Yes, college athletes can have student loans like most other students do. Until the federal government reformed the program (and really it's probably still going on) many college and universities tried to get as many of their athletes as possible Pell Grants in addition to their scholarship so they or their parents wouldn't have to take out a loan to pay for expenses the scholarship didn't cover. Schools do have an "emergency fund" of student loan money they hold back for students who have a major disaster but, in my experience, those funds are small and tend to go very quickly at large universities. A program designed only for athletes would run afoul of NCAA rules and be defined as an "extra benefit" that's not provided to the rest of the student body. Lastly, student loans are *not* something that any student ought to be using unless it's absolutely necessary. Student loan debt in the United States surpassed credit card debt a year or two ago. Many economists estimate that the large student loan debt held by recent graduates will force them to delay buying a home and starting a family.
The stipend issue can be solved very quickly by simply allowing FCS schools to not implement that rule. According to the article most FBS conferences already plan on implementing it. The B1G may go ahead and implement that provision anyway because the original idea actually came from ADs like Osborne and others within the conference. I think Jim Delany was in favor of it as well. It's clear all of the B1G schools can afford it.