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Pegula pleased to preserve Bills in Buffalo

By WTOP Staff

JOHN WAWROW
AP Sports Writer

ORCHARD PARK, N.Y. (AP) — No price was too high for Terry Pegula and wife Kim if it meant keeping the Bills in Buffalo, and preserving late Hall of Fame owner Ralph Wilson’s legacy.

Having difficulty keeping his emotions in check during an introductory news conference on Friday, Pegula was humbled to succeed Wilson as the Bills owner, and outlined his reasons for spending an NFL-record $1.4 billion to buy the team.

“I want to ask the fans if I overpaid. I know what they’re going to tell me,” Pegula said. “We can all have many things in life. We can buy a house. We can buy a car. If you have enough money, there’s 32 football teams. And there’s only one Buffalo Bills.”

The Pegulas were formally ushered in as owners two days after their bid was approved unanimously by NFL owners. And they’ll get their first chance to watch the Bills play from the owner’s box on Sunday, when Buffalo (3-2) hosts AFC East rival New England (3-2).

“Ralph’s 54 years, how do you follow that act? It’s tough,” Pegula said. “It’s going to be an amazing experience.”

Wilson was the team’s founder and sole owner until he died in March, opening questions of whether the team might be sold and eventually relocated.

Pegula, who also owns the NHL’s Buffalo Sabres, shared those same concerns and wanted to guarantee the franchise’s future in western New York.

And yet he acknowledged still being floored by how Bills fans reacted once the Pegulas reached an initial agreement to buy the team early last month.

“I was humbled by all you fans, and the outpouring of emotion that I saw when our name was announced as the winning bid,” Pegula said. “I could not believe the pent-up fear of losing the team that was released by you, the fans.”

The Pegulas beat out several competing bidders, including New York City real estate mogul Donald Trump, and a Toronto-based group led by rocker Jon Bon Jovi. Bon Jovi’s group raised concerns over whether it had an intention to buy the team and eventually relocate it north of the border.

The 63-year-old Pegula grew up in Carbondale, Pennsylvania, graduated from Penn State, and made his fortune selling his Marcellus Shale natural gas drilling rights for $4.7 billion to Royal Dutch Shell in 2010. He’s a long-time Sabres fan and bought the team in February 2011.

Pegula intends to keep Russ Brandon as Bills president. He failed, however, to define how he and his wife will split ownership duties.

Without going into detail, he added there have been preliminary discussions about the possibility of building a new stadium, including a potential downtown site.

Brandon welcomed the Pegulas, and believes Wilson would be pleased with the transition.

“I could envision Ralph with his legendary fist pump, saying, ‘Job well done. It’s been a great ride,'” Brandon said. “Now the ride belongs to Terry and Kim Pegula. It’s time to create their own memories and define the Pegula family legacy for generations to come.”

Pegula first teared up about a minute into his introductory speech, when he stopped in mid-sentence before saying, “I knew this was going to happen.” Pegula then said: “We all just bought the team. Our team. The Buffalo Bills.”

Pegula noted that he grew up rooting for the Detroit Lions. And he said he was well aware that Wilson owned a small share of the team, which he had to relinquish in order to establish the Bills as an American Football League franchise in 1959.

Though he never met Wilson, Pegula did recall watching the Bills in the 1960s. Pegula became an even bigger fan in the 1980s, when he based his natural gas company in Olean, New York, and began regularly attending Bills games.

“Owning a professional team is about winning. And the primary goal of our ownership will be to win the Super Bowl, to bring championships to the city of Buffalo,” Pegula said. “Myself and my family will dedicate ourselves to that.”

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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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