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Markets steady as US jobs report looms

By WTOP Staff

The Associated Press

LONDON (AP) — Markets were leaden-footed Wednesday after a strong U.S. private payrolls report, a day ahead of the early publication of official government data.

ADP, a payroll processer, said U.S. businesses added 281,000 jobs last month. That was up on the 179,000 recorded in the previous month and the 200,000 median forecast in the markets.

The ADP survey suggests that Thursday’s official government figures could also show a significant gain from May’s tally of 217,000 jobs. The government’s nonfarm payrolls figures are being released a day earlier than usual because of U.S. Independence Day.

However, analysts were cautious as the ADP figures don’t always tally with the government data.

“This means upside risk to tomorrow’s payroll report but please remember how the ADP is known for throwing the market off ahead of the official jobs report,” said Jennifer Lee, senior economist at BMO Capital Markets.

In Europe, the FTSE 100 index of leading British shares rose 0.2 percent to close at 6,816.37 while the CAC-40 in France fell 0.4 percent to 4,444.72. Germany’s DAX rose 0.1 percent to 9,911.27.

In the U.S., the Dow Jones industrial average was up 0.1 percent at 16,967.53 while the broader S&P 500 index rose the same rate to 1,974.68.

Earlier, in Asia, investors were encouraged by surveys showing China’s manufacturing activity improved in June for the first time in six months. That came on top of the government’s decision to expand credit by allowing banks to lend more relative to the size of their deposits.

Asia’s heavyweight, the Nikkei 225 in Tokyo, gained 0.3 percent to 15,369.97 while China’s benchmark Shanghai Composite Index added 0.4 percent to 2,059.42.

Hong Kong’s Hang Seng jumped 1.5 percent at 23,549.62 while Seoul’s Kospi added 0.8 percent to 2,015.28 and Sydney’s S&P/ASX 200 rose 1.5 percent to 5,455.40.

Elsewhere, the euro was down 0.2 percent at $1.3655 a day ahead of the monthly policy meeting of the European Central Bank. Though no change in policy is expected, traders, particularly in the currency markets will be interested to hear what ECB President Mario Draghi says in his ensuing press conference about the state of the 18-country eurozone economy.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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