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Georgia Student Finance Commission College Aid

Like many state education departments, the Georgia Student Finance Commission is reducing merit aid and increasing need-based (and non-academic, non-need based) aid in response to legislative demands.

The Georgia Student Finance Commission oversees financial aid for college program. Over the last two years, a number of programs have been cancelled or limited. One of these was the Governor's Scholarship Program.

Practicality is replacing prestige in Georgia's financial aid planning.

Although academics still plays a role, requirements for many grants and scholarships tilt towards non-merit needs.

The main financial program for Georgia is the Hope Scholarship.

Requirements:

You need 3.0 GPA from an eligible high school or home-study program ("Eligibility" is decided by whether or not an accediting agency has approved the school.) or graduate or complete an ineligible home-study program and score in the 85th+ percentile on the SAT or ACT, or if you are ineligible when entering college, complete 30 credit hours with a 3.0 and pay with the award after successful completion.

You must be a degree-seeking student at an eligible Georgia postsecondary school, be a Georgia resident and U.S. citizen (or eligible noncitizen) in compliance with Selective Service and the Georgia Drug-Free Postsecondary Education Act, and not be in default (or owe a repayment) for financial aid and show satisfactory academic progress.

Awards:

For an eligible public school, the amount is based on a percentage of the cost plus the number of credits you are taking. Exact amounts can be viewed here.

For a private school, the award is $1,800 per semester, (or $1,200 per quarter, if these are used instead of semesters) at full-time enrollment. For half-time enrollment, the award is $900 per semester, or $600 per quarter.

There is a higher academic award with many of the same conditions, the Zell Miller Scholarship Program. The difference in requirements is that you need a 3.7 GPA, or if you are from an ineligible school, a 1200 SAT (math and reading)/ 26 ACT score. Award amounts are on the same page as the Hope awards.

Two other scholarship opportunities managed by the Georgia Student Finance Commission are the Charles McDaniel Teacher Scholarship (3 one-time awards, in total worth $1,000 each) and the HERO Scholarship Program for members of the military and their families (four year awards worth up to $2,000 per year).

The Georgia Student Finance Commission has a main need-based grant with fewer requirements. For the Hope Grant:

satisfactory academic progress
enrollment, residency, citizenship, drug compliance, selective service, etc., but no GPA or test scores
The FAFSA can be your application, or you can file a separate form.

Award amounts are the same as the Hope scholarships, with the addition of a $150 (per semester) textbook allowance.

Georgia has a couple of non-need based grants. There is the Georgia Tuition Equalization Grant Program (GTEG) which provides students with $350 per semester if they attend a private college or university in Georgia. The basic requirements are the same as for the Hope Grant (with no financial qualification).

Another non-need grant is the Accel Program for students who want to take college courses while they are still in high school. Tuition, fees and a book allowance that depends on the number of credits enrolled for is covered at public institutions; private schools have a prorated amount.

Check your Georgia FAFSA deadline to meet state grant requirements.

Federal loans

Georgia no longer offers Federal Family Education Loan Program (FFELP) loans.

All federal student loans are now distributed through the Direct federal student loan program.

Perkins, subsidized and unsubsidized Stafford) and PLUS loans are available.

Georgia does offer a state loan program, the GAcollege Alternative Loan.

This is a credit-based loan, with interest rates dependent on creditworthiness.

A cosigner is usually required.

The maximum total amount can be $100,000-$250,000 depending on your field of study and credit rating.

The minimum amount is $500.

The Georgia Student Finance Commission is now offering a new student loan program:The Student Access Loan Program

These are loans of last resort- up to $10,000 per year for students who want to attend college, but just miss the HOPE scholarship eligibility and who have the most financial need

The interest rate is only 1%.

To be eligible, students must have graduated high school with a cumulative GPA of 2.5 (or more) and they have to maintain a 2.0 GPA in college.

The term of the loan is ten years. Loans may be forgiven for teaching in Georgia public schools at the rate of one year of teaching for each loan year, but only for these subjects: science, math, engineering or technology.

Georgia's college loan programs also provide some service cancelable loans. Most of these programs were stopped in 2009, but the ones which targeted the military and engineering professions continue. The maximum loan amounts range from $2,000-$10,000 by program.

If you are looking for a private loan lender because you have a tuition gap, search for credit unions who offer college loans. And be sure to check for more Georgia college grants and scholarships to apply for.

The new loan initiatives by the Georgia Student Finance Commission offer terms that are better than federal student loans, and fill the gap left by the collapse of the private lending market.