Posted on Jul 7, 2003

NEW YORK (AP) — Jason Manning received his masters in education degree last month, but he's already gotten a welcome reprieve in repaying his $35,000 student loan debt — his monthly payments are being cut in half, to $150 from $300.

Like thousands of other students across the country, Manning is consolidating his student loans, taking advantage of record low interest rates that went into effect July 1. The consolidation allows borrowers to lower their payments and make adjustments to the terms of their loans.

“Right now, with different bills, moving and rent payments, I just thought it was important to have the lowest payment possible coming out of college,” said Manning, who graduated June 15 from Union College in Schenectady, New York, and who starts working this fall.

Students and graduates, who typically have one loan for each year of schooling, can consolidate only once under federal law, but doing so allows them to write just one check and lower their monthly payments by several hundred dollars in some cases.

Loans can be consolidated at any time during the year. The application process can be started over the phone, by calling 1-800-448-3533, or online at www.salliemae.com.

As of July 1, the rates for what are known as Stafford loans dropped to 3.42 percent for borrowers who are already repaying loans, and 2.82 percent for those in school, in a grace period or a period of deferment. The rate for Parent Loans for Undergraduate Students (PLUS) fell to 4.22 percent.

Stafford loans are guaranteed student loans available to all students regardless of financial status. PLUS Loans are made to parents whose dependent children are students.

The consolidated loan will be issued in the same principal amount as the original loan, but the interest rate changes and is based on the average rate of all the loans being consolidated, said Patricia Scherschel, consolidation product executive for Sallie Mae, the nation's largest provider of student loans.

Once the rates are locked in, borrowers don't have to worry about interest rates increasing again because their rates are set. Conversely, they would not benefit if rates fall in the future.

Manning, who took out five separate loans, four during his undergraduate years and another for grad school, said his loan rate was dropping to 2.82 percent from 3.82 percent. He also arranged for direct payment of his loans from his checking account and an extra discount for making on-time payments.

One chance to consolidate

Some lenders take the initiative and call graduates to see if they're interested in consolidating.

Collegiate Funding Service, a private lender in Fredericksburg, Virginia, called Manning, who said half the process was accomplished over the phone. By the time the paper application arrived in the mail, Manning only had to check a few options and send it back.

Grant Lee, a recent graduate of Santa Clara University received a call from College Loan Corp. to consolidate his loans.

Lee, 22, who has a degree in management information systems, consolidated loans with interest rates ranging from 3.5 percent to 5.5 percent. With the consolidated loan being repaid at 3.5 percent, Lee said he'll save about $113 on his $23,000 debt.

The fact that borrowers have just one chance to consolidate means they must decide if they want to do so now, or wait another year and see where interest rates are then.

“You have to pick your shot and go for it,” said Jordan E. Goodman, author of Everyone's Money Book on College.

Judy Wilburn of Tulsa, Oklahoma, took out $20,000 in PLUS loans in March 2002 for three sons during five different years. She didn't think the rates could go any lower and found it difficult to keep up with multiple lenders and payments that needed to be made.

“It was a good move. I feel now we should be able to refinance and could lower our interest by 3 points,” Wilburn said.

She consolidated at 6.785 percent for her PLUS loans and pays $162 a month compared to the $300 before consolidation.

Some lenders sweeten the process by offering extra discounts after a graduate makes 48 monthly on-time payments.

Graduates who want to consolidate should keep in mind a few considerations, said Sallie Mae's Scherschel:

• If graduates have trouble making monthly payments or are at risk of late payments on credit payments and loans, they should consider consolidation to extend their payback periods and lower their monthly payments.
  
• Those who have high debt but who can make their monthly loan payments might want to consider locking in the low rates and freeing more cash to pay the loan back faster
  
• A borrower who just left school and is still in a grace period might want to consider consolidating to lock in the low rates during this period.

Posted on Jul 2, 2003

Frank Messa
funds renovation of rink at UnionCollege

Schenectady, N.Y. (July 2, 2003) – Frank Messa,
a 1973 graduate of Union College and Senior Vice President of Ayco Co., and his wife, Colleen, have donated $1.5 million
for the renovation of the Achilles Center at Union College.

The project will include the replacement of the ice
refrigeration system, expansion of the ice surface, enhanced seating, new
boards and glass, and renovations to the lobby and locker rooms. The renovated
rink will provide a year-round ice surface.

The rink is the home of Union's two
ice hockey programs – the men's team, which plays in the ECAC Div. I league;
and the women's team, which this year moves to ECAC Div. I. The rink is also used by the College's intramural programs and by a
number of hockey and figure skating programs from the local community.

“Frank Messa's support of Union
College runs long and deep,” said
President Roger Hull. “In every way Frank has been available when Union
has called. His recent gift makes possible a significant enhancement for both
our student-athletes and the many members of the local community who support
them. The rink enhancements also make possible the year-round development of
athletes from both the College and community.”

“We are deeply grateful to Frank Messa
for his generous gift,” said Val Belmonte, director
of athletics. “The entire Athletic Department is extremely excited to have
significant enhancements made to the rink, which will be a source of pride for
the entire campus. The renovations will create one of the finest venues in the
ECAC, and enhance our ability to compete and recruit. Additionally, these
improvements will expand our program offerings to the campus and local
community.”

“Union College
has been an important part of my life since I first came to the campus,”
said Messa. “I am proud to be able to contribute
to this project which not only benefits the College but the community.”

Messa, of Saratoga
Springs, earned a bachelor's degree magna cum laude in political science
from Union in 1973, and a J.D. degree from Albany
Law School
in 1976. He was elected to Phi Beta Kappa. He joined Ayco, the largest fee-based financial counseling firm in
the nation, in 1976. He was named Senior Vice
President in 1996.

Among his many community service activities, he has been a
member of the Board of Directors for United Way
of Northeastern New York, a trustee of the Albany
Academy for Girls, and a trustee of
St. Gregory's School for Boys. He has served on the Parents Committee of the Hotchkiss
School and Duke University.

As a Union alumnus, he is a former member of the Trustee
Board of Advisors, class president, Alumni Council representative and national chairman of the Annual Fund. He created the Frank Messa '73 Endowed Scholarship. He recently received the
Alumni Gold Medal from the College's Alumni Council.

The Messas reside in Saratoga
Springs with their three children.

Posted on Jul 2, 2003

1976 graduate
was Union basketball student-athlete

Schenectady,
N.Y. (July 1, 2003) – The Viniar
Family Foundation has made a grant of $2 million to build a multi-use sports
facility that will become home to Union College's men's and women's basketball
teams. The Foundation grant follows a personal gift of $1.2 million made
earlier by David Viniar, which will also be used for this purpose.

“Through
the generosity of David Viniar and his family, Union College will have a
facility, long overdue, that will be commensurate with the level of our men's
and women's basketball programs,” said Roger Hull, President of Union College.
“We are grateful that David chose to honor his own experiences as an
exceptional student-athlete this way.”

Mr.
Viniar graduated summa cum laude from
Union College in 1976 and earned a Bachelor's degree in Economics. He was a member of
Union's winning varsity basketball team, which in 1974-75 compiled
a 20-4 record and an ECAC Upstate New York title. He serves today as a member
of the Board of Trustees of the College.

After Union, Mr. Viniar went on to graduate school at Harvard University, where he received his Master's in Business Administration in 1980.
Upon graduation, David joined the investment banking firm of Goldman Sachs
& Co., where he became a partner in 1992 and Chief Financial Officer in
1999.

An active alumnus, he has volunteered with the Career Development Center, served as an admissions representative, and
participated as a member of Friends of Union Athletics. In 1997, he established
the Leo and Evelyn Viniar Scholarship at Union in honor of his parents.

“David Viniar understands the importance of athletics in
a young person's education,” said Bob Montana, coach of men's basketball. “He
is one of the finest examples of a student-athlete.”

Mary Ellen Burt, head coach of women's basketball said,
“Through the Viniar family's support, we will have a facility that will raise
the visibility of women's basketball at Union and provide an important tool in our efforts to recruit new talent.”

The multi-use building will include two basketball
practice courts and one performance court with spectator seating for 1,000. It
will be located southeast of Memorial Field House, with connections to the
field house's locker rooms and equipment facilities. The new facility will be
used for practices, games, and intramurals. It will relieve congestion in
Memorial Field House, the practice site for a number of winter and spring
teams.

Construction of the facility should begin this fall, with
completion by the fall of 2004.

Posted on Jul 1, 2003

1976 graduate was Union basketball student-athlete

Schenectady, N.Y. (July 1, 2003) – The Viniar Family Foundation has made a grant of $2 million to build a multi-use sports facility that will become home to Union College's men's and women's basketball teams. The Foundation grant follows a personal gift of $1.2 million made earlier by David Viniar, which will also be used for this purpose.

“Through the generosity of David Viniar and his family, Union College will have a facility, long overdue, that will be commensurate with the level of our men's and women's basketball programs,” said Roger Hull, President of Union College. “We are grateful that David chose to honor his own experiences as an exceptional student-athlete this way.”

Mr. Viniar graduated summa cum laude from Union College in 1976 and earned a Bachelor's degree in Economics. He was a member of Union's winning varsity basketball team, which in 1974-75 compiled a 20-4 record and an ECAC Upstate New York title. He serves today as a member of the Board of Trustees of the College.

After Union, Mr. Viniar went on to graduate school at Harvard University, where he received his Master's in Business Administration in 1980. Upon graduation, David joined the investment banking firm of Goldman Sachs & Co., where he became a partner in 1992 and Chief Financial Officer in 1999.

An active alumnus, he has volunteered with the Career Development Center, served as an admissions representative, and participated as a member of Friends of Union Athletics. In 1997, he established the Leo and Evelyn Viniar Scholarship at Union in honor of his parents.

“David Viniar understands the importance of athletics in a young person's education,” said Bob Montana, coach of men's basketball. “He is one of the finest examples of a student-athlete.”

Mary Ellen Burt, head coach of women's basketball said, “Through the Viniar family's support, we will have a facility that will raise the visibility of women's basketball at Union and provide an important tool in our efforts to recruit new talent.”

The multi-use building will include two basketball practice courts and one performance court with spectator seating for 1,000. It will be located southeast of Memorial Field House, with connections to the field house's locker rooms and equipment facilities. The new facility will be used for practices, games, and intramurals. It will relieve congestion in Memorial Field House, the practice site for a number of winter and spring teams.

Construction of the facility should begin this fall, with completion by the fall of 2004.

Posted on Jul 1, 2003

They didn't look like the same kids who arrived on Friday night, reserved and apprehensive.

But on Sunday morning, near the end of a three-day odyssey known as Camp College, they scampered around on the lawn near the Nott Memorial — confident, effusive, themselves — as they practiced skits and posed for photos.

Mission accomplished.

Camp College, now in it's fourth year, hosted some 60 high schoolers who are first-generation college bound or who may not have thought of college as a possibility.

“There are so many high school students in the state who don't think college is an option for them,” said Kelly Herrington, associate dean of admissions at Union and organizer of the camp. “This program has a proven record of success in making college a reality for those who might not otherwise continue their education after high school.”

The simulated college experience strives to demystify college life –
from academics to social life. Students, chaperones and mentors attended
classes, learned about admissions and financial aid, participated in parties and
sports, ate college food, and slept in dorm rooms.

Campers were recruited through churches, community groups, high
schools and clubs in New York and New Jersey. Most are defined as “underserved,” meaning they are students of color, first
generation college-bound and/or from lower economic backgrounds.

The program is funded by a grant from the New York State
Association of College Admissions Counselors (NYSACAC) as well as federal grant
funds through the state's GEAR UP program (Gaining Early Awareness and
Readiness for Undergraduate Programs). The GEAR UP funds come through a grant
awarded to the Albany-based Commission on Independent Colleges and Universities (cIcu). Other funding comes from local businesses, including
JAMZ 96.3 FM, Hannaford Corporation., Subway, McDonald's, Bruegger's
Bagels, and Reality Check.

Tia Williams, a 2003 graduate of Schenectady
High School, who attended Camp
College two years ago, will be
attending Union College
this fall. Several other Camp College
graduates are going on to other colleges and universities.

“Camp College lets students ‘try on' college,” said Susan Nesbitt Perez, director of outreach programs for cIcu. “The benefits of a college education are many. Graduates earn more, become active citizens, and have the chance to build lifelong friendships.” The GEAR UP grant is helping more students participate in “Camp College,” so they can learn about colleges in New York State, Nesbitt Perez noted.

Niagara University will host the program on
August 1-3, and Manhattan College is set for August 15-17.
Sixty students will attend each of these programs. From 2000 through 2002, Union College was the only host site. The
program's success at Union as well as the GEAR UP grant led to the
expansion to the two other college sites.

The group was joined on Sunday by state Assemblymembers
Denny Farrell (D-Manhattan) and Paul Tonko (D-Amsterdam).

“You're encouraged to dream about college even if you're intimidated by it,” said Tonko.