Skip to main content

Leonsis: Ballston Could Be a Haven for the ‘Creative Class’

By WTOP Staff

Led Leonsis speaks at a Ballston BID launch event Walter Tejada and Ted Leonsis at the Ballston BID launch event Tina Leone speaks at a Ballston BID launch event Ballston BID launch event Walter Tejada speaks at a Ballston BID launch event

Ted Leonsis, the billionaire owner of the Washington Capitals and Wizards, says Ballston could soon be known as a haven for entrepreneurs and the “creative class.”

Leonsis made the remarks at a launch event Thursday night for the new Ballston Business Improvement District, which has announced a new campaign to brand Ballston as “home to some of the world’s brightest minds and most innovative industries.” The campaign will capitalize on the fact that the community is home to the Defense Advanced Research Project Agency, the National Science Foundation, the Virginia Tech Research Center, and various science and technology-related companies.

Leonsis, whose Capitals practice at the Kettler Capitals Iceplex in Ballston, said he’s encouraged to see the BID unifying Ballston’s public agencies, private companies and academia around the theme of innovation.

“The community is really coming together to try to stimulate everything about the creative class,” he said.

As part of the BID’s campaign, Leonsis, a former AOL executive, is helping to conduct and underwrite a business competition for entrepreneurs called the Ballston LaunchPad Challenge. He said the winning business idea may receive funding from the $450 million investment fund he set up with AOL co-founder Steve Case.

“We’re here to help and mentor and to help find the next great companies that will start their businesses here and will create employment for residents in Northern Virginia,” Leonsis said.

“Right now there’s this mythology that the only great companies that can get started happen out in Silicon Valley, and that’s not what we adhere to or we believe,” he continued. “We think that there’s a creative class, that there’s unbelievable gifts, talent and infrastructure in Northern Virginia and Washington, D.C. and Maryland — and we want to help stimulate that. We think that there are great young entrepreneurs walking among us.”

Leonsis said the contest, which is just one component of the BID’s overall branding and business improvement effort, will  pay dividends in terms of stimulating economic activity in the area.

“This is a small part of this overall branding and outreach program, but I think it can be a very important part, because jobs are still the number one issue facing our country,” he said. “There’s no more noble, higher calling for an individual to create a company, see your vision come to life, and to employ people. Families get supported, kids get to go to good schools in the community, you start to shop in the mall, you start to eat in the restaurants, and the money stays within the community.”

“This is very strategic not just for Ballston, but for our country,” Leonsis added. ”If we are to make an investment… we want a commitment that you’ll stay in this community that’s treating you and supporting you so well.”

Leonsis said that small business in particular can help ”get young people get back to work” and out of their parents’ homes.

“We should never lose sight of the importance of small business,” he said. “Big companies right now retain earnings and shed jobs. Small businesses are creating all of the new opportunities and all of the innovation that’s keeping us competitive against global competition.”

Leonsis started and ended by addressing a topic that was on the minds of many — one concerning the return of dozens of wealthy individuals to the Ballston area.

“Thank you, and let’s go Caps,” he said, concluding his remarks.

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
Read Next Story

Related News

Frustration grows in Venezuela as earthquake death toll reaches 1,430

Israel and Lebanon sign framework agreement with US in ‘first step’ toward peace, Rubio says

Trump-endorsed populist poised to become Colombia’s next president as rival challenges vote