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About The Battalion. (College Station, Tex.) 1893-current | View Entire Issue (April 19, 1979)
Page 12 THE BATTALION THURSDAY, APRIL 19, 1979 Texas Hall of Fame presents Thursdays HAPPY HOUR NIGHT ALL MIXED DRINKS AT HAPPY HOUR PRICES ALL NIGHT LONG! band “Country Edition” admission $2 per person Bar drinks 75c Call drinks $1.00 Special drinks $1.25 — SATURDAY NIGHT — 8-1 — “The Jimmy Carter Band” $3 per person No Reservations APRIL 28 - Johnny Rodriguez - Advanced ticket available RELAXING LIFESTYLE Chadbourn is a brand new adult apartment community for the person seeking a fresh, warding place to live. 1 Bedroom— from $198. 1 Bedroom, den with washer and dryer connections $278. 2 Bedroom, 2 bath with washer and dryer connections $308. Park and Ride within walking distance. From the Southwest Freeway, exit south on Bissonnet. Turn right on Woodfair, left on Lansdale. A GHADBOURN 9445 Concourse Drive 776-9720 Houston, Texas 77036 BEN'NO BAUER INVESTMENTS Clip this ad and bring it with you If siot to love a pei then the world’s going ci It happened to secretaries first. 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Call our toll free number 693-1414, and we will do the rest. m Bank HEARNE, TEXAS College Station Bank - Pending (future location 1501 Texas Avenue) 693-1414 Member FDIC Proposed plan may boost student loans By REGINA MOEHLMAN Battalion Reporter With the help of the Bryan and College Station city councils, the student loan program at Texas A&M University could get a much needed boost in the next few months. The boost would come in the form of a non-profit company organized to buy Federally Insured Student Loans from local banks. The Bryan council approved the creation of such a company last Oc tober. The College Station council was presented with the program March 21, but has not voted on it yet. Under the Federally Insured Student Loan Program, students may borrow up to $2,500 a year as an undergraduate and $7,500 as a graduate. The interest rate on the loans cannot exceed 7 percent. The loans do not have to be paid back until after graduation, and the pay-back period may be stretched out for 10 years. The loans are insured by the federal government. If a student de faults on a loan, the federal govern ment repays the bank. Unfortunately, the program has not been working as it should in the last few years. R. M. Logan, director of the Financial Aid Office on cam pus, explained several of the local problems. “In my contact with the lending institutions, the major problems are lack of liquidity (money available to lend on long-term basis) and federal government red tape,”he said. “They say they can’t make any money on 7 percent loans,” Logan said. “But what they don’t say is that they also receive 5-5.25 percent from the federal government. They can draw up to 12 percent on the loans.” Victor Paulos, president of First Bank and Trust of Bryan, explained the lender’s position. “The government red tape is a nightmare. When a loan goes bad the government doesn’t collect on it and the bank loses money. Banks all over the country have gotten sick of the program. Unfortunately, it’s the good students who suffer,”he said. A high default rate also a discour agement to lenders. Nationwide the default rate is 20 percent, while in Texas it is 13.7 percent. Logan said this is not a problem at Texas A&M. “We believe our default rate to be less than 5 percent, which is below standard. We have the lowest for any college in the southwest. Our students do a tremendous job of paying loans, ”he said. But none of the Bryan-College Station banks are making Federally Insured Student Loans, at this time. This should change with the crea tion of a Higher Education Author ity which will buy new student loans from area banks. Ralph B. Rushing, vice president of Hatcher and Co., has met with both city councils to explain the HEA program his company de signed. Hatcher and Co., a broker age and financial advisory firm in Dallas, designed the program. If adopted, the HEA program will work this way: —Council members will appoint members to the HEA board of di rectors. —The directors will issue tax- exempt revenue bonds. —With bond sales money, the board will buy 90-day-old Federally Insured Student Loans from local banks. —The board will then assume sole responsibility for the handling and collection of the loans. Rushing emphasized that the city is in no way liable for the loans. An Internal Revenue Service regulation requires a local government to ap prove the HEA so the program may issue tax-free bonds. After the coun cil appoints board members, the city would be completely dis sociated from the company, he said. The HEA would provide two services to Brazos County, Rushing said. “It will produce equity for the lender. The first lender (the bank) will make some money from inter est. The banks are basically provid ing interim financing. They simply warehouse the notes for 90 days,” he said. By holding the notes for 90 days (a fiscal quarter), the banks receive the regular 7 percent interest and the added federal interest. And in 90 days, they are relieved of the note. “All the banks in the area except one, have expressed an interest in participating,” Rushing said. Paulos said First Bank and Trust of Bryan might be interested, but there were still a lot of questions to be answered. City National Bank and First National Bank also ex pressed an interest with reser- lab tfi PRESCRIPTION STEREO 3602 OLD COLLEGE ROAD BR/AN, TEXAS 77SOI All LPs 80c Over Dealer Cost Every Dav Discwasher Products Best Sound Around In Car Stereo — PIONEER Speakers CLARION & SANYO Tape Decks We Can Install Most Sys tems In 2 Hours MONDAY EVENING TUESDAY EVENING WEDNESDAY SPECIAL SPECIAL EVENING SPECIAL Salisbury Steak Mexican Fiesta Chicken Fried Steak | with Dinner w/cream Gravy Mushroom Gravy Two Cheese and Whipped Potatoes Onion Enchiladas Whipped Potatoes and Your Choice of w/chili Choice of one other One Vegetable Mexican Rice Vegetable Roll or Corn Bread and Butter Patio Style Pinto Beans Roll or Corn Bread and B# Coffee or Tea Tostadas Coffee or Tea One Corn Bread and Butter Coffee or Tea vations. Rushing said Ui National Bank is the only.,, had not been able to contatt The second and most service the HEAwouldpi the students, he said. “The purpose of the pi help students get long] money, ”he said. Logan affirmed the need program at Texas A&M. “There is a demand for of money by students from families who do not financial need criteria (for programs). There is a definiti and it would be a great lii student body,”he said, Maurice M. Hatcher, pn Hatcher and Co., explain company acts only as an the creation of the HEA. ,lfe it may continue as fiscal the HEA directors so reqm Hatcher said his com] first approached several by the schools in Abilene “bad exploitation of the which had resulted in fault rate.’ He said unqi dents were receiving using the money to fim education. As a result, were losing the benefits oltli gram. “We became involved»i| knowledge that the progra been abused. We have done thing we can to upgrade h lura r gram. The federal governm |has l told us they are very our program,” he said “It is by no means amoii] | ing program,” Rushing sail bonds are repaid, anypn to buy more student h HEA is guarding against relying on bankers whoap] loans initially, he said. “The bankers act as eh L- judges,” Hatcher added. Four such programs arecu An e operating Texas: the Abileni lUndee the Central HEA (coveringtl ialh i ' around Southwest Universit lityxan South Texas HEA (coven Tk counties south Texas) andtfc hee of HEA (serving the Univeri tares 2 Texas). Texas Each individual HEA is in The dently operated by its app amseli board members who actwil t e *s 1 eral guidlines, Hatcher sail W art amount of bonds sold (bread I Chur is determined by estimated: need. Bonds sold for TexaiHj amount to $12—15 million, It would take six or seven for the Brazos HEA to erational. Rushing said, local HEA could begin no only Bryan’s approval, Rushi he prefers to wait for Cole tion so lenders in both cities be encouraged to participate In addition to federal rule HEA may set its own guii student qualifications. L he felt most A&M students be eligible. He estimated that Texas made 3,000 Federally Insi dent Loans for a total of $3.5 in the last year. According to federal si there are 30,572 Federally Student Loans in Texas amount borrowed to date is million. Hatcher said he expects HEA program would beahif cess at Texas A&M if students be made aware of its existent! “I don’t know what is happen this fall,’Logan ai expect the amount of could double and triple.” I Now Better Than Ever. You Will Be Pleased \ These Carefully Prepared and Taste Tempting Fi Each Daily Special Only $1.79 Plus Tax. “Open Daily” Dining: 11 A.M. to 1:30 P.M. — 4:00 P.M. to 7 ■r $ Watt Unf. 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