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Student Access Loan Program (SAL)

http://www.GAfutures.org

Georgia Student Finance Authority offers the Student Access Loan (SAL) Program for eligible students attending an eligible USG (University System of Georgia), Private or TCSG (Technical College System of Georgia) postsecondary institution in Georgia. The SAL is a 1% fixed rate loan, designed to assist undergraduate and technical college students who have a gap in meeting their educational costs. In addition to the eligibility criteria of the SAL Program, Eligible Postsecondary Institutions have the authority to implement institutional policies to decline eligibility of the student for SAL. Therefore, Effective Fall 2017 Savannah Technical reserves the right to decline eligibility of a student for SAL, or reduce the requested loan amount, for one of the following, but not limited to:

  1. Previous academic history including poor academic performance
  2. Unusual enrollment history (UEH)
  3. Total Amount of previous debt
  4. Direct costs such as tuition fees, books, etc.
  5. Loans will not be disbursed to students that are on financial aid warning.
  6. Loans will not be certified for students who have not matriculated at least one term, have not completed program coursework beyond any required learning support and have a GPA of less than 2.5 in their current program of study.
  7. Loans will not be certified for students that are provisionally admitted.

Student Eligibility

In order to receive the Student Access Loan, students must:

  • Be considered a Georgia resident and United States citizen or eligible non-citizen.
  • Complete a valid Free Application for Federal Student Aid (FAFSA) in order to apply for this program.
  • Maintain Satisfactory Academic Progress (SAP) in accordance with the SAP policy at their college or university.
  • Must be enrolled in an eligible Georgia postsecondary institution.
  • Meet all eligibility requirements.
  • Students enrolled at an eligible TCSG (Technical College System of Georgia) postsecondary institution.
  • Applicants must have first applied for and exhausted other student financial aid options including federal, state and private scholarship and grant programs and Veterans Education Benefits.

Student Access Loans Additional Information

  • Interest rate structure for loans received on or after July 1, 2014:
  • Fixed rate of 1% while in school and out of school as long as the loan remains in good standing.
  • A monthly Keep in Touch (KIT) Payment of $10.00 is required after the first disbursement is received. The monthly KIT Payment is required while in school at least half-time and while in grace period.
  • Any scheduled disbursements for a current year loan will be canceled and forfeited if the applicant is delinquent on KIT payments for the current or previous year SAL.
  • Repayment is a maximum of fifteen (15) years with a minimum payment of $50.00 for loans received on or after July 1, 2015.
  • The minimum loan amount is $300.
  • The maximum term loan amount is $1,500.
  • The maximum loan limit is $3,000 per year and up to a maximum of $12,000 over a college lifetime.
  • Origination Fee - A non-refundable fee of 5% of the loan amount, but not more than $50.00, is deducted from the first disbursement of the loan.
  • The program is also designed to provide loan discharge to those TCSG students who graduate with a minimum 3.5 cumulative Grade Point Average in program of study for which the loan was received.
  • Selection Information
  • The first selection of applications will be Current HOPE and Zell Miller Scholarship recipients in a random selection based on funds available. Any following selections of applications will be a random selection of the remaining applications based on funds available.
  • Selection does not guarantee approval and applicants may or may not be selected each application year.
  • SAL is an annual process which includes application, selection, certification, approval, and disbursement.
  • Applications are only collected in pre-designated application cycle periods. See the application link below for dates and information.
  • If you apply for this loan, you understand that this is a private education loan that must be repaid and cannot be combined or consolidated with federal loans.
  • Borrow smart! When applying for a loan, request only the amount of funds needed for your educational costs and that you can repay.
  • STC may decline the loan or certify for a reduced amount based on financial aid status.
  • Loan disbursements are sent directly to STC and are not transferable.