TITLE 20 EDUCATION

Section 3. Postsecondary Education, 20-3-1 through 20-3-660.

ARTICLE 7 SCHOLARSHIPS, LOANS, AND GRANTS

20-3-373. General loan fund.

1. The authority shall maintain a general loan fund to which shall be credited:
   1. State funds appropriated for use by the authority for educational loan purposes as specified in this subpart other than service cancelable loans;
   2. Unrestricted moneys received by gift or otherwise and other moneys available for and determined by the authority to be used for the purposes of this Code section;
   3. Outstanding educational loans held by the authority under this subpart as to which the borrower does not have a right to repay and cancel the loan through services rendered;
   4. Principal collected on all educational loans held by the authority under this subpart, including the principal portion of payments received from the corporation in discharge of its guaranty liability on such loans; and
   5. Such amounts as may be transferred to the fund from the service cancelable loan fund or the administration fund of the authority.

      The authority is authorized to use moneys available in the fund to make guaranteed educational loans to eligible students and parents in accordance with its rules and regulations and Part 2 of this article. The authority is further authorized, under such limited circumstances as it may prescribe, to use moneys available in the fund to purchase guaranteed educational loans made by other lenders under Part 2 of this article and to sell guaranteed educational loans made or owned by the authority to eligible lenders.

2. The authority may, in its discretion, to the extent that it may specify in a resolution or trust indenture and in accordance with all other resolutions, indentures, and contracts entered into or executed by the authority in accordance with law and pursuant to Subpart 2 of this part, include in any pledge of revenues or assets made under Subpart 2 of this part educational loans, or revenues derived therefrom, which are a part of the general loan fund.

(Code 1933, § 32-3749, enacted by Ga. L. 1980, p. 835, § 3; Ga. L. 1981, p. 735, § 40; Ga. L. 2008, p. 626, § 1/SB 169.)