Starting this fall, Texas Tech students who are lacking an efficient mode of transportation will have the opportunity to purchase a bicycle and improve upon their credit report.
The Tech Outdoor Pursuits Center has initiated a new program that will allow students to receive a $500 interest-free loan for one year, so they can buy a bicycle.
"With the cost of driving going up, more and more people are realizing that biking is not such a bad way to get around," said Curt Howell, coordinator of Tech's Outdoor Pursuits Center. "So many students live so close to campus that it just makes sense."
The Texas Tech Federal Credit Union is responsible for loaning students the money to purchase a bicycle, he said. After students are approved for the loan, they can go pick out any bicycle they want that is in the price range.
"The stipulation will be (that) you have to purchase the bike from a local bike shop," Howell said. "You can't go on eBay and spend $500 on a bike."
This program will be beneficial to both Tech students and local businesses, he said. All of Lubbock's local bicycle shops are really excited about the program. They will be trying to promote it as much as possible.
In addition to the advertising done at local bicycle shops, there will be a booth set up during welcome week this fall, Howell said. People will be handing out pamphlets and giving students more information about the program.
The Outdoor Pursuits Center is currently trying to make this program very efficient, he said.
"We want students to have the opportunity to purchase a bicycle as soon as possible," Howell said. "The credit union is trying to guarantee a 24-hour-period turnaround on the loan."
Betty Blanton, associate director of Recreational Sports at Tech, said a lot of students do not ride bicycles because they do not think they can afford them. This program will help alleviate some of the financial burden, while providing students with other credit benefits.
"A lot of students don't realize they need to start a credit report," she said. "This program gives students the ability to ride a bike, get out of the car, save some gas, and save some energy - you know, help save the world. It's also teaching them one of those facts of life about establishing your own credit report."
Other campuses around the nation have programs that make bicycles really available to students, Blanton said. This will hopefully make it easier for students to get a bicycle, and promote maintaining a healthy environment.
"With this program good money management skills are being taught," she said, "plus the importance of being energy efficient and earth conscience."
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