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2010 Georgia Code
TITLE 20 - EDUCATION
CHAPTER 3 - POSTSECONDARY EDUCATION
ARTICLE 7 - SCHOLARSHIPS, LOANS, AND GRANTS
PART 3 - GEORGIA STUDENT FINANCE AUTHORITY
SUBPART 4C - EDUCATION FOR PUBLIC SERVICE STUDENT LOAN
§ 20-3-405.5 - Separate fund for loans; fees
O.C.G.A. 20-3-405.5 (2010)20-3-405.5. Separate fund for loans; fees
(a) 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 EPS Student Loans;
(2) Moneys received by gift, donation, or otherwise for EPS Student Loans;
(3) Outstanding EPS Student Loans held by the authority; and
(4) Principal and interest collected on EPS Student Loans held by the authority.
(b) 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.
(c) 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.
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