Spring Break
Texas pulls back loans
More than 100 Aggies will not receive "B on Time"
By: Calli Turner
Issue date: 7/24/07 Section: News
|
"There wasn't an indication that the money wouldn't be available," said Joe Pettibon, head of student financial aid.
The Texas Higher Education Coordinating Board notified college financial aid offices this month that there is not enough money in the Texas "B On Time" loan program to cover all the students who qualify.
The program awards students interest-free loans that are totally forgiven if they graduate in four years with at least a B average. But with $8 million less in the program than last year, state officials told college financial aid offices that there is no loan money available for new students.
A portion of returning college students who obtained the loan last year also will not be able to renew, though the decision of which returning students will lose out has not been determined.
The University of Texas-Dallas and other Texas schools did not tell incoming freshmen about the "B On Time" loans because officials were not sure the money would come through.
Pettibon said A&M did award the loan to incoming students because they had no reason to doubt its financial backing.
Justin Dominguez, a senior biomedical science major, said his "B on Time" loan has been the single most important difference in his college experience and he had no complaints.
"It's good and bad. It's good because [the 3.0 requirement] forces you to care a little bit more and to study a little bit more. It's also bad because I almost didn't graduate on time so I'm having to cram it in at the last minute," Dominguez said.
Dominguez said one summer he took 14 hours just to stay on schedule.
Pettibon said A&M officials were working with students to find alternative financial aid programs and have created a team of counselors to work with the students.
The "B on Time" loan is the only one of its kind to offer zero percent interest.
"We're walking students through the process of finding other options because there is not an equivalent loan," Pettibon said.
- Photo Chief Spencer Selvidge, The Battalion, and The Associated Press contributed to this report
Be sure to include your name, major, and class year. Submissions without this information are subject to deletion.
By submitting a comment, you agree to thebatt.com's Terms of Use.
You may also send a Mail Call to The Battalion at mailcall@thebatt.com