---
title: O.C.G.A. § 20-3-395.2. Separate fund for loans; fees.
collection: code
id: 20-3-395.2
cite_as: O.C.G.A. § 20-3-395.2 (2025)
canonical_url: https://georgiacommons.org/code/20-3-395.2
md_url: https://georgiacommons.org/code/20-3-395.2.md
text_url: https://georgiacommons.org/code/20-3-395.2/text
source_url: https://www.legis.ga.gov/api/document/docs/default-source/joint-features-document-library/t20-ch3-18-(v17a)-2025-pdf.pdf?sfvrsn=10d12596_0#page=252
date: 2025
status: active
corpus_version: 2025-supplement-89aa39ab3c68
license: CC0-1.0
publisher: Georgia Commons, an independent project of Georgia Civic Data. Not the State of Georgia. Not legal advice.
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version: the only printed version
in_force: true
current_through: Including Acts of the 2025 Session of the General Assembly of Georgia
heading_path: EDUCATION / POSTSECONDARY EDUCATION / SCHOLARSHIPS, LOANS, AND GRANTS / GEORGIA STUDENT FINANCE AUTHORITY / Direct Loans to Students on Basis of Need and Merit
---

# O.C.G.A. § 20-3-395.2. Separate fund for loans; fees.

(a) The authority shall establish and maintain a separate fund for loans in accordance with this subpart to which shall be credited:

(1) State funds appropriated for use for loans under this subpart;

(2) Moneys received by gift, donation, or otherwise for loans under this subpart;

(3) Outstanding educational loans held by the authority under this subpart; and

(4) Principal and interest collected on educational loans held by the authority under this subpart.

(b) Beginning with the first fiscal year following the fiscal year in which the fund has a balance of $500,000.00 or more, for each fiscal year, the authority shall determine the amount of moneys available for loans under this subpart and shall determine the applicants who are eligible to receive such loans. The authority shall determine which eligible applicants receive loans by a random selection process in which each eligible applicant has an equal chance of being selected for a loan.

(c) The authority shall be entitled to establish a reasonable fee for the processing and collecting of loans made under this subpart. Such fee shall be established by the authority by rule or regulation.

## History

Code 1981, § 20-3-395.2, enacted by Ga. L. 2008, p. 626, § 2/SB 169.