College students have until Monday night to apply for the loan. State loan program of last resort still has 10 million dollars in funding. Lawmakers approved program in 2008 but funded last year after cutting HOPE scholarship program.
A bigger share of Georgia students are defaulting on federal student loans. The latest figures from the US Education Department show, last year, 9% of the state's student borrowers defaulted on their loans within the first two-years of repayment. That's up from 6% in the two previous years. Experts blame a weak job market and rising tuition.
The Georgia Student Finance Commission is happy with the number of applicants for the Student Access Loan Program. This new loan program is in its first year. The GSFC originally estimated that 15,000 students would apply for the loan.