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Tuesday, July 19, 2011 - 8:11am

State Happy With Loan Turnout

Only a third of expected students have applied for a state student loan program that helps pay for college.

The Georgia Student Finance Commission estimated 15,000students would apply to the Student Access Loan Program.

But so far only 5,000 have submitted applications.

Tracey Ireland with the Student Finance Commission says that’s still good news:

“I have to say that we’re pleased with the number of students that applied, and not only that but the corresponding number of students that applied requested $39 million. We had anticipated, just an estimate that more than that would apply, however that didn’t happen.”

The state has allocated $20 million.

This loan fills in the gap between financial aid the student already receives, and what their family is expected to contribute.

A computer will randomly select which of the eligible students will receive the loan.

If all of the money is not used, the Student Finance Commission will open a second round of applications.

Students will learn next week if they will receive the loans.