TITLE 20 EDUCATION

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

ARTICLE 7 SCHOLARSHIPS, LOANS, AND GRANTS

20-3-400.4. Separate fund for loans; fees.

1. 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 GOT Student Loans;
   2. Moneys received by gift, donation, or otherwise for GOT Student Loans;
   3. Outstanding GOT Student Loans held by the authority; and
   4. Principal and interest collected on GOT Student Loans held by the authority.
2. 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.
3. The authority shall be entitled to establish a reasonable fee for the processing and collecting of GOT Student Loans. Such fees shall be established by the authority by rule or regulation.

(Code 1981, §20-3-400.4, enacted by Ga. L. 2008, p. 626, § 3/SB 169.)