Georgia § 20-3-405-5 Separate fund for loans; fees

Georgia Statutes

§ 20-3-405-5 — Separate fund for loans; fees

(a)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 EPS Student Loans;

(2)Moneys received by gift, donation, or otherwise for EPS Student Loans;

(3)Outstanding EPS Student Loans held by the authority; and (4) Principal and interest collected on EPS Student Loans held by the authority.

(b)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 sel

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

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