Texas A&M University (College Station) is expanding its instituted financial aid program. This will allow incoming freshmen whose family’s income is $60,000 or less a guarantee that tuition will be covered at no cost to them. The program, Aggie Assurance, will first be available for the freshman class of 2008, where more than 1,500 students are eligible.
Students can qualify for the financial aid program for up to four years, but must maintain a grade point average of at least 2.5. Those in the Aggie Assurance program can still have textbooks, room and board, and other expenses covered through grants, loans, or work-study programs, as they are still eligible for additional aid.
The program is expected to cost A&M around $300,000 this year alone, and once fully impemented, close to $3 million a year. With 79 percent of currently enrolled students at A&M receiving financial aid of some sort, the money has to come from somewhere.
“A&M University is able to afford this program because their tuition rates are much higher. When the state deregulated tuition, it included a provision that 2 percent of the increase above the statutory tuition rate must be set aside to assist students in need,” Dr. Mary W. Hendrix, interim provost and vice-president for academic and student affairs at A&M-Commerce said.
Institutions, therefore, are able to generate more financial aid funding by setting their tuition significantly above the state’s statutory rate. A&M is able to afford this type of program because the amount of students eligible at large state schools tends to be fewer than at regional universities.
“After analyzing several financial models, [A&M-Commerce] was able to fund a program that provided assistance to students whose income is $30,000 or less,” Dr. Hendrix said.
The Pride Promise program is similar to Aggie Assurance, where those students will be required to maintain a 2.5 grade point average to guarantee cover of tuition and mandatory fees, and many are expected to participate. Some students would like for the Pride Promise to be as extensive as the Aggie Assurance program.
“The government already has programs for families that make less than $25,000, but no one thinks about the families who make good enough money, but still can’t afford to send their children to college. I would be excited for A&M-Commerce to get a program like this; it would help me a lot!” Anthony Schrock, a freshman business administration major said.
Smaller universities compete with the funds of larger universities by balancing the overall cost of tuition and fees, yet students can still see need for the Pride Promise program.
“It would really help in the long run for students of Commerce from destitute backgrounds,” Ryan Netter, a junior from Arlington said.