Código Oficial de Georgia Anotado

Título 20. EDUCATION · Capítulo 3. POSTSECONDARY EDUCATION · Artículo 7. SCHOLARSHIPS, LOANS, AND GRANTS · Parte 3. GEORGIA STUDENT FINANCE AUTHORITY

20-3-400.3. Recalculation of interest rate.

Vigente

Actualizado hasta: Including Acts of the 2025 Session of the General Assembly of Georgia.

El texto siguiente es la ley tal como la imprime el estado, en inglés.

(a)
When the annual interest rate is converted to 1 percent in accordance with subsection (e) of Code Section 20-3-400.2, the authority shall recalculate the balance owed on the loan to reflect the retroactive change in the interest rate.#
(b)
The steps of the recalculation required by subsection (a) of this Code section shall include the following:#
1. (1)
  Calculate the total interest paid by the student on the loan to date;#
2. (2)
  Calculate the total principal paid by the student on the loan to date;#
3. (3)
  Calculate the total of fees other than interest paid by the student on the loan to date;#
4. (4)
  Calculate the current balance owed on the loan by subtracting the principal paid by the student on the loan to date from the original amount borrowed;#
5. (5)
  Calculate the amount of interest due on the loan from its origination to date at the rate of 1 percent;#
6. (6)
  Subtract the amount of interest due at 1 percent calculated in paragraph (5) of this subsection from the total interest paid by the student to date calculated in paragraph (1) of this subsection;#
7. (7)
  Add the difference calculated in paragraph (6) of this subsection to the principal paid by the student to date in paragraph (2) of this subsection; this sum shall become the new total principal paid by the student on the loan; and#
8. (8)
  Subtract the new principal paid calculated in paragraph (7) of this subsection from the original amount borrowed by the student in this loan to produce the new balance owed by the student on the loan.#
(c)
When the annual interest rate is converted to 2 percent in accordance with subsection (f) of Code Section 20-3-400.2, the Student Finance Authority shall recalculate the balance owed on the loan to reflect the retroactive change in the interest rate.#
(d)
The steps of the recalculation required by subsection (c) of this Code section shall include the following:#
1. (1)
  Calculate the total interest paid by the student on the loan to date;#
2. (2)
  Calculate the total principal paid by the student on the loan to date;#
3. (3)
  Calculate the total of fees other than interest paid by the student on the loan to date;#
4. (4)
  Calculate the current balance owed on the loan by subtracting the principal paid by the student on the loan to date from the original amount borrowed;#
5. (5)
  Calculate the amount of interest due on the loan from its origination to date at the rate of 2 percent;#
6. (6)
  Subtract the amount of interest due at 2 percent calculated in paragraph (5) of this subsection from the total interest paid by the student to date calculated in paragraph (1) of this subsection;#
7. (7)
  Add the difference calculated in paragraph (6) of this subsection to the principal paid by the student to date in paragraph (2) of this subsection; this sum shall become the new total principal paid by the student on the loan; and#
8. (8)
  Subtract the new principal paid calculated in paragraph (7) of this subsection from the original amount borrowed by the student in this loan to produce the new balance owed by the student on the loan.#

Las notas siguientes se imprimen con la sección, pero no son ley promulgada (O.C.G.A. § 1-1-1(c)). Se muestran aparte del texto.

History

Code 1981, § 20-3-400.3, enacted by Ga. L. 2008, p. 626, § 3/SB 169.

Leer la página oficial (el PDF del estado, abierto en la página de la que se leyó este texto).

Actualizado hasta: Including Acts of the 2025 Session of the General Assembly of Georgia.

Texto leído de t20-ch3-18-(v17a)-2025-pdf.pdf, Volumen V17A, edición 2025, páginas 258 a 259; acción de fusión: bound only; SHA-256 del archivo 4560a0cef806.