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About The Battalion. (College Station, Tex.) 1893-current | View Entire Issue (Aug. 28, 1978)
Financial aid THE BATTALION Page 5C MONDAY, AUGUST 28, 1978 * s beam s by 197S Iso prmij urgery " i ecology psyckol clinics oj ing ph™ center iselingp >elor Joi il senkf Hite oli ? Senkei y mami! eling. Student grants, loans available through financial aid office o ax ,; AirM students more likely to repay educational loans acy wil ck said y won't h sen- ling the :k said I o\v stu- [ iedlir 'eb«i k sal ■ cite oard d ■ksaid s cause has bfi iplaineil mtopsy Jtore* yt mr this said, ve try ices s" 1 ,th sees' ; niansi who ■eatll 1 Sc iave ; scar 5 ■non 1 in t alog)' By MARK WILLIS By Battalion Staff At a time when default rates on educational loans are at an all-time high, Texas A&M University’s stu dent body has one of the lowest de fault rates in the United States and shows no sign of changing that status. Why is Texas A&M different from other educational institutions? Alvin P. Borman Jr., Student Financial Aid Administrator at A&M, believes it involves several factors. For one, the Financial Aid De partment at A&M counsels with students concerning their needs and ability to repay a loan before it is Job tips, work-study offers listed at employment center Students seeking jobs to help pay school bills should check at the Stu dent Employment Center on the Texas A&M University campus. Located on the third floor of the YMCA building, the center keeps lists of both on-campus and off- campus jobs available in the area, with descriptions of the work, qual ifications and hours required. These lists are placed on a bulletin board in the office and are available on a first-come, first-served basis. The center does not aid in arrang ing interviews nor take authority for student placement in these pos itions. It simply offers job tips to in terested students. Students may also be eligible for the College Work-Study Program. This program provides part-time employment for U.S. citizens and permanent residents who can dem onstrate financial need. A student under the program may work up to 20 hours per week. Students in terested in this program should apply at the employment center of fice, where a list of jobs in the pro gram is available. made, Borman said. “Many college aid services are too willing to simply hand out the loans and avoid the problems of dealing with individual problems and pa perwork,” he said. This policy “keeps the students aware of how much money they are borrowing.” Another important factor is pride in both school and self, Borman said. “Students ask themselves, ‘Can I default on a loan from A&M?’ and for most the answer is no,” he said. Students at the University keep closer ties with the school than stu dents at other colleges through the Former Student Association and through a fondness for the place it self, he said. Most people who graduate from A&M also find jobs, something that is not always the case at other schools. “We have a very active collection program,” Borman said. The Uni versity lets the student know in ad vance when payments are coming due and follows up if payment is late. As a last resort the account is turned over to a collection agency. By MARK WILLIS By Battalion Staff If you are a student at Texas A&M University and need some form of financial assistance, the Student Financial Aid Department can probably help you. Student Financial Aid, located on the third floor of the YMCA building on campus, helps students find, apply for, and in some cases furnishes the funds for student loans, grants and scholarships. During the 1977 fiscal year the department was instrumental in helping stu dents here receive $4,143,958 in loans for education, plus about equal amounts in scholarships and grants. The loan total was down $553,316 from 1976, but this does not indicate that fewer students needed loans or aid, nor does it imply that funds were harder to obtain, Alvin P. Borman Jr., student finan cial aid administrator, said. A larger number of grants were responsible for the decrease,” he explained, We try to minimize loans if we can.” The department would prefer to assist the student in obtaining grants or scholarships, if the student is eligible. If this is possible the student need not leave school in debt. One of the major problems the department has stems from lack of awareness on the part of students, says Borman. “Students often don t know where to come for this aid and this office is not that easily found to begin with, he explained. Often the student does not know or bother to find out when he must apply for a aid program and finds he is too late to receive the aid he seeks, he added (See related story, this page). The department aims to match the student with the aid program best suited to his needs. Sometimes this means the student may be better off working witb more than one program, said Borman, “This results in additional paperwork many college aid departments would rather not bother with, but that is why we feel our program is more successful than most.” There are several types of loans students can get through the office with varying amounts of money and payment schedules involved. Cars cost U.S. owners $1,800 every year United Press International DETROIT — American motorists spent $376 billion — more than $1,800 per man, woman and child in the United States -— to own and op erate their cars and trucks during 1977, up $51 billion from 1976 vehi cle expenses. The Hertz Corp. in an annual es timate of automotive operating costs, said more than half the in crease resulted from higher per- mile expenses for such things as ve hicle price, insurance premiums, interest charges, fuel and mainte nance. The car-rental company’s latest estimate showed total U.S. motor vehicle outlays have more than doubled in the past five years, with passenger car expenditures 80 per cent above 1972 figures and truck expenses 141 percent ahead of the pre-oil embargo levels. Operating costs amounted to an average $2,615 per vehicle in 1977, $249 or 10.5 percent more than the 1976 figure, Hertz said. That amounted to 27.1 cents per mile, compared with 25.2 cents per mile in 1976. Passenger car expenses amounted to $1,904 per car, or 20.7 cents per mile — up from $1,812 or 20.1 cents in 1976 for all cars in use. By con trast, recent model cars in 1977 cost about 30.1 cents per mile to oper ate, Hertz said. The $1,904 expenditure for passenger cars in 1977 amounted to 27.1 percent of the average Ameri can’s personal income, down from 28.3 percent in 1976 and from nearly 48 percent in 1950. Loans range from the One Month or “Little Loan” which cannot exceed $30 and must be repaid in 30 days with a 25-cent service charge, to the Federal Insured Student Loan (FISL), which allows a student to borrow up to $15,000 over the course of his studies. This loan has an interest rate of 7 percent, which the government in some cases will pay until the student graduates or quits school. The student must begin repayment 9 to 12 months after graduation and monthly payments cannot be less than $30. For more information students should contact the Student Aid Office to discuss needs and eligibility. “The one thing I cannot stress enough is that students must come and apply before the deadlines if they expect to receive this aid when they want and need it,” said Borman. Scholarships, loans and grants available through the Student Fi nancial Aid office. SCHOLARSHIPS President’s Scholar Awards: Amount: $1,250 yearly. Eligibility: Recommended by high school principal, 2.0 GPR. Application: By. high school principal about May 1. Opportunity Awards (freshmen): Amount: $100 to $1,000 yearly. Eligibility: Single, 2.0 GPR, financial need, and Texas high school graduate. Application: By Feb. 1 year of fall enrollment. Academic Achievement Scholarships (freshmen): Amount:$100 yearly. Eligibility: Top 10 percent high school, 1,250 SAT, full-time student. Applications: By Feb. 1 year of fall enrollment. Valedictory Scholarhsips (freshmen): Tuition exemption. Eligibility: Must have graduated first in high school class. Application: None required. Spring Awards Program (upperclassmen): Amount undetermined. Eligibility: 2.0 GPR, excellent scholarship progress. Application: By March 1. Junior College Merit Scholarships (upperclassmen): Amount: $300 to $500 yearly. Eligi bility: Excellence in junior college, 3.0 GPR at A&M. Application: From junior college. Athletic Scholarships: Amount undetermined. Eligibility: Determined by the Athletic Director. Application: To the Athletic Director. ROTC Scholarships: Amount undetermined. Eligibility: Determined by Commandant, Corps of Cadets. Application: To the Commandant, Corps of Cadets. GRANTS: Basic Education Opportunity Grant (BEOG): Amount: Maximum $1,800. Eligibility: Defined by U.S. Government on application. Application: Fall term, April 1; spring. Sept. 1; summer, Jan. 1. Supplemental Educational Opportunity Grant (SEOG): Amount: $200 to $1,500. Eligi bility: Undergraduate, exceptional need. Application: Same as BEOG. State Student Incentive Grant (SSIG), Texas Public Education Grant (TPEG): Amount: $400 to $1,000. Eligibility: Exceptional need. Application: Annually. STUDENT LOANS National Direct Student Loan Program (NDSL): Amount: To $5,000 total (to $2,500 yearly). Interest 3 percent. Repayment of minimum $30 monthly beginning maximum of nine months after graduation. Eligibility: Financial need. Application: Financial Aid Form must be filed with College Scholarship Service. II inson-Hazelwood College Student Loans (HHCSL): Amount: Maximum yearly $2,500 (undergraduate), $2,500 (graduate); total $7,500 (undergraduate), $10,000 (overall). Interest 7 percent with federal assistance possible. Repayment of $30 monthly minimum begins maximum of nine months after graduation. Eligibility: Full-time student, GPR over 2.0. Application: Before April 1 for fall, Nov. 1 for spring. Health Professionals Student Loan Program (HP): Amount: Decided by need. Interest 7 percent. Repayment minimum $30 monthly stinting maximum one year after gradua tion. Eligibility: Must be in health or veterinary field. Application: Through depart ment. Short Term Loans: Amount: Up to $750 yearly (made by Texas A&M). Interest 6 percent unless repaid within 90 days, with service charge of $1 per $100. Total must be repaid within year. Eligibility: Financial need. Application: Upon request. One Month or 'Little Loan’: Amount: Up to $30 for 30 days with a 25-cent interest charge. 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