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Asian stocks go sideways ahead of Fed meeting

By WTOP Staff

KELVIN CHAN
AP Business Writer

HONG KONG (AP) — Asian stock markets moved sideways on Monday as the turmoil in Iraq dampened sentiment and investors held their fire ahead of the Federal Reserve’s monthly policy meeting later in the week.

Japanese stocks slid as the yen strengthened and oil prices hovered at a nine-month high as fears grew that the violence in Iraq could escalate into a broader regional conflict, unsettling global financial markets.

Iraq’s prime minister vowed on Sunday to “liberate every inch” of territory captured by the Islamic militants who posted photos that appeared to show their gunmen massacring scores of captured Iraqi soldiers.

Investors were also readying for the regular meeting of the Federal Reserve Board’s policy setting Open Market Committee, scheduled for midweek. While policymakers are widely expected to announce that the Fed will cut its bond-purchase program by another $10 billion, investors will be examining their comments on the outlook for raising interest rates, economic growth and inflation.

“The FOMC statement in the early hours of Thursday morning is undoubtedly the primary focus for all global markets this week,” said Niall King, a sales trader at CMC Markets in Sydney.

Japan’s benchmark Nikkei 225 tumbled 1 percent to 14,944.26 as the yen strengthened 0.3 percent to 101.76 against the dollar. A stronger yen means the cars and electronics produced by Japan’s export giants are more costly when sold overseas.

Other Asian benchmarks traded in narrower ranges. South Korea’s Kospi was flat at 1,990.81 while Hong Kong’s Hang Seng slipped less than 0.1 percent to 23,308.97. In mainland China, the Shanghai Composite Index added 0.2 percent to 2,074.53. Australia’s S&P/ASX 200 was practically unchanged at 5,404.40.

Benchmarks in Taiwan and New Zealand edged higher while in Singapore, Indonesia and the Philippines drifted lower.

In energy trading, benchmark crude oil for July delivery rose 44 cents to $107.35 in electronic trading on the New York Mercantile Exchange. The contract rose 38 cents to close at $106.91 on Friday.

The euro climbed to $1.3542 from $1.3540.

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 This material may not be published, broadcast, rewritten or redistributed.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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