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 Members of the Wapakoneta Middle School Student Council pose for photo outside the classroom earlier this year. To date, the group has raised nearly $2,300 in which they have donated to various local and area organizations throughout the 2009-2010 school year. Photo provided By KRISTA HAYES
Staff Writer
With the end of the school year nearing, Wapakoneta Middle School Student Council members are hoping to end their term on a positive note.
During the school year, the school government raised nearly $2,300 for various local and area organizations.
“Each year, we try and raise as much money as we can for various clubs and organizations that we vote on and decide to help support at the beginning of the school year,” Wapakoneta Middle School Student Council President Neal Maxson said.
Elected a Student Council representative of his homeroom, Maxson, a seventh-grade student, said this is his second year serving on the council. This year as president, his main responsibility is to set forth an agenda and preside over the group’s monthly meetings which are held the first and third Thursday of each month.
“I joined the Student Council because I was looking for a new activity to do and thought it’d be challenging experience,” Maxson said. “Politics have always been one of the things to stick out in my head and when I grow up, I want to be a lawyer.
“Overall, as president I think I have done a pretty good job,” he said. “Being president is a lot harder than what I thought it would be since I have to make the agendas, run the meetings, and keep the advisers in the loop. I have the whole weight of the council on my shoulders, and at times it can get frustrating, but I would recommend it to all the kids coming to the middle school next year because it’s a fun activity to be involved in.”
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Refund loans may be costly |
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Saturday, 07 February 2009 |
By ANDREA POTEET
Staff Writer
When a vehicle breaks down or a surprise bill arrives, April may seem like too long to wait for a tax refund.
Many taxpayers may opt to speed up the process by applying for refund anticipation loans, borrowing against their anticipated tax refund. Nearly 9 million taxpayers took out refund anticipation loans in 2007, according to reports from the National Consumer Law Center.
Neil Winget, president and CEO of the Better Business Bureau Serving West Central Ohio, said that’s a gamble that may not always pay off.
“Just because your accountant says you’re getting this amount back, you may not,” Winget said. “The IRS may disagree.”
Winget said in the end, a consumer’s lack of patience could end up costing them, especially if they’ve spent the money they borrowed with the loan before their refund arrives.
“What happens if you thought you were getting $2,000 dollars, and you get $200?” Winget said. “It can cause you lots of trouble.”
The loans also can come with additional expenses, state Attorney General’s Office Education and Media Specialist Kate Hansen said in a telephone interview.
“It usually is expensive to take one of these loans out, and they are short-term loans,” Hansen said.
Hansen said the annual percentage rate (APR) for refund anticipation loans can also end up costing the consumer a lot more than could expect. The National Consumer Law Center and the Consumer Federation of America estimate APRs for these loans can range from 50 to 500 percent. A typical credit card has an annual percentage rate of approximately 20 percent, she said.
“A lot of times, you can get short-term loans from credit unions for a much lower interest rate,” Hansen said.
Joe Green, owner of the H & R Block franchise in Grandview Plaza, said his income tax preparing business charges an annual percentage rate of approximately 30 percent on refund anticipation loans.
He said refund anticipation loans are primarily for those who need money fast for an emergency or those who do not have a bank account. Filers who receive an refund anticipation loans usually get their money in one to two weeks compared to three or four weeks for traditional tax filing.
“A lot of our clients need their money quickly,” Green said. “They don’t have additional funds they can get to quickly.”
Green said his location tends to issue more refund anticipation loans during rough economic times.
“This year, we’re seeing people want their money faster,” Green said. “It’s comfortable for them to know they have that option. A lot of times, this eliminates a lot of fees for bad checks from their bank.”
More and more of his clients are choosing even faster options, such as getting their refund anticipation loan put on a debit card, which eliminates the hold period many banks place on checks or getting an instant refund anticipation loan, which allows them to leave the office with a portion of their refund anticipation loan money in their hand.
Another option is an refund anticipation check, in which the lending company’s partner bank opens a temporary bank account and the IRS deposits the refund into it one to two weeks later.
Refund anticipation loans are the better choice for those who want their money quickly but don’t want to pay interest fees, Green said.
Green said he and his staff show filers all their tax options.
He said refund anticipation loans actually cost the company to offer, as they have to pay for bank forms, checks, and training and many of the fees associated with refund anticipation loans go to the partner bank, not the lending agency.
“It’s a convenience we offer them.” Green said. “We don’t push it, it’s something they want.”
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Last Updated ( Monday, 09 February 2009 )
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