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March 10, 1994 - Image 3

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The Michigan Daily, 1994-03-10

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The Michigan Daily - Thursday, March 10, 1994 - 3

.Being in debt not
rare for students

MAKIN' TRACKS

House Dems say
balanced budget
plan won't pas

Loans help defray
the growing cost of
education
y MICHELLE JOYCE
FOR THE DAILY
The opportunity to receive a col-
lege degree is seen as the chance of a
lifetime. A very expensive chance of
a lifetime, however.
According to Harvey Grotrian,
University director of financial aid,
more than 70 percent of University
students receive some sort of finan-
ial help.
As tuition costs are on the rise
nationwide, the requests for aid have
also dramatically increased. Accord-
ing to a Feb.16 article in The Chronicle
for Higher Education, the number of
loans at American colleges have risen
anywhere from 28 to 121 percent.
One of the major reasons for the
increase this year was the introduc-
ion of the unsubsidized Stafford Loan.
e terms of the loan are similar to the
subsidized Stafford loan, but is avail-
able without regard to financial need.
The government, however, does not
pay the interest for this federally-based
loan while students are in college.
While many colleges and univer-
sities are able to grant aid through
their own resources, Grotrian said
that 95 percent of University loans
Ire federally based.
"Students rely on federal loans to
fill out aid packages which the Uni-
versity cannot," he said.
However, federal financial aid
does not fall into one's lap that easily.
The application process in the past
has been very detailed, time-consum-
ing and frustrating.
"If you screw up one little thing on
your application, you are in danger of

getting no money at all," said ISA
junior Dan VanGenechten.
In order to compensate for this
problem, the application process for
the coming year is more agreeable to
students. The form has been simpli-
fied and asks fewer questions.
The University is also helping to
make the routine easier. Starting in
the spring, students will no longer
need to go through banks and lenders
to receive their loans. Instead, they
will be able to apply directly through
the University. This nationwide pro-
gram will at first be implemented in a
few select schools in the country.
"Michigan was one of 1,100
schools to apply for the program and
one of 104 schools selected," Grotrian
said.
Although Grotrian maintained that
the University's financial aid program
is "extremely comprehensive," many
students have complained that they
have been denied eligibility for aid
when they feel they need it.
"It seems as if they do not take any
other parental expenses into account,
such as younger siblings," LSA jun-
ior Anita Hou said.
However, Grotrian maintains that
all factors including income, assets,
expenses and liabilities are used to
determine who is eligible for funds.
As for repayment, most programs
allow students six months after gradu-
ation to begin making payments and
have about a 10-year repayment pe-
riod. Interest rates are usually in the
neighborhood of seven to 10 percent.
Grotrian said that repayment has
never really been a problem at the
University.
"Since 1958, 95 percent of stu-
dents have either repaid their loans in
full or are current in repaying.".

THE WASHINGTON POST
WASHINGTON- When the bal-
anced-budget amendment went down
to defeat in the Senate in early March,
many lawmakers assumed the issue
was moot for the year and that House
Democrats were free to vote for the
measure without concern about dis-
pleasing the Democratic leadership
or the White House.
But House Speaker Thomas S.
Foley (D-Wash.) and other leaders
have launched an all-out effort to try
to defeat the amendment when it
comes to the floor next week or at
least hold down the margin of victory.
The leadership, taking the long
view, fears that proponents will be in
a stronger position to pass the amend-
ment next year if they score an over-
whelming victory in the House this
year.
"They're going to go after it hard,"
said Rep. Timothy J. Penny (D-
Minn.), a supporter of the balanced
budget amendment. "They know this
year's vote drives next year's vote.
They don't want it to pass because it
locks people in and almost assures

that it passes in a future Congress."
The amendment, designed to force
the government to balance its books
except under dire circumstances, has
been around for years but has gained
support recently as deficit reduction
has become a more salient political
issue.
Congressional leaders including
Foley, Senate Majority Leader George
J. Mitchell (D-Maine) and Sen. Rob-
ert C. Byrd (D-W.Va.) have stood as
bulwarks against the amendment, ar-
guing that it would put the govern-
ment into a fiscal straitjacket and
would undermine President Clinton's
economic policies and health care
proposals.
But with Mitchell retiring and elec-
tions looming that could alter the
makeup of the Senate and the House,
the climate next year could be far
more hospitable to the measure.
Rep. John Lewis (D-Ga.) a chief
deputy whip, acknowledged that pro-
ponents have the upper hand, but
added, "We're working very hard on
it."

MARK FRIEDMAN/DaIly
Snow returned to Ann Arbor yesterday, much to the chagrin of many
Michiganders. Temperatures will remain in the 30s through the weekend.

Dow VP says companies must have both
ecology eonm in mind when planning
® Buzzelli says Sustainable Development discussed "It's no longer enough to have report facts on spills, fines and problems.
business must be the connection between economic good intentions," he said. "We have As co-chair of the President's
responsible -growth and environmental renewal. to have economic growth and we have Council on Sustainable Development,
ri bl di f-

3
y

Record endowment to
be announced today
'U' reserves nearing $1 billion mark

By APRIL WOOD
DAILY STAFF REPORTER .
The importance of environmental
integration, sustainable development
and corporate strategy was highlighted
at last night's 1994 Nathan Lecture in
Corporate Environmental Manage-
ment. The event, held in the Business
school's Hale Auditorium, was the
second in an annual series.
David Buzzelli, vice president and
corporate director of environment,
health and safety, and public affairs
for Dow Chemical Corp., and co-
chair of the President's Council on

uzzeu U spo Xe to an auaience o
more than 200 on Dow's actions to-
ward environmental responsibility,
and the future of worldwide business
now that the environment is a preva-
lent concern in corporate investment
management and product supervision.
A University of Minnesota gradu-
ate, Buzzelli is the former CEO of
Dow Canada. He presented a variety
of issues that corporations must ad-
dress to sustain themselves in coming
years. Responsible waste manage-
ment, hazardous material control and
conscious growth planning were
among those included.

By JAMES R. CHO
ALY STAFF REPORTER
The University will announce the
largest endowment in its history today.
Last year, the University's endow-
ment fund reached nearly $1 billion.
Monetary donations to the University
comprise the endowment fund. The
fund grew in value from $684.3 mil-
lion to $911.8 million in 1993.
The record high level in the en-
Vowment fund has University inves-
tors ecstatic.
"This is a big jump in new money,"
said Norman Herbert, University trea-
surer and investment officer. "This is
the largest value in the endowment
portfolio we have ever had."
University investment officers will
present their annual investment re-
port to the University Board of Re-
.ents this afternoon at its regular
Wneeting in Dearborn.
As of Dec. 31, 1993, the
University's endowment fund peaked
at $911.8 million - an increase of
$227 million.
Herbert added, "The level of in-
crease in the endowment fund has
increased tremendously."
The contributions to the endow-
mnentfund are unique in that the money
toes to fund University programs.
. "The donor provides support for

specific programs," Herbert said.
Herbert gave the example of a
donor who contributed $1 million to
the endowment fund to support an
LSA program. A regental policy sets
aside 5 percent of the donation for the
program, the University uses the rest
of the money for investments.
"From the $1 million donation,
$50,000 would be available for the
program," Herbert said.
The University distributed $37.6
million last year to individual schools
and colleges. The recipients of the
donations can use the money to sup-
port research, develop new classes or
pay for other operation expenses.
Herbert said the University re-
ceived a 17 percent return on its in-
vestments. "If we had invested only
in stocks our return would have been
good for just 10 to 11 percent."
In 1992, $30.5 million was allo-
cated to the schools and colleges avail-
able for spending.
The regents are meeting today at
the former mansion of Henry Ford
located on the University's Dearborn
campus. The 200-acre estate was do-
nated by Ford Motor Company as a
gift 34 years ago when the Dearborn
campus was first established.
Dearborn has an enrollment of more
than 8,200 students.

to ave enviuonmentaLi nealt, and we
have to have both at the same time."
Buzzelli pointed out training new
business managers is the best way to
ensure the continuation of integration
between business and the environ-
ment. He also said that the environ-
ment doesn't have to affect business
negatively; it can be an opportunity.
Dow produces methylchloroform,
an ozone-depleting chemical. The
company has initiated action to phase
out the use of that substance world-
wide by the end of 1995. This action
has helped to prompt Dow to begin
publishing all material concerning
environmental advances as well as
spills and fines.
Buzzelli said he believes Dow is
the only corporation worldwide to

Buzze i has taiked with vice Presi-
dent Al Gore about developing an
environmental strategy consistent
with sustainable development.
Sustainable development works to
bring economic growth together with
environmental responsibility and en-
sure future corporate progress.
Dow's current strategies for in-
dustrial improvement are shifting
spending away from command and
control and toward prevention, reach-
ing out to the public, and creating a
global program for chemical industry
improvement.
"I thought he addressed some im-
portant issues, especially coming from
Dow Chemical company," said Fred
Young of the Center for Chinese
Studies.

East Quad hosts 27th annual
Women's Weekend activities

By JUDITH KAFKA
DAILY STAFF REPORTER
East Quadrangle's 27th annual
Women's Weekend -this year dedi-
cated to women in education - be-
gins tonight.
Keynote speaker Prof.
Jacquelynne S. Eccles, director of the
University's Combined Program in
Education and Pyschology, opens the
weekend with a speech on women in
math and science at 7 p.m. in the
School of Education auditorium.
Mary Ann Novak, Residential
Fellow in East Quad and co-coordi-
nator of Women's Weekend, said she
hoped the programs are both enjoy-
able and educational.
"We want to offer ideas, make
people aware of the issues and help
people have a good experience," she

said.
Tomorrow's events include a
Women's Coffee House in the
Benzinger Library - where women
are encourged to share poetry, music
and other items of interests - and a
film festival featuring, among other
films, "Fried Green Tomatoes."
Saturday there will be a Women's
Opportunity Fair from 11 a.m. to 2
p.m., where various women's organi-
zations will provide information.
"The idea is to inform women
about opportunities for involvement
on campus," Novak explained.
In addition, East Quad's Halfway
Inn will host a reading of "The Heidi
Chronicles" and a display on the his-
tory of educating women.
The weekend concludes on Sun-
day with a Women Speak Out about
their experiences in the classroom.
All events are open to the public.

Street
Hockey
Headquarters
Come See
'94 Diamond
Backs,
Mongooses
& Marins!
t
Rental
Skates on
Sale for Only
$89.95
$29.95
Tune-up
Special
761-2749

6

IC

Group Meetings
O Campus Crusade for Christ,
Dental School, Kellogg Audi-
torium, 7 p.m.
U Haiti Solidarity, First United
Methodist Church, 120S. State,
7:30 p.m.
a Korean Students Association,
2203 Michigan Union, 7 p.m.
" Orthodox Christian Fellow-
ship, Michigan Union, Ander-
son Room, 7 p.m.
Events
" "Civil Asset Forfeiture," Tom
Flook, sponsored by the Ann
Arbor Libertarians, Michigan
Union, Pond Room, 7:30 p.m.
" "Development in Context of
Diversity," sponsored by the
Committee for the Study of

League, Ballroom, 7 p.m.
" "Honor Among Thieves: A
Zooarchaeological Study of
Neanderthal Ecology in
Italy," Mary C. Stiner, spon-
sored by the Museum of An-
thropology, 2009 Museum of
Natural History, noon.
0 "Kinship and Status Issues in
Japanese Painting: Courtly
Portraits of the Kamalura,"
Maribeth Graybill, sponsored
by the Center for Japanese Stud-
ies, Lane Hall Commons, noon.
" IES, sponsored by the Career
Planning and Placement, Michi-
gan Union, Anderson Room, 6-
7:30 p.m.
U "SAKHU: African Psychologic
Illumination of the Spirit,"
sponsored by the Committee for
the Study of Culture, Class &

Student services
U 76-GUIDE, peer counseling
phone line, call 76-GUIDE, 7
p.m.-8 a.m.
U Alternate Career Center, ca-
reers in the nonprofit sector,
2213 Michigan Union, 10 a.m.-
5 p.m.
U Asian Studies: Job Search &
Career Options, Lane Hall,
Commons Room, 7 p.m.; must
register, 763-6093.
U Campus Information Center,
Michigan Union, 763-INFO;
events info., 76-EVENT; film
info., 763-FILM.
Q North Campus Information
Center, North Campus Com-
mons, 763-NCIC, 7:30 a.m.-
5:30 p.m.
U Professional Development for
International Spouses, spon-

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