To encourage students to graduate from college on time, Texas plans to forgive students’ loans, although the program received only 25 percent of its estimated required funding in the state’s budget. Officials believe 12,000 to 15,000 students will benefit from the program. It will begin with zero-interest loans to students with financial need who maintain a 2.5 GPA and complete their classes each semester. The loans will be effectively converted into grants provided the students graduate on time according to each program, maintain a 3.0 GPA and do not take more than six credits over what is required by their majors.
