Georgia college students have until Monday to apply for a low-interest loan. The state extended the deadline after giving out only half of the fund’s 20 million dollars.
The state legislature created the Student Access Loan Program in 2008. But they funded it for the first time this year after cutting the HOPE scholarship.
Tracy Ireland with the Georgia Student Finance Commission says it’s a loan of last resort. Just 15 hundred of more than 5 thousand applicants received a loan during the first round of funding this summer.
“This program is designed for students who have exhausted all of their available financial aid to them; student loans, scholarships, and grants both state and federal. Once the student has exhausted that then this loan can kick in to fill that remaining gap if it exists.”
Tuition in the state’s colleges and universities increased between 4 and 16 percent this year.