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
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LIFESTYLE
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1 Bedroom, den with
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Park and Ride within walking distance.
From the Southwest Freeway, exit south
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on Lansdale.
A
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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
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WEDNESDAY
SPECIAL
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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
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Parmesan Cheese - Tossed Green Salad
Choice of Salad Dressing - Hot Garlic Bread
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FRIDAY EVENING
SPECIAL
BREADED FISH
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Cole Slaw
Hush Puppies
Choice of one
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Tossed Salad
Choice of one
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Cornbread Dressing
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