Georgia’s college students can apply for new low-interest loans starting today. The new 20 million dollar state program is designed to help fill the gap between the amount of public education aid available and the actual cost of attending school.

The new program will benefit both students whose scholarship aid was reduced by recent changes to the HOPE scholarship and also students who weren’t eligible for HOPE.

The average debt load Georgia college students carry is slightly lower than the national average, and Tracy Ireland of the Georgia Student Finance Commission says he is concerned about rising student debt. But he says the new program is cheaper for students than private loans and so could help prevent drop-outs.

"The biggest issue with defaults on loans is students not completing their degree program and having to drop out," Ireland says. "So this program, because it’s gap financing, may have the adverse effect."

The program also offers loan forgiveness to students who go on to teach science, technology, engineering or math in a Georgia public school.

Ireland says the program could serve almost 6,000 students. Students can apply for up to 10 thousand dollars, though Ireland says he expects most students will receive less than half that. The deadline is July 15th.