Student Loans from the Georgia Department of Education

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Student Loans from the Georgia Department of Education

At Georgia College Loan Authority (GCLA),

The Georgia College Loan Authority is an organization that provides student loans for students attending an accredited college or university in the state of Georgia. GCLA offers three different types of loans: Parent PLUS Loan, Federal Stafford Loan, and Federal Perkins Loan.

PLUS Loan for Parents

Under the federal government’s Parent Plus loan program, a parent can borrow money to pay for their child’s college education.Parents must have a good credit history and an income that is greater than 80% of the poverty line to qualify for this loan.

Federal Stafford Loan

If you wish to attend school at a private institution in the state of Georgia where no financial aid is offered, you may borrow money for college costs based upon your family’s financial situation. You will not need to apply for any kind of loan if you choose to attend a public school in the state where you might qualify for some sort of financial assistance.

The Federal Perkins Loan

This type of loan is only available to those who attend a vocational or technical school in the state of Georgia and do not receive any financial assistance. A person can get a Perkins Loan to cover tuition costs, room and board expenses, books, supplies, equipment, etc., related to the vocational or technical school they are attending.

To learn about the various loan options available to prospective students and parents, contact the Georgia College Loan Authority website at www.gcloanauthority.com.

Student Loans from the Georgia Department of Education

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Student Loans from the Georgia Department of Education

The Georgia College Loan Program

The department’s student loan program offers students loans at zero interest for up to $12,500 and grants up to $4,000 toward tuition and fees for eligible undergraduate students who reside outside of Georgia. Eligible students may borrow up to $6,250 per year. At least half of these funds must be repaid before graduation. Students must repay their loans in full no later than 30 years after they graduate from college.

A student borrower must make a minimum yearly payment of 4% interest on any student loan balance. Borrowers have the option of deferring payments for up to six months if they cannot afford to pay on time. This grace period ends five days prior to the due date. Borrowers will start accruing interest at 6% after 60 days past the due date. There is no penalty for late payment. However, borrowers could lose eligibility for future financial aid if they continue to miss payments. For additional information about repayment options, visit their website.

For questions regarding the department’s student loans, contact the Financial Aid Office at (404) 413-3900.

Program for Pell Grants

Pell Grants provide need-based financial assistance for qualified undergraduate and postgraduate students enrolled in institutions of higher education in the United States. Grants range between $50 and $5,775 per academic session. To qualify, students must meet certain criteria, including residency and institutional enrollment status. Unlike federal student loans, Pell Grants do not require repayment.

To apply for a grant, applicants must complete the Free Application for Federal Student Aid (FAFSA). FAFSA forms can be completed online or downloaded from the U.S. Department of Education’s website. Applicants should remember to check the box indicating “student” when filling out the FAFSA. Once submitted, the application will be sent to school officials for processing. Approval letters will then be mailed to the applicant. For further details on the Pell Grant program, contact the University Accounting Office at (404) 413-8100.

Program of State Grants

Students in Georgia attending public, private, nonprofit, and home schools can receive state grants ranging from $75 to $850 per semester based on family income. These grants help cover some or all of the costs associated with pursuing a degree. In order for students to qualify for these programs, they must be residents of Georgia and attend school in the state. For more information, go to www.georgiainstitute.edu/grants/.

Student Loans from the Georgia Department of Education

The Georgia Department of Education Student Loans (GDOE) is a state-run student loan program that provides financial assistance to eligible students pursuing higher education at any accredited postsecondary institution. In addition to the educational loans, GDOE offers several repayment options to help borrowers pay back their loans. The federal government backs these loans.

Repayment Options

There are two types of student loans offered by GDOE. Federal Family Educational Loan (FFEL) and Parent PLUS Loan

Loan for Parents Plus

A Parent PLUS Loan is a federally subsidized loan given to parents who have outstanding loan balances after graduating from high school or obtaining a certificate of completion. You can apply online or call 1-800-887-Loan (1-800-877-4322). Parents may borrow up to $31,250 per year. As long as there is no default on the parent’s student loan, they can continue making payments without penalty. Payments are based on income, family size, and the number of children. If you do not complete your undergraduate studies before turning 22, your monthly payment will be reduced by 10%.

FFL stands for Federal Family Educational Loan.

For those who did not qualify for a parental loan, an FFL is a loan for graduate or professional degree holders. You can apply through the Georgia college’s website or call 1-800-845-3483. There is no application fee, and interest rates range between 5% and 8.25%. An amount equal to 6% of your annual earnings while enrolled full time in school will be added to your principal balance each month. Your earnings are determined by your job . All employers report to the Internal Revenue Service. After graduation, you can also enroll in the Public Service Loan Forgiveness Program if you work full-time for a qualifying employer for ten consecutive years and make 120 qualifying monthly payments.

How to Pay Off Your Loans?

Once you complete your coursework, you need to begin repaying your debt. Your monthly payment amount is calculated using the following formula:

Monthly Payment Total annual principal and interest divided by the number of months in a year * 12

Students should set aside money towards paying down their loan obligations. By doing so, they can decrease the total amount borrowed over time. Students should not use their Pell Grant funds for anything else, including groceries, rent, utilities, and transportation costs.

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