Vote for Student Loan Funding: Prop 2
When Texas voters head to the polls this November, they will be holding the future of the state’s Hinson-Hazelwood College Student Loan Program in their hands. Proposition 2 is a $500 million bond that would finance low-interest loans for Texas students attending schools around the state, including the University of St. Thomas.
The impact for UST could be significant. The University has only 14 current students who were helped by the Hinson-Hazelwood Program. Several more qualified, but the funding was not available.
“UST is supporting Proposition 2 because it will increase funding for students,” said Scott Moore, UST dean of scholarships and financial aid. “Currently the University doesn’t see a lot of funding from this source, but we certainly would like to see that increase. The state will be able to provide loans to needy students and families out of the revenue from this bond.”
Texas SB 1640 and SJR 57 passed last legislative session authorizing that the proposition be placed on the ballot. Supporters of the bond proposal say Prop 2 has no tax implications, since the bonds are repaid by students as they repay their loan.
Hinson-Hazelwood loans are serviced by a Coordinating Board. These loans differ from private loans by offering a low, fixed rate, a six-month post-graduation grace period and numerous repayment schedules. The program also ensures that loan interest will never be capitalized or that loans will be sold to other lenders.
Voters will decide on Proposition 2, Nov. 6.