Thursday, May 16, 2013
The Michigan Daily - michigandaily.com
Thursday, May 16, 2013
The Michigan Daily - michigandaily.com
'3
DEBT
From Page 1
(debt) is in federal loans," Grimes
said.
The role of private banks in
student loans was diminished
with the Federal Direct Loan
Program, instituted in 2010,
which offers the largest source of
college financial assistance in the
country through its programs.
However, while the majority of
students receive loans through
public sources, the CFPB report
cites that 81 percent of borrowers
graduating with $40,000 or more
in debt had private loans.
According to the University's
financial aid website, providers
such as PNC Bank, Wells Fargo
and Sallie Mae granted 10 or
more loans to University students
in the 2011-2012 year.
For students who have
completed a Free Application for
Federal Student Aid, federal loans
are awarded based on need, while
private loans require separate
applications and are more
dependent on credit, usually that
of a co-signer or parent.
Grimes added that the govern-
ment should avoid an interest rate
increase - a hotly contested issue
in Congress right now, as the
interest rate on federal student
loans are scheduled to double
from 3.4 percent to 6.8 percent
on July 1 -and should be aware
of the overhang of the amount
of debt on students and consider
restructuring the way in which
they decide who to grant loans to.
Under the currentsystem, some
borrowers are eligible to receive
RELEASE DATE- Thursday, May 16, 2013
Los Angeles Times Daily Crossword Puzzle
Edited by Rich Norris and Joyce Nichols Lewis
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Call: #734-41$-4115
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more loans than they can realisti-
cally afford to pay back. In 2008,
10 percent of private student loan
recipients devoted more than 25
percent of their income to meet
student loan repayment obliga-
tions, a figure which, according
to the CFPB report, is presumed
to have grown in recent years.
Grimes said the issue of
student debt requires quick
action by Congress and should be
addressed simultaneously with
the management of interest rate
levels.
"That would be a good vehicle
to sort of move this whole discus-
sion forward about the student
loan debt, what the appropriate
role is, how much of a burden stu-
dents should be expected to bear
and what sort of risk tolerance
the government should bear over
the longer term," he said.
The CFPB report calls for
affordable restructuring of loans,
borrower transparency, loss-
sharing for loan defaults and
repair of a borrower's credit pro-
file in cases of default.
While the report acknowledges
the variety of obstacles in the way
of creating an affordable student
loan system, it aims to "help
policymakers as they consider the
best ways to facilitate the viability
and economic participation of
consumers facing heavy student
debt burdens."
Grimes said student debt
will continue to be a major
national issue until a sustainable,
reasonable solution is set in place.
"Right now, we've got an open-
ended spigot in terms of grant-
ing these loans, both in terms of
the colleges and universities that
qualify and the amount of money
that's going to these students."
KATIE BURKE ERIC FERGUSON
EDITOR IN CHIEF EDITORIAL PAGE EDITOR
Edited and managed by students at
the University of Michigan since 1890.
420 MaynardSt.
Ann Arbor, MI 48109
tothedaily@michigandaily.com
Unsigned editorials reflect the official position of the Daily's editorial board.
All other signed articles and illustrations represent solely the views of their authors.
Redeveloping Detroit
Balancing the books is just the beginning
n Monday, Kevyn Orr, emergency financial manager for
the city of Detroit, released his 45 day report assessing the
city's finances along with a list of suggestions to help the
city find solvency. Unsurprisingly, Orr found massive flaws in the city's
management of funds and services. His report indicates that he is
prepared to take serious action in pursuit of Detroit's long term fiscal
solvency, suggesting major restructuring of police, fire and public
transportation, the privatization of public lighting services and the
possibility of cutting pensions for retired city employees. Orr is taking
necessary action to help the city begin its long road to financial recovery,
but his efforts as emergency manager can only affect the city's bottom
line. In order for Detroit to make a true recovery, the state must realize
that short-term fiscal solvency won't necessarily lead to the growth and
stability that the city needs.
ELLIOT ALPERN
MANAGING EDITOR
MEGAN MCDONALD|
Ditchin
Middle school was awful. Those three
years of my existence were filled with
awkwardness and self-pity that, looking
back, makes me cringe. Teenage acne, braces,
glasses and struggling with my weight
- I was the stereotypical middle school
"outcast". Fitting in wasn't easy - the best I
could do was try to blend into the background
and avoid unwanted attention. But kids were
cruel. The popular girls and boys preyed upon
whomever they thought was a "loser" by
checking if you had the stamps of approval -
Abercrombie, Hollister or Aeropostale.
Before the recent controversy over
Abercrombie and Fitch, I knew there was
something sinister about the brand - stout
eight grade Megan knew something was
amiss about their sizes. I remember shopping
for school clothes with my mom and begging
to go shopping at Abercrombie. However,
nothing ever fit quite right. I could feel my
self-confidence withering away as I tried to
squeeze into a pair of jeans. Abercrombie
- with all its beautiful, toned models and
tailored clothes - subtlety relayed the
brutal Mean Girls message that I wasn't
"cool enough" to wear their clothes. I
shouldn't have been ashamed that I couldn't
fit into their generic, branded clothing.
But try telling that to a young girl trying so
desperately to fit in. Eventually, I came to the
realization that it's not the label on the pants
ig Fitch
University of Michigan Ck
that defines you.
Over the last week, a 2006 Salon interview
with Mike Jeffries, the CEO of Abercrombie
& Fitch, went viral. The interview features
Jeffries addressing the very thoughts I
had as a pudgy middle schooler with a few
friends. "In every school there are the cool
and popular kids, and then there are the not-
so-cool kids. Candidly, we go after the cool
kids ... A lot of people don't belong (in our
clothes), and they can't belong." It may seem
silly now, but back then wearing a moose or
seagull emblem was a way to simply fit in, to
gain friends in a hostile environment. Was
because I couldn't fit into a specific brand
of t-shirt or jeans a reason I wasn't worthy
enough to belong?
Personally, I've stayed away from any
clothing from Abercrombie and the like, but
calling for a boycott of one clothing company
is only a quick fix. While the reactions to
Jeffries' interview have certainly hurt his
company, the interview provides insight to
the warped view of Americans when it comes
to body image and self-worth. According to
the National Eating Disorders Association,
20 million women and 10 million men have
an eating disorder at some time in their
life. Companies like Abercrombie and Fitch
have made a fortune off of depleting self-
worth - the dieting industry is worth $40
billion dollars a year. Since it's deplorable to
think that others are
getting rich off of
ass of2013 others' insecurities,
we have to address
the core of the
problem - why do
these insecurities
exist and what can
we do to get rid of
them?
I'm not arguing
that one shouldn't
strive to improve
one's health, but the
motivation to lose
weight or eat health-
ier foods shouldn't
come from a Botox-
infused CEO. I've
learned that self-
worth isn't attached
Ross to your pant, dress or
shirt size. That's the
message we should
g achievement! be sending to young
)uder. middle schoolers and
everyone else who
struggles with their
body images. It's
not the clothes, hair,
make-up or shoes,
but the person with-
With 0al otur love, in them that matters.
Mom & David Megan McDonald
is an LSA sophomore.
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ANNOUNCEMENT
I, SOMESH RAHUL, holder of In-
dian Passport number 16879359, issued
at Lucknow, penmanent resident of Luc-
know, India, and presently residing at
Ann Arbor, Michigan, USA do hereby
change my name from (Given name)
Somesh Rahul Ito (First name) Somesh
(Last name) Rahul. Objections, if any,
may be conveyed to the Embassy/Con-
sulate General of India, Chicago, Illi-
nois within 30 days from this date of
advertisement.
Given Orr's track record
in handling bankruptcies,
there's no doubt he can
put the city's finances in
order again. However, a
number of his suggestions
for saving money could be
potentially disastrous to
thousands of Detroit resi-
dents, harming economic
recovery in the name of
fiscal responsibility. Cut-
ting pensions to retirees
is a perfect example - the
city's pension funds are
certainly a mess financial-
ly - but the sheer number
of people who would be
hurt by this measure could
very well end up doing
more harm than good. The
same goes for the restruc-
turing of public services
like lighting, transporta-
tion and police.
Kevyn Orr's very
position as emergency
manager is the topic of
much debate. However,
whether or not the job Orr
holds is legitimate is not
at issue here - the state
appointed him and he is
doing his job, regardless of
who agreed or disagreed
with his appointment.
Moreover, the state has a
role to play in the city of
Detroit's restructuring
and management even
after Orr's term has
expired. The city simply
doesn't have the resources
to function without some
kind of external aid. In the
future, the state must take
an active role in promoting
regional partnerships and
subsidize projects that
will improve Detroit, and
by extension the entire
state of Michigan.
Earlier this year, the
Detroit Works Project pre-
sented a long term mas-
ter plan called the Detroit
Future City Strategic
Framework. This plan
includes major changes
in how city services are
structured in order to save
money and make serious
improvements to public
safety, transportation and
blight. Though this plan
certainly has its flaws, and
many groups in the city dis-
agree with its principles, it's
an idea that could radically
improve the city's image
and the lives of residents.
Along with its attention to
fiscal solvency, the state
must promote and develop
ideas like the Future City
plan in order to truly grow
Detroit and prepare the city
for the future.
Rachel Ellen I
Congratulations on your amazin
We couldn't be any pro
I