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Russia dims hopes for European auto rebound

By WTOP Staff

ANGELA CHARLTON
Associated Press

PARIS (AP) — Troubles in Russia’s once-booming car market are dampening spirits at the Paris Motor Show.

The European car market is seeing a fragile recovery after six years of decline, but CEOs in Paris are scaling back hopes that Russia could help drive the rebound. The sanctions imposed on the country for its involvement in the Ukraine crisis have dented confidence.

The sanctions from the U.S. and the European Union are one reason why many economists think Russia is heading for a recession.

Ford’s new CEO, Mark Fields, told The Associated Press on Thursday that “weakness in Europe driven by Russia” was one reason for the company’s recent lowered profit expectations for 2014.

With three plants and annual sales volumes around 120,000 units, Russia had been important to Ford Europe’s goal of returning to profitability by 2015. The company announced this week that it expects profits of $6 billion to $7 billion this year, instead of $7 billion to $8 billion as earlier forecast.

Sergio Marchionne, Fiat-Chrysler’s CEO, said at the world’s oldesr car show that he didn’t expect a rebound in Russia over the next 12 months. “I do think that in the medium term this thing will settle … and the only reason that I say that is because the alternatives are relatively ugly.”

Renault-Nissan CEO Carlos Ghosn said the sanctions were having “an impact on the Russian market which as you know is in full contraction … we are hit indirectly by this.”

The Renault-Nissan alliance has the biggest market share in Russia thanks to its partnership with Russian brand Lada, and operates four factories in the country. Last year sales were 821,404, which equated to a 29.6 percent market share.

“The mood overall is a recovery in Europe,” Ghosn said. However, he noted that it’s an “imbalanced” recovery.

“We would like the recovery to be faster to be stronger like the one we have seen in the United States. But unfortunately, I think it is not in the cards for the moment,” he said.

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 This material may not be published, broadcast, rewritten or redistributed.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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