Separate Fund for Loans; Fees

  1. Law
  2. Georgia Code
  3. Education
  4. Postsecondary Education
  5. Scholarships, Loans, and Grants
  6. Georgia Student Finance Authority
  7. Graduate on Time Student Loans
  8. Separate Fund for Loans; Fees

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  1. The authority shall establish and maintain a separate fund for loans in accordance with this subpart to which shall be credited:
    1. State funds appropriated for use for GOT Student Loans;
    2. Moneys received by gift, donation, or otherwise for GOT Student Loans;
    3. Outstanding GOT Student Loans held by the authority; and
    4. Principal and interest collected on GOT Student Loans held by the authority.
  2. Beginning with the first fiscal year following the fiscal year in which the fund has a balance of $500,000.00 or more, for each fiscal year, the authority shall determine the amount of moneys available for loans under this subpart and shall determine which eligible applicants receive loans by a random selection process in which each eligible applicant has an equal chance of being selected for a loan.
  3. The authority shall be entitled to establish a reasonable fee for the processing and collecting of GOT Student Loans. Such fees shall be established by the authority by rule or regulation.

(Code 1981, §20-3-400.4, enacted by Ga. L. 2008, p. 626, § 3/SB 169.)


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