20-3-400.1. Definitions.

As used in this subpart, the term:

“Beginning date of a postsecondary course of study” means the first day of postsecondary classes attended by a student for credit toward an associate’s degree or baccalaureate degree. In the case of a program that includes undergraduate studies and is designed for completion within five years, the first day of such classes for credit in such a program is the beginning date of a postsecondary course of study, whether the program leads to a baccalaureate degree or a first professional degree. Advanced placement classes or classes attended under a program of joint or dual enrollment in a high school and a postsecondary institution do not establish the beginning date of a postsecondary course of study.#

“Cost of attendance” of a student means the cost of attendance calculated in accordance with Title IV.#

“Eligible high school” has the same meaning as set forth in Code Section 20-3-519.#

“Eligible postsecondary institution” means:#

1. (A)

   A unit of the University System of Georgia that offers associate’s degrees, baccalaureate degrees, or first professional degree programs; or#

2. (B)

   An institution of higher education located in this state that offers associate’s degrees, baccalaureate degrees, or first professional degree programs; that is accredited by a regional accrediting agency recognized by the United States Department of Education; that is not a Bible school or college; that admits as regular students only persons who have a high school diploma, a state approved high school equivalency (HSE) diploma, or a degree from an accredited postsecondary institution; and whose students are eligible to participate in the federal Pell Grant program.#

“First professional degree” means a degree that qualifies a graduate to practice a profession and was earned through a first professional degree program.#

“First professional degree program” means a professional degree program that meets the requirements established by the program regulations promulgated by the Georgia Student Finance Commission which, at a minimum, shall include, but not be limited to, the following:#

1. (A)

   Accepts students after the completion of the sophomore or junior year; and#

2. (B)

   Results in the award of a first professional degree.#

“Graduate On Time Student Loan” or “GOT Student Loan” means a student loan provided in accordance with the provisions of this subpart.#

“Reasonable interest rate” means an interest rate no higher than the Wall Street Journal prime rate effective on July 1 for the fiscal year beginning July 1 of each year. Except for GOT Student Loans that have been reduced to an interest rate of 1 percent in accordance with subsection (e) of Code Section 20-3-400.2 or an interest rate of 2 percent in accordance with subsection (f) of Code Section 20-3-400.2, the reasonable interest rate for the fiscal year shall apply to all outstanding GOT Student Loans during that fiscal year without regard for the interest rate at the time of a loan’s origination or at the time of the student’s default.#

“Title IV” means Title IV of the federal Higher Education Act of 1965, 20 U.S.C. Section 1070, et seq.#