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Official Code of Georgia Annotated

Title 20. EDUCATION · Chapter 3. POSTSECONDARY EDUCATION · Article 7. SCHOLARSHIPS, LOANS, AND GRANTS · Part 3. GEORGIA STUDENT FINANCE AUTHORITY

20-3-373. General loan fund.

Active

Current through: Including Acts of the 2025 Session of the General Assembly of Georgia.

  1. (a)

    The authority shall maintain a general loan fund to which shall be credited:#

    1. (1)

      State funds appropriated for use by the authority for educational loan purposes as specified in this subpart other than service cancelable loans;#

    2. (2)

      Unrestricted moneys received by gift or otherwise and other moneys available for and determined by the authority to be used for the purposes of this Code section;#

    3. (3)

      Outstanding educational loans held by the authority under this subpart as to which the borrower does not have a right to repay and cancel the loan through services rendered;#

    4. (4)

      Principal collected on all educational loans held by the authority under this subpart; and#

    5. (5)

      Such amounts as may be transferred to the fund from the service cancelable loan fund or the administration fund of the authority.#

  2. (b)

    The authority is authorized to use moneys available in the fund provided for in subsection (a) of this Code section to make guaranteed educational loans to eligible students and parents in accordance with its rules and regulations. The authority is further authorized, under such limited circumstances as it may prescribe, to use moneys available in the fund to purchase guaranteed educational loans made by other lenders and to sell guaranteed educational loans made or owned by the authority to eligible lenders.#

  3. (c)

    The authority may, in its discretion, to the extent that it may specify in a resolution or trust indenture and in accordance with all other resolutions, indentures, and contracts entered into or executed by the authority in accordance with law and pursuant to Subpart 2 of this part, include in any pledge of revenues or assets made under Subpart 2 of this part educational loans, or revenues derived therefrom, which are a part of the general loan fund.#

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

History

Code 1933, § 32-3749, enacted by Ga. L. 1980, p. 835, § 3; Ga. L. 1981, p. 735, § 40; Ga. L. 2008, p. 626, § 1/SB 169; Ga. L. 2024, p. 120, § 2-27/HB 985, effective June 30, 2024; Ga. L. 2025, p. 1029, § 20(38)/SB 153, effective July 1, 2025.

Amendments

The 2024 amendment, effective June 30, 2024, deleted “, including the principal portion of payments received from the corporation in discharge of its guaranty liability on such loans” following “subpart” in paragraph (a)(4); and, in the undesignated text of subsection (a), deleted “and Part 2 of this article” from the end of the first sentence, and deleted “under Part 2 of this article” following “lenders” near the middle of the second sentence. The 2025 amendment, effective July 1, 2025, part of an Act to revise, modernize, and correct the Code, designated the formerly undesignated paragraph following subsection (a) as subsection (b); substituted “fund provided for in subsection (a) of this Code section to make” for “fund to make” in subsection (b); and redesignated former subsection (b) as present subsection (c).

Read the official page (the state's PDF, opened at the page this text was read from).

Current through: Including Acts of the 2025 Session of the General Assembly of Georgia.

Text read from t20-ch3-18-(v17a)-2025-pdf.pdf, Volume V17A, 2025 edition, pages 236 to 237; merge action: bound only; file SHA-256 4560a0cef806.