Make The Grade And Fraternity Will Return Your Money Theta Chi Program Offers Incentive For Good Students In Good Standing
The Theta Chi fraternity at the University of Idaho has started a rent refund program for members who maintain high academic standards and graduate.
“We just want to promote a positive image,” said Alan Gatlin, 21, a second-year member of the Epsilon Kappa chapter of Theta Chi. “This program will encourage students to get better grades and work harder.”
The size of the refund is determined by a student’s cumulative grade point average.
To qualify, members are required to live at the Theta Chi house for at least three academic years, pay their rent on time and not be involved in any incident resulting in the loss of their good standing with the fraternity or university.
“This is unique and a first and happened right here at little old Moscow, Idaho,” said Donald Beckley, spokesman for the alumni board of directors and fraternity financial adviser.
The refund is a 10-year note bearing 5-percent interest to the holder, to be paid in 10 equal annual installments starting the year after graduation.
Theta Chi members now pay about $1,000 in rent per semester for a place in the 47-man house, so they could receive a refund of up to $6,000.
A 4.0 grade point average will earn a member a 100-percent refund, a 3.5 to 3.99 GPA equals a 75-percent refund and a 3.49 GPA or less will earn a member 50 percent of the total rent back.
If members stay longer than six semesters, the additional rent also will be included in the refund.
Beckley got the idea from the University of Idaho honors program, which offers students special living conditions for academic achievements. He said Theta Chi has always rewarded its top two students, but decided to expand the program to help encourage all the fraternity’s members.
The hope, Beckley said, is that the students will see the accumulating asset as an investment.
“It hopefully will cause them to become a more active alumni for the 10 years following graduation since he has a vested interest,” he said.
“The parents see it as a revolving fund that would allow their other children to use the funds the second time around to help pay the next child’s college costs.”
Brian Peterson, 21, co-chairman of rush at the Theta Chi house, said the refund program is an incentive to stay in school, promote brotherhood and a way to make a positive difference in the Greek system.
“The way I look at it, I couldn’t care less if I get the money back because if I did, I would donate it back as an alumni,” Peterson said.