New Loan for College Students
ATLANTA (WAOK) – Starting Monday, Georgia students can apply for a low interest loan designed to serve as a “gap-stop” for those who need extra help affording college.
But, the program is no money tree. Less than 6,000 students in need will be chosen at random to get part of a 20 million dollar pie.
Tim Connell, president of the Georgia Student Finance Commission, said the maximum award given to a student will be $10,000. The average award is estimated to be $3,500, which would allow roughly 5,700 students to receive the loan.
Students must have applied for other aid including federal and state loans, scholarships and grants in order to be eligible.
Last February, lawmakers set aside money in lottery revenue to launch the Student Access Loan Program as part of the HOPE scholarship overhaul.