Schools Offering Bonuses To Help Students Graduate On Time

The Texas B-On-Time loan sounds great! I don’t know why I never heard about it before. Am I reading it correctly - that a Texas resident student can borrow $8000 per year and have the loan forgiven as long as he graduates with a 3.0 within 4 years of enrollment?
http://www.hhloans.com/index.cfm?objectid=b00c090d-e45d-4f4b-89da195959930185