100%

Scanned image of the page. Keyboard directions: use + to zoom in, - to zoom out, arrow keys to pan inside the viewer.

Page Options

Download this Issue

Share

Something wrong?

Something wrong with this page? Report problem.

Rights / Permissions

This collection, digitized in collaboration with the Michigan Daily and the Board for Student Publications, contains materials that are protected by copyright law. Access to these materials is provided for non-profit educational and research purposes. If you use an item from this collection, it is your responsibility to consider the work's copyright status and obtain any required permission.

April 17, 2001 - Image 5

Resource type:
Text
Publication:
The Michigan Daily, 2001-04-17

Disclaimer: Computer generated plain text may have errors. Read more about this.

TL..... hA:..L.:..r..... !'\..:I., T.......,.I.... A --;I 47 + 1nn'! CA

LOCAL/STATETeMichigan Daiy-Tuesday Aprl17,201-
6tudents travel, study in sultry summer months
By Shannon Pettypiece LSA sophomore Leslie Waddell is also travel arrangements. Corbin said the growing popularity of (Oakland University) cause the Universi
Daily Staff Reporter planning on traveling abroad this summer "There's definitely been an increase of Europe as a summer destination for students doesn't offer physics here over the summe

/A

ty
:r.

Studying in a foreign country, doing com-
mtjnity service, earning extra money or tak-
ing classes in Ann Arbor are only a few of
e plans University students have to make
the most out of their four months without
full-time classes.
Crystal Rosser, an LSA sophomore, said
she is spending her summer in Guatemala
doing service work and learning Spanish.
"Where is a Hispano-Mayan school over
there and I'm going to be taking Spanish
classes and doing community service,"
Rosser said. "I wanted to do something dif-
ferent, something interesting."

and hopes to gain a better understanding and
appreciation for other cultures from her
experience.
"I hope to become fluent in Spanish and
Spanish culture," Waddell said.
Waddell said she chose Spain as her des-
tination because she has experience in trav-
eling there.
"I've been there before and I really want-
ed to go back," said Waddell. "I wanted to
have some study abroad experiences there."
Charlie Corbin, manager of STA Travel in
the Michigan Union, said that in the past
month there has been an increase in stu-
dents who are looking to make summer

students coming in as opposed to in March,"
Corbin said. "At this point Europe seems to
be the most popular destination. ... Most
people are flying into London, Paris,
Madrid, and some into Prague."
He said that for students, the type of
vacation spent in hotels and in a single city
has become less popular during the past 10
to 15 years.
He added that students today traditionally
spend their vacations in hostels and on
trains traveling through many cities.
"I think hostelling and Eurailing is get-
ting more popular," Corbin said. "It gets
handed down year after year."

is a result of students wanting to have an
adventurous experience while exploring a
different culture.
"I think people want to experience differ-
ent cultures and broaden their horizons,"
said Corbin.
Other students said they are planning on
earning extra money or credits towards
graduation either in Ann Arbor or their
hometown.
"I'm going to go home. I'm going to
commute up here and am working in one of
the labs up by North campus," said LSA
freshman Nicole Larocca, who is from
Waterford. "I'm going to take classes at

Mike Rough, an LSA sophomore, said he
is going back home to earn money while
gaining work experience.
"I'm just going back home to St. Louis and
working. ... I've already got a job, it's at the
hospital as an orderly in the O.R.," he said.
Amy Hoag, the coordinator of internship
services at the University, said the populari-
ty of summer jobs has been growing consis-
tently during the past years because of the
unlimited benefits of the experience.
"There really isn't a bad reason to have a
summer internship. Even a bad experretce
can tell you a lot about yourself and where
you want to go in the future," Hoag said.

IVlichigan college savings
program has bumpy start as
stock market drops steadily

File it away

LANSING (AP) - The first few months of U.S.
Rep. Mike Rogers' new Michigan Education Savings
Program account haven't gone exactly as he hoped.
Rogers, who sponsored the college-savings plan as a
state senator, selected the all-stock, all-the-time option
when he set up accounts similar to 401(k)s for his two
children.
Then the stock market plunged.
Andhis accounts sank too.
The equity fund dropped 10.2 percent from its
November start to April 1.
gogers (R-Brighton), says he isn't worried that the
first financial reports showed declining values.
"This is a long-term investment for us," Rogers said.
"I have every confidence in the world."
The Michigan Education Savings Program is the
state's version of college savings programs known as
.2 plans. They offer families tax incentives to set
ide money for higher education.
More than 15,500 MESP accounts have been set up
since the state launched the program in late November.
Sandra and Bryan Wade of East Lansing set up an
account through a payroll deduction plan offered by the
state, where Sandra Wade works. They hope their 10-
year-old son, Jeremiah, will make it through college
without taking out loans.
The Wades decided to go with an investment option
that guarantees at least a 3 percent return.
"I just felt more comfortable to have that steady
come," Sandra Wade told the Lansing State Journal
or a report yesterday.
Programs similar to the Michigan Education Savings
Program are offered in 38 states, and most of the other
states will start them this year.

Parents, grandparents or others can set up accounts
with as little as $25. The funds, managed by the invest-
ment firm TIAA-CREF, grow tax-deferred until the
money is withdrawn for college costs.
The goal is for the accounts to grow faster than the
cost of tuition. But so far, the market hasn't been kind.
Among MESP's investment options since the program
began in late November:
The managed-allocation fund, which shifts money
into less-risky investments as a child approaches col-
lege age, saw declines ranging from 0.20 percent for
those born before 1984 to 12.8 percent for children
born in 2000 or 2001.
The all-equity fund has dropped by 10.2 percent.
The guaranteed income accounts have grown by 1.5
percent.
Financial experts say people with young children need to
view the accounts as long-term investments.
"I'm very high on 529s. There's sonic compelling tax
benefits," said Pittsford, N.Y., accountant Joe Hurley,
who tracks 529 programs on his website. "For a lot of
families, this is the program of choice."
Kathy Colby, an East Lansing financial adviser, said
she recommends the MESP program to some of her
clients and shows them how to request application kits
through the program's Web site.
"The parents keep control of the account. They get a
little bit of a tax write-off," she said. "It's something
easy to work with, something they can do at no cost."
The MESP accounts offer an investment alternative to
prepaid tuition programs, such as the Michigan Educa-
tion Trust. The MET program allows parents, grandpar-
ents and others to prepay for college tuition at public
universities.

Karen Wiborn and Darryl Rodgers sort tax returns yesterday at the state Treasury office in Lansing yesterday. The state
had received 3 million of its expected 5.5 million returns. The deadline for filing tax returns was 11:59 p.m. yesterday.
Jaye returs to Senate today
afiterIm spending a night in jiai

WANT.TO. WRITE FORTTHE DAILY
,DURING THE LONG, HOT SUMER.
E-MAIL summer.news@umw.edu

LANSING (AP) - State Sen.
David Jaye plans to return to ses-
sion today, four days after being
charged in Florida with assaulting
his fiancee, his attorney said yester-
day.
Robert Huth of Mount Clemens
said the Washington Township
Republican "hopes to continue his
relationship with his fiancee," and
said the couple plans to get counsel-
ing.
Jaye was booked and jailed
overnight last Thursday on a misde-
meanor charge of domestic violence
battery after police responded to a
911 call on a reported dispute
between Jaye and his fiancee, Sonia

Koss. He was released Friday after
she posted his $2,500 bond.
Jaye, 43, told a Lee County (Fla.)
sheriff's deputy that he didn't hit
Kloss, 36. He plans to make a state-
ment at 8:45 a.m. today in Lansing
on the matter.
While in the Lee County Jail in
Florida, Jaye was attacked and
needed 24 stitches to repair his
injured ear, according to a report
filed by sheriff's officials. He plans
to get further surgery on his injured
ear, Huth said.
A jail inmate was charged with aggra-
vated battery after witnesses said he
struck Jaye because he thought the sena-
tor was using the phone for too long.

"He complains about a loss of hear-
ing in that ear," Huth said. But he
expressed optimism about the outcome
of Jaye's problems.
"David's faced adversity before,"
Huth said. "He's upbeat and is facing
the situation."
Jaye, who last year served 35 days in
jail for drunken driving, was charged
Friday in Florida with assaulting Kloss.
She said then she would ask for the
charges to be dropped. The Fort Myers,
Fla., woman said she and Jaye plan to
get married this year.
Under Florida's domestic violence
law, authorities could still try to prose-
cute Jaye even if his fiancee doesn't
want to pursue the case.

p1 __________________________________________________________

Congratulations!
The Handleman Company would like to
welcome the following University Of Michigan
graduates to the seventh class of the Management
Associate Training Program in June 2001.
Ryan Hicks
Amber Muncey
Go Blue!
Handlerman

m

Back to Top

© 2020 Regents of the University of Michigan