/2002 I Coupons Not Good On Warranty Work Or Previous Work I \ ~ TRANSMISSION" 1 $lO OFF A Transmission Power Flush I Coupon NfusYße Presented At Time Of Estimate • Expires3/3Q/2002 I Coupons Not Good On Warranty Work Or Previous Work A repayment disclosure is sent shortly before the repayment period begins, typically soon after graduation. Because of the Stafford and Perkins loans grace periods, borrowers have a little leeway after graduation to find jobs and begin making payments. Students are allowed up to 10 years to repay the loans, though Burdick said her staff encourages students to pay them off as quickly as possible because as interest accrues over time, borrow ers end up paying significantly more than the original loan amount. For need-based federal loans, stu dents also receive a break on origina tion fees, usually 3 percent of the total. For example, if the loan amount is $3,500, the borrower actually receives $3,400 after the origination fee. Loans from private institutions also 5 Nobilo and Beard 6 Eyes lascivi ously 7 Make over 8 Tokyo, formerly 9 Come back 10 Antilles island 11 Co-founder of the Masters 12 fixe (obses sion) 13 Dweeb 18 Excited 22 Dog-tired 24 Bellicose deity 25 Slander 26 Zounds! 27 Turns on a pivot 28 Youngest Masters cham pion 29 Four-time champion Palmer 31 Rub out 32 Pinball infrac tions 34 False gods 35 Travel industry " ~ 3 Oi 5 6 7 8 HP 110 lit p 2 rrs jjl n - Mfzj - 24 lOps OHM 26 2 7 ?8 31 32 - ■■3s _ MM 39 "■■4 o 42 1 ■■■43 ■■■44 ■■■■p - 46 ■^■47 48 49 ‘"”""■■50 ■KT" 52 53 54 55 MB— jBBerT” 9H■■ ~ Spring Specials meineke Discount Mufflers and Brakes 407 E. Main Street • Carrboro 919-933-6888 Ask How To Rscofve A FREE Moinokf* T-Shirt (The Satly ®ar MM differ from federal loans because they have stricter schedules for repayment. While most student loan payments are deferred until graduation, some, like those available for the Carolina Computing Initiative, must be repaid while the borrower is still in school. Private, non-need-based loans also might begin accruing interest while the student is still in school. To keep track.of all these factors, Burdick advises students to take charge of their finances as early as possible. She recommends creating a personal budget each semester based on all the money and possible expenses a student has. She said, “If you’re running out of money by October, then you’re in trouble.” The Features Editor can be reached at features@unc.edu. (C)2002 Tribune Media Sendees, Inc. All rights reserved. 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Daily Tar Heel (Chapel Hill, N.C.)
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April 11, 2002, edition 1
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