Georgia Student Access Loan

Student Access Loans Georgia (SALGA) provides financial assistance to students pursuing higher education at an eligible post-secondary institution in Georgia. In order to qualify for a loan, applicants must meet income limits based on their family’s size. These loans may be utilized towards the cost of tuition, fees, room and board, books, supplies, and equipment. Eligible expenses include undergraduate courses taken on campus and online, graduate level coursework, professional training programs, and related costs associated with attending school. Students who do not maintain satisfactory academic progress may have their eligibility revoked. There are no application fees or prepayment penalties required for any type of student loan.

Beginning July 1, 2014, interest rates for federal direct subsidized, unsubsidized, and Grad Plus loans are fixed at 4.44% for five years.The interest rate is adjusted annually after July 1st by the U.S. Department of Education using average published yield rates from the prior three full fiscal year periods. The weighted average yield either increases or decreases by 0.25 percentage points each quarter. If the weighted average yield drops below 3.75%, the interest rate will again increase by 0.25%. If the weighted average yield rises above 4.50%, the interest rate will decrease by 0.25%. See www.studentaid.gov/programs/loans/federal-direct-subsidized/index.html for additional information about how yield affects interest rates.

Federal Perkins, PLUS, and Private Alternative Loan interest rates are fixed at 8.00% for five years beginning January 1, 2015.The interest rate is subject to change quarterly if the average yields for the previous two quarters fall below or rise above the applicable ranges. If the weighted average yields drop below 5.00%, the interest rate will increase by 0.25%; if the weighted average yields exceed 5.25%, the interest rate will decline by 0.25%. The weighted average yield is calculated by adjusting the monthly amount paid on principal and interest by each borrower according to the proportion of time they attended classes. 4. Interest rates are fixed at 6.85% for five years beginning in September 2014. The interest rate will adjust every six months based on the weighted average yield for the preceding six-month period. The weighted average yield is set at a range of 5.25% to 8.20%. If the weighted average falls outside the range, the interest rate will adjust downward and vice versa. 5. Interest rates are fixed for five years beginning in October 2014. The interest rate adjusts every six months based on changes in the weighted average yield for six consecutive months. The weighted average yield varies from a low of 2.50% to a high of 4.70%. If the weighted average exceeds 4.70%, the interest rate would decline by 0.10%; if the weighted average falls below 2.50%, the interest rate would increase by 0.10%. The weighted average is determined by calculating the average of the interest rates charged over the past twelve months for the same loan program offered at private non-profit colleges and universities, excluding the Federal Family Educational Loan Program. 6. Interest rates vary based on borrowers’ credit history. Borrowers with late payments, defaults, or collection accounts will be charged interest rates ranging from 9.25% to 13.25% depending on their credit score beginning in December 2013.All loans become due and payable upon graduation or withdrawal from school, whichever occurs first. Repayment begins while the borrower is enrolled full-time in college. Borrowers have until 30 days before the expected date of graduation to officially withdraw from school. If a borrower does not make repayment on his or her loan, he or she will not be able to borrow money under that program again.

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Georgia Student Access Loan

Student Credit Cards

There are many different types of student credit cards available for students. These cards offer additional protection for students and allow them to take advantage of promotional offers. Many of these cards come with rewards programs that provide points that can be redeemed for discounts at local businesses. Students should research their options before applying.

If a student does not qualify for a standard credit card, they may want to consider using a secured card. Secured cards require a security deposit that is refunded after a set period of time. If the money is not paid back, then the interest rate goes up. Secured cards are typically only good for purchases, though some will cover cash advances.

Another option for a student is a prepaid debit card. Prepaid cards do not have any monthly fees, and they have lower limits than regular credit cards. Most prepaid cards charge a small transaction fee to transfer funds between accounts.

Emergency Funds

Having emergency funds saved up is always a great idea, no matter what age you are, because unexpected things can happen. A little bit of savings adds up quickly, and it could help pay for an unexpected bill or medical expense. Saving is easier now than ever before because of technology. One way that people save today is by setting aside a certain amount each month in a savings account. Parents who have young children will know how expensive diapers can get. Having extra money saved up can make this less stressful.

529 Plans

529 plans were designed to give families financial stability for college education. Basically, a 529 plan lets parents contribute money to a tax-advantaged investment that grows over time. When the child turns 18 years old, he or she receives the earnings from the account, minus applicable taxes. To use a 529 plan, parents need to complete forms with a certified public accounting firm to determine eligibility. Eligibility requirements vary depending upon state regulations.

529 plans are open to both individuals and corporations. Individuals can create a personal plan, while corporations can establish a plan for employees and their family members.

Credit Card Reward Schemes

Credit cards often come with reward programs. Rewards programs can lead to big savings if students are willing to use their cards responsibly. Some rewards programs offer free gas when spending a specified number of dollars. Other rewards programs offer cash back rewards for making specific purchases. Rewards programs work by giving students a discount on products. However, the discount is applied to the product price and not necessarily the final cost.

Scholarships

Georgia Student Access Loan

An overview of Student Access Loans

Student access loans (SAL) may seem like they are only for students who attend college, but in fact, if you’re working and attending school at the same time, you qualify! There are two types of student access loans: Stafford Federal PLUS loans and Perkins Federal Direct Loans. These loans help cover your tuition costs while you’re enrolled full-time at a postsecondary institution. In some cases, these loans might even pay for your living expenses while you’re attending school. In addition, you’ll have access to federal student loan forgiveness after you’ve completed certain requirements.

What do I need to know about student access loans?

There are four things you should know before applying for student access loans:

You may be eligible for both the Perkins and Stafford programs.

For more information, check out www.studentloanhelp.gov/sal.

Georgia Student Access Loan

The purpose of this video is to let students know about the Student Access Loans program administered by the U.S. Department of Education. Students who meet certain requirements can receive financial aid to help them pay for college or vocational training. ————–

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Georgia Student Access Loan

Student Access Loan Georgia (SALGA) is the Department’s student access loan program that provides loans at rates below those offered by private lenders. The department offers both direct and guaranteed loans, and the maximum amount financed through the program is $20,000. Eligibility requirements are similar to those for regular federal direct loans and include having a parent who receives financial aid through USDA, and being enrolled in a degree program eligible for Federal Work Study/Summer Jobs.

Interest Rate

Interest rates vary based upon credit history and repayment options selected. Currently, interest is fixed at 1% per year, regardless of the type of loan.

Credit History

Each borrower’s credit score affects eligibility. To qualify for these loans, you may need to have a FICO® Score of 620 or higher, depending on how much money you borrow. If you are not sure what your current FICO® score is, visit www.myfico.com. You should ask a lender if they require a minimum FICO® score of 625 before granting a loan. Students who meet this criteria will receive a notification email asking them to log-in to their myFICO account to verify their credit score.

Repayment Options

Loans for undergraduate students may be repaid over 15 years. Graduate students may choose any repayment option, including 10 years. Parent PLUS loans do not accrue interest while you’re in school, but begin charging interest the first day after you graduate.

Application Process

Applications are reviewed by two independent lending officers. You’ll be notified of your decision within 30 days.

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