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New York Times cutting 100 jobs, NYT Opinion app

By WTOP Staff

NEW YORK (AP) — The New York Times Co. is launching another round of buyouts and layoffs, telling staff on Wednesday that it must cut 100 newsroom jobs to further reduce costs and focus resources on its digital operations. It’s also axing its NYT Opinion app after four months and relegating the NYT Now app to a smartphone-only product aimed at new and younger readers, after the lower-priced subscription products failed to take off as hoped.

The planned cuts represent about 7.5 percent of a total current newsroom staff of 1,330. Buyouts will be offered to an undisclosed number of senior managers in the print, digital and advertising divisions, New York Times publisher Arthur Sulzberger Jr. and CEO Mark Thompson said in a morning memo to employees.

Like other newspapers, The New York Times continues to face a drop in print advertising revenue as readers opt for digital content and advertisers shift more of their spending online. Over the past eight years, overall annual print newspaper ad revenue has fallen 64 percent, to $17.3 billion in 2013, according to the Newspaper Association of America.

Sulzberger Jr. and Thompson said that for the most recent quarter ended on Sunday, total advertising revenue was “roughly flat.” That’s better than the mid-single-digit-percentage decline it had predicted due to digital advertising gains and a strong print ad showing in September which helped counter a weaker July and August. More than 40,000 net new digital subscribers were added in the latest quarter, the biggest jump since 2012. But profit for the quarter and the fiscal year is still expected to fall from last year because of higher operating costs.

The New York Times said the NYT Now app — which included the paper’s top stories and was available online and on the iPhone for $2 a week — struck a chord with younger users, many new to the paper. But it will continue as a smartphone app only while the company tests other, “more intuitive” lower-priced subscription offers. The NYT Opinion app, which included unlimited access to an expanded opinion section on the New York Times website and a mobile app for $1.50 a week, will be shuttered. The company said it will continue to sell separate subscription access to the Opinion section of its website.

Shares rose 82 cents, or 7 percent, to $12.04 in midday trading. The stock had been down 29 percent since the beginning of the year.

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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