The Georgia Student Finance Authority

The Georgia Student Finance Authority (GSFA) is a full service lender that provides "One Stop Shopping" for educational loan needs for high school graduates who are planning to attend college. At the Georgia Student Finance Authority we pride ourselves for the streamlined application and origination processes, as well as providing customer service oriented loan servicing. This means that you get your money when you need it. Then, once you begin to repay your loan, the loan servicing representatives will make sure the process is hassle-free.

Everything you need to know about receiving educational loan assistance to go to college is right here, at your fingertips. Educational loans are one resource available to help you fund your college education. Be sure to explore service cancelable loans, scholarships and grant possibilities, as well as seeking an educational loan. The Stafford Loan is available to students who are eligible to borrow under the FFEL Program. The Georgia Student Finance Authority provides a streamlined process for applying for these educational loans. Then, once you enter repayment, the Georgia Student Finance Authority, with a committment to customer service, will assist you regarding your repayment options.

The Authority offers a variety of repayment options. They are:  Standard  Graduated  Income Sensitive We will work with you to determine which option is best for you. Please remember the following points when making a repayment option selection:  The longer the repayment period, the more interest you will pay on your loan(s). You are encouraged to make the largest payments you can afford to keep the total cost of the loan(s) down;  You can repay the entire loan or make larger payments at any time without penalty;  The minimum monthly payment for any FFELP repayment plan is the amount of interest that accrues monthly;  You must select a repayment plan within 45 days of receiving your repayment options packet. If you do not select a plan, your loans will remain on standard repayment.

Standard Repayment:
Every borrower who enters repayment is initially set up on this repayment option. In order to be converted to graduated or income sensitive repayment, you must contact Loan Servicing at (770) 414-3000 or 1-800-776-6878 and request a repayment options selection packet. Standard repayment is encouraged because you pay the least interest with this option. This plan allows for up to ten years to repay the loan(s), with substantially equal payments. The standard, minimum monthly payment is $50. If you do not select another repayment plan option within 45 days of receiving your initial repayment schedule, your loan(s) will remain on standard repayment. Fixed Interest Rate: If your loan(s) carry a fixed interest rate, you will pay the same monthly payment amount during the repayment period. The final payment may be slightly more or less than your regular payment, depending on your repayment history.

Variable Interest Rate: If your loan(s) carry a variable interest rate, you will pay the same monthly payment amount during the repayment period. The changing interest rate will affect the amount of each payment that is applied to the principal balance on your account. You may be granted an extension of up to three years to repay due to the effect of the variable rate on your account. GSFA Servicing also has the option of changing your payment amount with each interest rate change.

Graduated Repayment: Under this plan, you will pay increasingly larger payments during the repayment period. No one payment can be three times larger than the smallest payment. The smallest payment cannot be less than the monthly accrued interest. Otherwise, there is no minimum payment, and the repayment period cannot exceed ten years.

Income-Sensitive Repayment: Under this plan, your monthly payment will be based on your expected monthly gross income and will be re-examined annually. The smallest payment cannot be less than accrued interest, and the repayment term is ten years. If your income sensitive payments are less than the standard principal and interest payments, you may receive extensions of the repayment term for up to five additional years. If you wish to receive the extension, you must provide GSFA Servicing with documentation of your most recent monthly gross income. Income-sensitive repayment may significantly increase or decrease the total financing cost of the loan(s), depending on your principal loan balance and income.

GEORGIA TUITION EQUALIZATION GRANT OBJECTIVE:

1. To promote the private segment of higher education in Georgia by providing non-repayable grant aid to Georgia residents who attend eligible independent colleges and universities in Georgia.

2. To provide non-repayable grant aid to residents of Georgia who live near the State borders to attend certain four-year public colleges out-of-state, so that a four-year public college is equally available to all Georgians.

FUNDING: State Appropriations

ELIGIBILITY:

1. Enrolled as a full-time (12 hours) student at an eligible private college or university in Georgia; OR be a junior or senior enrolled full-time in an eligible four-year public college outside of Georgia, that is within 50 miles of the student's home residence and there is no four-year public college located in Georgia within 50 miles of the student's home residence;

2. Be an undergraduate student in program of study leading to a college degree;

3. Maintaining satisfactory academic progress;

4. Legal resident of Georgia and U.S. Citizen or Permanent Resident Alien;

5. No defaulted student loan or refund due on a state grant or scholarship;

6. Meet Selective Service requirements;

7. Be in compliance with the Georgia Drug-Free Postsecondary Education Act.

APPLICATION PROCEDURES:

1. Complete Georgia Student Grant Application.

2. Complete an affidavit to verify mileage (out of state only).

3. Deadline - date is set by the school.

AWARD: $1,000 per academic year

AMOUNT AWARDED FY 98: $24,935,887

NUMBER AWARDED FY 98: 29,486

To view even more programs offered by the Georgia State Student Finance Commission, you can visit them and apply online at http://www.gsfc.org/