Frank Phillips College Faces Default Issues

BORGER -- Many college students rely on federal financial aid to get through their education, and the possibility of not having the resource can end a student's university experience very quick.

Frank Phillips College is facing that possibility. Its loan default rate, the percentage of graduates who have defaulted on their student loans over a three-year period, is high enough for concern.

Jud Hicks, President of Frank Phillips College, told us that the a college or university has to have a default rate below 30%, or be subject to sanctions from being able to provide student loans and Pell grants. If FPC can't appeal this, those sanctions would go into effect January of 2015.

A few students we talked to told us that they would have to seek out other colleges for the remainder of their education, if that were the case.

Mercadez Perkins, who is studying forensic science, would have to chose other places.

"Amarillo College, because they have a forensic science program, so I'd go there to finish, plus, it's cheaper. I could pay for it if I had to," said Perkins.

Others think that the government won't take away FPC's ability to issue Pell grants and student loans, like Alyssa Pearce, a Biochemcial Engineering student.

"I don't think that it's necessarily justified or fair for them to do that seeing is how a lot of the loans and stuff that are being defaulted on are a very select number of people," saiid Pearce.

Indeed, there are only about a dozen students that have put the college over the limit.

The administration is trying to appeal the situation, at the same time telling us that there is no reason for current students to worry.

If you would like to check on a university or college's default rate, search for your institution at this link.

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