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About The Battalion. (College Station, Tex.) 1893-current | View Entire Issue (Oct. 14, 1982)
Battalion/Page 3 October 14, 1982 Hocal / state ig sand- p foods “Don' ise, be gy dur res also ingesto dor. recom lothin walle items , lierei brown rlunc it or on ■ offic nth on do s ne wi >atmea Sullivan pton •ugb 'ridi' Loan default low for Aggies by Jennifer Carr Battalion Staff Texas A&M University has one of the lowest student loan default rates for a major col lege or university in Texas, and probably in the nation, . the assistant director of the Office of Student Financial Aid says. Alvin P. Bormann said the Texas A&M default rate for National Direct Student Loans is 3.27 percent, which is well below the Texas average of 16.37 percent. The. nation al average default rate is 11.09 percent, he said. The NDSL program has come under Fire recently be- • cause of exccesive loan default rates. The Department of Education has denied 400 col leges and trade schools furth er government funds for the program because they have delinquency rates of 25 per- ‘ cent or higher. The lack of government money will not deprive schools of funds to loan, however. Schools still have the money being paid in by for mer students and can re-lend the money or can return it to the U.S. Treasury. The amount of money each school has to lend is de termined by what the govern ment considers its “fair share” ofavailable funds. T he school must match this amount with : 10 percent out of its own funds. This amount plus any collections made constitute the funds available for lending. Texas A&M’s low default rate has benefitted it substan tially, Bormann said. Texas A&M loaned $ 116,000 last fis cal year, which runs from July 1 Uj June 30. He said this year the University probably will get $400,000 to lend. The large difference in the amounts is due to the Univer sity’s low default rate and also possibly to the lesser number of schools who get a share of the funds. Loans are based solely on need, Bormann said and are administered through the University, unlike Guaran teed Student Loans, which are administered through banks. It is then the school’s responsi- bilty to collect on the loan. The University’s low stu dent loan default rate can't be attributed entirely to the col lection agencies, however. “The main issue here is A&M has a great clientele to work with — a student body that assumes responsibilty and who will perform follow ing graduation regardless if its in public life or their own business affairs or their own personal endeavors,” Bor mann said. “I feel that based on the volume of students that we have in the student loan programs in past years, that substantiates that Aggies are good payers." Retirement benefits split in divorce United Press International AUSTIN — Citing a law pas sed last month, the Texas Sup reme Court overturned a lower court Wednesday and awarded the divorced wife of an Air Force serviceman a 35 percent share of his retirement benefits. John Glenn blasts Reagan’s policies United Press International GARLAND, — Sen. John Glenn, D-Ohio, said the Reagan administration has fallen short of its promises and predicted massive budget deficts will con tinue. Glenn, who was in the Dallas suburb Tuesday to campaign for Democratic congressional candidate John Bryant, also stressed the need for a strong national defense, characterizing itasthe“No. 1 social program.” He called President Reagan’s economic program an, “Alice in Wonderland theory,” that the budget can be balanced while taxes are reduced and defense spending increased. Glenn, who has been men tioned as a possible presidential candidate in 1984, said he has turned his attention to Reagano mics and has not decided whether to seek the office. “Two years ago, the promises during the election campaign were that we were going to cre ate jobs, balance the budget and work toward full parity for the American farmer,” he said. He said the Reagan adminis tration has, “fallen very, very far- short of its promises.” Glenn, said the massive budget deficits, projected by the Congressional Budget Office to reach $216 billion in three years without substantial economic policy changes, would continue until Congress restored portions of the administration’s three- year 25 percent income tax cut. liver ’84 11:30 till Late Night FUN • FOOD • DRINKs \SdAi 19 HALLMARK CARDS & GIFT CENTER k ftd\ • Aggie • Roses Petal Patch In a 27-page opinion, the high court overturned a lower appeals court and said Sue Ak ers Cameron of Nueces County was entitled to a share of the re tirement benefits accrued by her husband, Paul Cameron. In previous decisions the state’s high court ruled that military retirement benefits were not divisible because of a ruling by the U.S. Supreme Court. But in September, President Reagan signed a bill allowing the division of military retirement benefits in divorce settlements so long as the couple had been married 10 years. However, only retirement benefits paid af ter June 25, 1981, are divisible. In making its ruling on the Cameron case, the court also dis cussed at great length what con stitutes common property be tween a couple and what is the separate property of either spouse. Under the Texas Constitu tion, permanent alimony is pro hibited The Store Worth Looking For CUSTOM SOUNDS 6th It's six going on seven years that CUSTOM SOUNDS has served College Station/Bryan with these birthday bargains YOU get to celebrate, we get to work! TURNTABLES RECEIVERS MPioiveerr pl-7 Fully auto matic direct drive quartz lock turnta- ^ ble. Reg. *200.00 „ How 149' CdniOMeor PL-2 Semi Automatic Turntable - \ Candles Out At ©Sherwood S-9200 S9200 stereo receiver with 27 watts/channel and digit al tuning. 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JENSEN r-401 SOI \l) l AHORAIORHS 199 Automatic Hl-Blend FM Stereo Cir cuitry Switchable Loudness Compensa tion Separate Bass and Treble Controls Separate Balance and Fader Con trols Syntox K Ceramic Tape Head (Metal Compatible) Reg. $260.00 R-210 JENSEN J »065Trlaxl SOI M) I \HOKMOKUS R210 8 WATT IN DASH AM/FM/MX CASSETTE RECEIVER with Pushbuttons Present-ly 169 speakers with 20 oz. Magnets and 50 watt power capacity. Birthday Blowout Were still the same good ol' boys I CELEBRATE II OPEN 10-6 Mon.-Sat. 3800A Old College Rd. Next to Triangle Bowl 846-5803 •XU"' S. COLLEGE TEXAS A&M UNIVERSITY CUSTOM \ SOUNDS \ OPEN >- t Hi \ MON.-SAT. £ TRIANGLE « \ 10-6 S BOWL * WELLBORN ROAD