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College students will be able to renew B-On-Time loans

Qualifying college students will be able to renew loans from
the state’s B-On-Time program in the upcoming school year, despite previous
warnings that hundreds of students would lose the forgivable loans.

The program will still not be taking new applicants.

Earlier this month, the Texas Higher Education Coordinating
Board notified college financial aid offices that there wouldn’t be enough
money to renew loans for all of the students who qualify. But the board
announced Thursday they had “identified non-state funds that can be used
to cover the funding gap.”

The program awards students loans that are forgiven if they
graduate within four years for most degree plans with at least a B average. To
renew, the student must maintain a 2.5 grade point average.

It converts to a zero interest loan if the student does not
meet the requirements.

The loans have become even more sought after in recent
years, as tuition at public, four-year colleges has risen about 40 percent on
average. Tuition, room, board and expenses is expected to top $20,000 this year
at the University of Texas
at Austin.

– Associated Press

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