State’s New Student Loan Access Program Available for Altamaha Technical College Students
Jesup-Altamaha Technical College’s student affairs division received news this week of a new Georgia student loan program called The Student Loan Access Program. Georgia students who need extra financial assistance to bridge the “gap” to help pay for college can now apply for low-interest loans.
This year law makers set aside $20 million in lottery revenue to launch the Student Access Loan Program as part of an overhaul to the lottery-funded HOPE scholarship program that cut back the awards for most students. The loans are estimated to reach less than 6,000 of the neediest students. The Georgia Student Finance Commission expects requests to exceed the money allotted. Should this happen, recipients may be arbitrarily chosen via computer.
More Georgia families need aid because of changes to the HOPE program. Starting in August, the scholarship will cover full tuition for only the most accomplished students, about 10 percent of recipients. It will no longer provide money for fees or books. Gov. Nathan Deal and other lawmakers said the changes will keep the cash-strapped program from going broke. They acknowledged it may create a hardship for some families, but said the loan program will provide some relief.
The average loan will be $3,500 with maximum awards of $10,000. According to the authorities, the loan is not intended to pay for all college. It is considered a “gap stop” for students and families that have exhausted all other options and still need additional money. Some say it is to be thought of as a last resort. The Georgia State Finance Commission will receive the money July 1 and all should be dispensed by August 1. The application deadline for this loan program is July 15.
To be eligible, students must have applied for other aid including federal and state loans, scholarships and grants. Loans will have a 1 percent interest rate. To qualify, students must graduate from high school with a 2.5 GPA and maintain at least a 2.0 in college.
Students will have to apply for the loan annually and there is no guarantee those who receive it this year will get it again. The demand is expected to increase annually as more students attend college and tuition and other costs increase. Upon graduation a student has 10 years to pay back the loan.
For The Student Access Loan Program, applications, eligibility requirements and additional information can be found at: www.gacollege411.org.
|
