Following the increasing tuition, student loans became popular and essential in Texas. Some students need to work to cover expenses while they study at the same time. “B-On-Time” program was innovated and introduced in 2003 to relieve students’ economic burden. It is free interest and forgivable if students graduate in four years with a B average which is a great solution for both students and government. For students, this program can encourage them to succeed in their education and relieve economic stress at the same time. For government, “B-On-Time” program can allow students graduate faster to relieve the shortage space and resources at college or university.
However, in order to support this program, the government spent $ 49 million last year for 12,800 students and this year the government declared that they do not have enough budgets to cover so many students. Thus, they cut $ 8 million of the budget this year which can only support 9,900 students in the state not included new students. The number of money that government needs to spend on this project is variable each year which I believe government funding should be fixed and universities should find some alternative ways to recover those amounts such as scholarships or other loans. But, there is no other loans that have better benefits than “B-On-Time” which offers no interest and forgivable.
I think “B-On-Time” program has its benefits that cannot be replaced. It forces students to work hard to get through school and take seriously on studies. They make such great efforts in four years, they should get some awards. Also, it is good for schools, too. It can keep schools rating high and encourage students to study harder. On the other hand, it may has the drawback which is students may do whatever it takes to get higher grades. They may cheat in exams or take the shortcut to have better grades result instead of learning something down to earth. But, in general, the program can bring most benefits to students.
High tuition fees and high interest rate on loans bring more concerns to students in recent years when they choose a college or university to study. They do not want to pay huge debts when they graduate. So, it is essential for government and schools to find some ways to relieve their stress. I believe “B-On-Time” program can solve students’ financial problems and cannot be eliminated. Government should maximum its budget to finance students and schools should get more scholarships and funds for students who achieve better academic results.