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Thursday, November 3, 2011 - 1:56am

Thousands Seek Cheap College Loans

Updated: 3 years ago.
Lawmakers put money into the loan program earlier this year after cutting HOPE awards for all but the top performing students. (Photo Courtesy of Zack McCarthy via Flickr.)

About 3,700 college students have applied for the state's new low-interest loan program created to help soften cuts made to the HOPE scholarship.

The Atlanta Journal-Constitution reports that the state will hold a lottery to select who gets the loans after the requests for help ran over the state's $10 million budget. Students asked for $26 million.

The loans have a 1 percent interest rate. Students will find out starting next week if they are selected for the loans.

Lawmakers put money into the loan program earlier this year after cutting HOPE awards for all but the top performing students.

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