Battalion/Page 3
October 14, 1982
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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.
Birthday Blowout %
NikkoA
Stereo cassette deck with Dolby and Ifel
soft touch. Reg. $240.00.
'■wb-- | <§ s fl 70
TEAC V-35
Stereo Cassette Deck
^ -J i * ■'
• Dolby Noise
Reduction $
• Soft Touch
KENWOOD’ KR-750
60 WATTS PER CHANNEL
Reg. S550.00
Celebrate
‘HO"
bUmglil OfipiONeeR
vyi Uttrollneor
ALL SPEAKERS
IN STOCK
10-50% OFF
BIRTHDAY BUYS ON CAR STEREOS
^KENWOOD KRC-312 I CD PIONEER rs-692
Reg. $330.00
AM/FM In Dash
Cassette Stereo
15 watts per channel and separate bass
and treble controls.
Fr.,„n. 39 <M>
69 Dual Cone Speakers
with 20 Oz. Magnets
Blowout
JS-71
High Power AM/FM Stereo Cassette Player
Candles Out At
* 109°°
80 Watts!
8 Band Graphic
Equalizer.
*1 IG 00
JENSEN CAR AUDIO!
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