Separate Fund for Loans; Fees
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Law
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Georgia Code
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Education
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Postsecondary Education
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Scholarships, Loans, and Grants
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Georgia Student Finance Authority
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Education for Public Service Student Loan
- Separate Fund for Loans; Fees
- The authority shall establish and maintain a separate fund for loans in accordance with this subpart to which shall be credited:
- State funds appropriated for use for EPS Student Loans;
- Moneys received by gift, donation, or otherwise for EPS Student Loans;
- Outstanding EPS Student Loans held by the authority; and
- Principal and interest collected on EPS Student Loans held by the authority.
- 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.
- The authority shall be entitled to establish a reasonable fee for the processing and collecting of EPS Student Loans. Such fees shall be established by the authority by rule or regulation.
(Code 1981, §20-3-405.5, enacted by Ga. L. 2008, p. 626, § 4/SB 169.)
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