Student Access Loan

Eligible students must have a graduated from an eligible high school with a 2.5 or 75 grade point average in core subjects.
Students must be attending an eligible postsecondary institution.
Eligible postsecondary institutions must offer associates or baccalaureate degrees.
Students must be Georgia Residents.
Borrower must be U.S. citizen, national or permanent resident of U.S. as defined by Title IV of the Higher Education Act of 1965 as amended.
Students must be making Satisfactory Academic Progress (SAP) in accordance with the SAP policy at your college or university. Failure to maintain SAP may result in your ineligibility for this loan.
Graduate students are ineligible.

Low interest student loan program targeted to students who have “unmet financial need”
Fixed interest rate of 1% except in the case of default.
Borrowers are charged a 5% origination fee with a maximum of $50 per loan. Fee is deducted from each disbursement.
There is no minimum annual loan amount.
Maximum annual loan amount of $10,000 or the students cost of attendance minus his or her Expected Family Contribution (EFC), Expected Financial Aid (EFA {and other aid including VA or PLUS Loans}) whichever is less.
Maximum aggregate loan limit of $40,000.

Applications are submitted online via the http://www.gacollege411.org/ website and are accepted periodically throughout the year. GSFA will begin accepting applications on June 20th 2011 and stop accepting applications on July 15, 2011.
Students are randomly selected from each pool of applicants.
Borrower must have diligently applied for and exhausted other student aid including federal scholarships, grants and loans. This includes PLUS loans but not private education loans.
Students and parents may not use the Student Access Loan as a substitute for another state or federal loan program.
Loans must be certified by the postsecondary institution.
An institution may refuse to certify the loan or may reduce the amount borrowed on a case-by-case basis.
Application status updates are sent to students via e-mail at all points throughout the loan application cycle.
Loan proceeds are sent to the postsecondary institution via EFT and credited to the students account at the institution.

Repayment beings after the student graduates or drops out of their program. However, interest only payments are due monthly while the student is in school.
ACH is preferred for monthly payments.
Loan term is ten years (120 months) not inclusive of the in school period.
No penalty for early repayment.
Late fees may apply.
Borrowers who become teachers and teach in a Georgia public school in Science, Technology, Engineering and Mathematics (STEM) at the elementary, middle or secondary level may be eligible for cancellation of portions this loan.

Financial Aid Home at The University of West Georgia