Loans is money borrowed that must be repaid, with interest. Eligible students must be enrolled at least 6 credit hours to receive a federal loan. A promissory note must be sign and complete entrance / exit counseling. Please refer to the Federal Student Guide detail information.

Georgia Education Student Loans

Georgia Resident students enrolled at least half-time, maintain Satisfactory Academic Progress, registered with selective service (if required), not in default on a Federal or Georgia Education loan, and do not owe a refund on a Federal or State of Georgia student financial aid program are eligible. The following student loans are alternative loans managed by the State of Georgia through Georgia Student Finance Authority (GSFA).

Student Access Loan (SAL) Program

Students are required to complete the FAFSA application at www.fafsa.ed.gov and the SAL application at www.gafutures.org. Students must not decline any federal, institutional or private scholarships, grants, loans, or military or veterans educational benefits, when available, in lieu of a SAL. SAL funds are used to cover any part of the student's Cost of Attendance for the academic period and can not be used to offset a student's EFC. This loan has a 1% interest rate. The annual award amount may be the lesser of $10,000 or the student's Cost of Attendance minus the student's Expected Family Contribution (EFC) minus the student's Expected Financial Aid. The aggregate limit is $40,000. Albany Technical College student must have applied for SAL. Applications will be randomly selected from a pool of eligible applicants.

Student Access Loan-Technical (SALT) Program

Students are required to complete the FAFSA application at www.fafsa.ed.gov and the SALT application at www.gafutures.org. Students must not decline any federal, institutional or private scholarships, grants, or military or veterans educational benefits, when available, in lieu of a SAL. SAL funds are used to cover any part of the student's Cost of Attendance for the academic period and can not be used to offset a student's EFC. This loan has a 1% interest rate. The annual award amount may be the lesser of $3,000 or the student's Cost of Attendance minus the student's Expected Family Contribution (EFC) minus the student's Expected Financial Aid. The aggregate limit is $12,000. Applications will be processed on a first come, first serve basis and will be based on available funding. SAL is designed to provide loan discharge to those students who graduate with a minimum 3.5 cumulative gpa in the program of student for which the loan was received.

In both the SAL and SALT, an origination fee of 5% of the loan amount, not to exceed $50, is charged at the time of the first disbursement. In addition, borrowers are required to make monthly Keep In Touch (KIT) payments while enrolled and during the grace period. First payment is due 60 days after the first loan disbursement and in accordance with the repayment schedule set by GSFA.

Prior receipt of a SAL or SALT does not guarantee or ensure eligibility for SAL or SALT in subsequent years.

Federal Direct Stafford Student Loans

These loans are back by the federal government. Credit checks are not required. An origination fee of 1.072% is charged by the U. S. Department of Education and is paid from the loan disbursement. There are two types of Stafford Loans: subsidized and unsubsidized. Students must have a financial need to receive a subsidized Stafford Loan. The U.S. Department of Education will pay the interest on a subsidized Stafford Loan during certain enrollment periods. Currently all federal subsidized student loans undergrads have a fixed interest rate of 3.86%. The interest rate is subject to change.

Federal unsubsidized loans will charge interest while in school. The interest can either be paid or applied to the principle. Currently, unsubsidized loans have a fixed interest rate of 3.86%. The interest rate is subject to change. To request an unsubsidized student loan please complete the Unsubsidized Loan Request Form.

Federal Stafford Loans have yearly limits. The limits are:


Dependent Undergraduates

Freshmen   $3,500* plus an additional $2,000 unsubsidized
Sophomores  $4,500* plus an additional $2,000 unsubsidized
Maximum Limit  $31,000* which no more than $23,000 can be subsidized


Independent Undergraduates

Freshmen  $9,500* (not to exceed $3,500 subsidized per year) 
Sophomores $10,500* (not to exceed $4,500 subsidized per year)
Maximum Limit $57,000* which no more than $23,000 can be subsidized

 

To access the National Student Loan Data System, CLICK HERE
To access the Mapping Your Future Repayment Calculator, CLICK HERE


All students are required to complete a promissory note and entrance counseling. Please borrow responsibly. 
The Federal Student loan is awarded during our awarding process. Loans are awarded based on need, after grants and scholarships are awarded. If awarded, students will have the option to accept, adjust or decline the federal student loan on Banner Student Web.

Complete the Master Promissory Note and Entrance Counseling