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About The Battalion. (College Station, Tex.) 1893-current | View Entire Issue (Oct. 16, 1979)
THE BATTALION TUESDAY, OCTOBER 16, 1979 page / Local student loan board set up a5 an ild be he said, ivention appro) itants, , Deaf Sffi hildren wk d teeth o»i provided Smith Coi Battalion photo by Ruth Graves Gunslinging fish Drill Team members Scott Sturgeon (left) and David Barton practice throwing 10-pound rifles for exibition drills hich are part of the team’s performances. The drill team itions and practices Monday through Thursday behind Duncan Dining atulationfe®all. First performance will follow the Corps march-in be- a several. f ore the Texas-Texas A&M football game, e presente#' By DINA KRUMNOW Battalion Reporter If everything goes as planned, re lief could be ahead for the finan cially troubled college student in this area. Bryan and College Station are in the process of forming a corporation through which any qualified student may obtain financial aid. The pro gram will give preference to Texas residents. Although the program is not ex pected to be in full swing until the The interest on these loans is 7 percent. The current rate at banks is 14.5 percent. summer of 1981, a partial system could begin as early as next fall. The loans will be made through commerical loan institutions, said Alvin Bormann, interim director of financial aid for Texas A&M Univer sity students. The interest rate on these loans is 7 percent, compounded annually. The current rate on non-student loans from banks is 14.5 percent, Bormann said. The amount of money available per student varies depending on This process allows banks to recover their money in about 90 days. classification, he said. Graduate students may receive up to $5,000 a year and undergraduates can bor row a maximum of $2,500 a year. These amounts are in accordance with requirements set by the federal government for student loans. Before receiving a loan, students must be in good academic standing, and have at least a 2.0 grade point ratio, Bormann said. Since freshmen have not estab lished a grade point ratio, Bormann said, they may only receive up to $1,750 a year. Students must also be attending an accredited university or college and fill out a Federal Insured State Loan application, which is available at the financial aid office on YMCA building. Once this application has been processed and accepted, a local bank makes payments in two equal installments. The bank sells the promissory note on the loan to the loan author ity, a governing body of trustees which establishes policy for obtain- Students may take up to 15 years to repay the loan. ing student loans. The promissory notes are kept in a holding bank in Dallas until the loan is repaid. The loan authority, in this case set up by Bryan and College Station, sells tax-exempt municipal bonds to business groups, such as insurance agencies, to recover the cost of the loans. These bonds are not to be confused with a city bond issue, Bormann said. This process allows banks to re cover their money in about 90 days, Bormann said, instead of waiting for years. Students may take up to 15 years to repay the loan, depending on the terms of the loan agreement, he said. Although many policies are set. i lastly oil caused y U.S., prof says ra Blanca 'as pulling, irder Pal trick was bs and other citizens of OPEC ries are not to blame for the g price of fuel or the nation’s itionary problems, an economic at Texas A&M University n $500 eaclllg United States today can pure d were friise about the same amounLoToiL Border Pat an ounce of gold as it did eight he apprehtil ago when gold was worth $35 biggest atepunce. Gold is now selling on the msofdollasiernational market for around history. )0 an ounce. he illegal IrThe situation is much like the ;, the Bordl man who offered to exchange a ulted intwcoin for a bottle of wine, ” ex- ibout20iri« fed Dr. Eugene Uselton, a fi- boundaiyta '? professor and director of the ) crossedial ls A&M Center for Education the groupw iResearch in Free Enterprise, ick’s canvas ime passed the rich man began Border Pah nd away a small amount of gold each coin before paying for his loneoccupK E ventuall .y, he . be g an fix .. „ nnmaf L|pavmgs with cheaper metals V ... tMise the less valuable coins to ■kpoint i)f» if . „ .1 lor the wine. tasked to fl jr en ^ Eecame known that the Train U 18 Were n0t gO 1110116, tllC WillC i | iier began to demand more of 6 em t ss valuable coins in exchange the goods, he said. ™ er ’ Although the wealthy wine con- ' th BuiiW eur conl Pl a i ne d bitterly about r CBncreasing price of wine, the S 1 0111 '. felhant explained that the price of o ngwj j n j. erms 0 f' p ure gold had not i a similar langed. whenBonkRelton said a similar situation ered a h^lHi oil developed in 1971 when filled witbp President Nixon announced an ; stopparfepomic policy in which the U. S. iriver ofl I'ernment would no longer re- however. im its outstanding dollars with transport r Patrol’s k Paso wild' r return U gold. Until then the price of gold was fixed at $35 an ounce, but the artificially low price of gold quickly began to rise. “The amount of oil that an OPEC nation must, give- in exchange lor gold is almost as much today as. it was before 1971,” Uselton said. While a barrel of oil cost $1.80 eight years ago, an ounce of gold would buy 19.4 barrels. Now a barrel of oil costs $20-$22 but an ounce of gold still buys 19 barrels of oil. “OPEC is not to blame for our domestic inflation,” Uselton said. “Instead we should blame our own government for deficit spending, for shaving off the value of our money — and lowering the productivity of workers through regulation.” Clements names Miller to council Texas A&M University President Jarvis E. Miller is among seven top educational administrators named by Gov. William Clements to the new Higher Education Manage ment Effectiveness Council. Clements said in a letter to the appointees that the council should . r.' ■ .1. orient the overall Texas State Gov ernment Effectiveness Program in higher education and to oversee the actual implementation process.” Noting the public has expressed concern over management of both government in general and higher education in particular, the gover nor termed it “imperative that higher education take the initiative to speak to these concerns and, where needed, initiate changes.” ECChica RESTAURANT presents Happy Hour 4-6 (7 days a week) 2 for 1 per person 10% discount for all A&M students with current I.D. Mon.-Thurs. only. 3109 Texas Avenue Bryan, Texas 77801 ^-JflUlEAlC CILAJfjf* /ered, agei iens liadfS ish in Ji® paid later ten 99 2 The shop that gives the classiest cut in town now offers something extra Free Jhirmack conditioning treatment with cut. $ 5 value. Please bring this coupon with you Don’t forget your People Book coupon and register for the free trip to mazatlan 'JflUlEAlC 4 1 13^ details have not been established. A board, set up by the two others, consisting of eight local members, will work out the details of the plan. Participating banks will re ceive a supplement from the government to compensate for low interest rates. Bryan and College Station each have four members on the board. The College Station delegates are John Koldus, Taylor Reidel, O.M. Holt and Bill Fitch. Perry Pope, Charles Hart, Roy Simmons and Sam Nigh will repre sent Bryan on the board. The plan was “favorably received by local mayors, city managers and Texas A&M officials, Bormann said. “The board has also taken a poll of local banks to get their response,” he said. “They expressed a positive attitude. I feel they will all be in volved.” The local banks have three main concerns, Bormann said. They are concerned with service to the com munity, reduction of paperwork and cost of the student loan operation. The participating banks will re ceive a supplement from the federal government to compensate for low interest rates on student loans, he said. “The problem is banks usually don’t want to participate because they can’t meet the expenses,” Bormann said, “but this will cover them.” Hatcher and Co., a financial con sulting firm in Dallas, was instru mental in the inclusion of the re quirement of monetary compensa tion, according to city documents. Hatcher and Co. did all the groundwork of the loan plan, Bor mann said. The company has estab lished this type of loan corporation in south, central and north Texas and parts of Oklahoma. According to the Hatcher plan, each of the three corporations has designated counties in which they operate, Bormann said. After one meeting, the local board has not decided which coun ties it will cover, he said, but Brazos County will be included. This means Texas A&M students and possibly Blinn College students could be loan candidates. Ralph Russing is the financial consultant from the Hatcher com pany who will create the local stu dent loan authority. Russing will also be involved with selling the municipal bonds to businesses, Bormann said. “The plan will not be operated by A&M, but we will utilize it, Bor mann said. “I think it will be a direct benefit to students. We re very op timistic about it and are looking for ward to it. AUTO INSURANCE FOR AGGIES: ( all (u-orne W Vlil) Farmers Insurance Group '1400 S. 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