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Russia, Belarus and Kazakhstan set up new alliance

By WTOP Staff

VLADIMIR ISACHENKOV
Associated Press

MOSCOW (AP) — The leaders of Russia, Belarus and Kazakhstan on Thursday created an economic union that intends to boost cooperation between the ex-Soviet neighbors, a pact which was at the source of the crisis in Ukraine.

Russian President Vladimir Putin said the Eurasian Economic Union — which Moscow had pushed Ukraine to join, helping spark the worst crisis in relations between Russia and the West since the Cold War — takes the countries’ cooperation to a “new level” while respecting their sovereignty.

“We are creating a powerful and attractive center of economic development, a major regional market bringing together over 170 million people,” Putin said during talks in Kazakhstan’s capital, Astana. He added that the pact would allow the countries to exploit their economic potential and strengthen their positions in global markets.

With a combined annual economic output of $2.2 trillion a year, the alliance’s economic size would be close to that of Britain and well below that of the U.S.’s $17 trillion.

The union is the development of the existing Customs Union including the same nations. In addition to free trade, it coordinates the members’ financial systems and regulates industrial and agricultural policies along with their labor markets and transport systems. The deal stops short of introducing a single currency and delays the creation of a common energy market.

The signing followed years of tense negotiations, and many differences have remained.

Moscow will host the top executive body of the new alliance. Its high court will be based in Belarus, and the top financial regulator will be located in Kazakhstan.

Belarus’ authoritarian President Alexander Lukashenko, who has depended on cheap Russian energy and other subsidies to keep his nation’s Soviet-style economy afloat, said before the signing he wasn’t fully happy with the deal, but hailed it reflected a mutually acceptable compromise.

Kazakhstan, led by autocratic President Nursultan Nazarbayev, is the second largest country by territory and economy among the ex-Soviet nations. Nazarbayev has maneuvered between Russia and the West during more than two decades in power. But Russia has little leverage over Kazakhstan, whose energy riches and booming economy make it an equal partner.

Nazarbayev said the new pact is based on consensus and well-balanced. He voiced hope that the new alliance “will become a powerful incentive for modernizing our economies and helping making them global leaders.”

Armenian President Serge Sarkisian said his nation will be ready to join the union as early as next month after completing final preparations. Kyrgyzstan said it hopes to join the Customs Union, the precursor to the new alliance, before the year’s end.

Russia tried to have Ukraine join the integration project and spike an association agreement with the European Union. But Ukraine’s pro-Russia president, who spurned the deal with the EU in favor of closer ties with Moscow, was chased from power in February following months of protests. Russia then annexed Ukraine’s Black Sea peninsula of Crimea, and a pro-Russia mutiny has engulfed eastern Ukraine, where rebels have seized government buildings and fought government troops.

The United States and the EU have responded to the Russian annexation of Crimea by slashing travel bans and asset freezes on members of Putin’s entourage, and threatened to introduce further sanctions if Russia further tries to destabilize Ukraine.

Petro Poroshenko, a billionaire candy magnate who won Ukraine’s presidential election on Sunday, vowed to integrate more closely into Europe. Ukraine’s foreign minister told journalists Thursday that the country hopes to meet with EU officials before June 27 to determine when Ukraine would be able to sign an association agreement with the 28-member bloc.

In Astana, Lukashenko, known for his blunt statements, said that “sooner or later the Ukrainian leadership will understand where the nation’s happiness lies.”

Moscow’s annexation of Crimea, which it explained by the need to protect ethnic Russians, has spooked many of its neighbors, including Kazakhstan, which has a significant Russian minority.

The Kremlin has sought to assuage such fears, and Lukashenko used Russia’s desire to sign the pact to bargain for some last-minute economic advantages. Russia has agreed to allow Belarus to keep a greater share of revenues from selling oil products made from Russian crude, a deal that would add $1.5 billion to Belarusian state coffers this year.

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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