§ 20-3-400. Short Title
This subpart shall be known and may be cited as the “Graduate On Time Student Loan Act.” History. Code 1981, § 20-3-400 , enacted by Ga. L. 2008, p. 626, § 3/SB 169.
§ 20-3-400.1. Definitions
As used in this subpart, the term: “Beginning date of a postsecondary course of study” means the first day of postsecondary classes attended by a student for credit toward an associate degree or baccalaureate degree. In the case of a program that includes undergraduate studies and is designed for completion within five years, the first […]
§ 20-3-400.2. Eligibility; Repayment Period; Maximum Amount; Interest Rate; Requirements
The authority is authorized to provide direct loans to students who are legal residents of this state and who are not ineligible under Code Section 20-3-400.6 in accordance with the provisions of this subpart and regulations of the authority promulgated to implement this subpart. The repayment period for a GOT Student Loan shall be ten […]
§ 20-3-400.3. Recalculation of Interest Rate
When the annual interest rate is converted to 1 percent in accordance with subsection (e) of Code Section 20-3-400.2, the authority shall recalculate the balance owed on the loan to reflect the retroactive change in the interest rate. The steps of the recalculation required by subsection (a) of this Code section shall include the following: […]
§ 20-3-400.4. 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 GOT Student Loans; Moneys received by gift, donation, or otherwise for GOT Student Loans; Outstanding GOT Student Loans held by the authority; and Principal and interest collected on […]
§ 20-3-400.5. Repayment Schedule; Default
The authority shall by rule and regulation establish a repayment schedule or schedules for GOT Student Loans. Students shall be required to pay accrued interest annually while attending a postsecondary institution except in cases of financial hardship. Students shall not be required to begin the repayment of the principal of such loans until the earliest […]
§ 20-3-400.6. Ineligibility
A student is ineligible for any loan described in this subpart if the student: Is not a United States citizen or a permanent resident alien who meets the definition of an eligible noncitizen under federal Title IV requirements; Has not complied with United States Selective Service System requirements for registration, if such requirements are applicable […]