Faculty Member to Head Loan Panel for Governor
Nov. 5, 2008
Gov. Rick Perry has appointed UT Dallas School of Management faculty member Dr. Michael Savoie to the executive committee of the Texas Guaranteed Student Loan Corp. and chairman of its Budget, Finance and Audit Committee.
A UT Dallas faculty member since 2001, Savoie was appointed to the TG, as the corporation is known, in April.
TG is a public, nonprofit corporation established by the Texas Legislature in 1979 to administer what is now known as the Federal Family Education Loan Program (FFELP). The program is sponsored by the government to provide low-interest loans to students and their parents to help pay for post-high school education.
As the program administrator, TG guarantees repayment of student loans to private lenders in the event a borrower dies, becomes disabled, has a loan discharged in bankruptcy, or defaults. TG also reviews student loan applications for eligibility and conducts compliance reviews of schools participating in the program.
“TG is an incredibly well-run organization,” Savoie says. “In FY2008, we saw our guaranteed loans increase to over $7 billion, making us one of the largest guarantors of student loans in the nation.” Current financial difficulties, he says, are being addressed by TG. “Our team has worked diligently to ensure that the current credit crisis has as minimal an impact on our activities as possible.”
Savoie is a senior lecturer in the UT Dallas School of Management. His appointments to the two TG committees run through September 2009; his term on the TG board expires in 2011.