---
title: O.C.G.A. § 20-3-405.2. Eligibility; repayment period; maximum amount; application; statement of requirements.
collection: code
id: 20-3-405.2
cite_as: O.C.G.A. § 20-3-405.2 (2025)
canonical_url: https://georgiacommons.org/code/20-3-405.2
md_url: https://georgiacommons.org/code/20-3-405.2.md
text_url: https://georgiacommons.org/code/20-3-405.2/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=264
date: 2025
status: active
corpus_version: 2025-supplement-89aa39ab3c68
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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
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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 / Education for Public Service Student Loan
---

# O.C.G.A. § 20-3-405.2. Eligibility; repayment period; maximum amount; application; statement of requirements.

(a) The authority is authorized to provide direct loans to students who are legal residents of this state and who are not ineligible under Code Section 20-3-405.7 in accordance with the provisions of this subpart and regulations of the authority promulgated to implement this subpart.

(b) The repayment period for an EPS Student Loan shall be ten years; provided, however, that, subject to the provisions of Code Section 20-3-405.6, the commission may provide by regulation for deferral of payments and forbearance of payments similar to deferral and forbearance under federal student loan programs. The maximum amount of an EPS Student Loan shall be the lesser of $10,000.00 or the cost of attendance for a calendar year minus the estimated amount of the student’s loans, grants, and scholarships, including loans, grants, and scholarships provided under Title IV, for the calendar year for which such loan is sought. The maximum amount of EPS Student Loans for a degree shall be $10,000.00 times the number of academic years required for a full-time student to earn the degree.

(c) A student may apply for an EPS Student Loan annually. A student who is a legal resident of this state and who has graduated from an eligible high school shall be eligible for an EPS Student Loan for the first year of attendance at an eligible postsecondary institution. Any student who is a legal resident of this state attending an eligible postsecondary institution is eligible for an EPS Student Loan for the second and subsequent years of attendance. A student who is otherwise eligible for an EPS Student Loan is eligible for such a loan for expenses as a student seeking an associate’s degree, baccalaureate degree, and a graduate degree.

(d) Except as otherwise provided by subsections (a) and (b) of Code Section 20-3-405.3, the interest rate for an EPS Student Loan shall be a reasonable interest rate as defined by paragraph (9) of Code Section 20-3-405.1 and as established by the authority by rule or regulation.

(e) The promissory note signed for each EPS Student Loan shall include a statement of the requirements a student must meet for conversion of the loan to a 1 percent loan and for conversion of the loan to an interest-free loan.

## History

Code 1981, § 20-3-405.2, enacted by Ga. L. 2008, p. 626, § 4/SB 169; Ga. L. 2025, p. 1029, § 20(44)/SB 153, effective July 1, 2025.

## Amendments

The 2025 amendment, effective July 1, 2025, part of an Act to revise, modernize, and correct the Code, substituted “associate’s degree” for “associate degree” in subsection (c).