AY23 Academic Catalog/Handbook

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Loans

Private Loans

OFTC does not participate in the Federal Stafford Student Loan Program. Loans should be used as a last resort to pay for education. Students needing loans to finance their education must consider private loan options. Private loans cannot exceed the cost of attendance when added to all financial aid. Private loans must be repaid; therefore, students are encouraged to borrow only what they need.

Private loans are different from federal student loans in that they are not guaranteed by the federal government, require a credit check, and often require a cosigner. Terms and conditions vary significantly by lender, and we strongly recommend that students compare interest rates, loan fees, and repayment plans before applying for any loan.

The following alphabetical list of private loan products is provided for students to explore. However, students are free to borrow from any lender they choose, even if not listed below. Students may contact their bank, credit union, or other private lending institution to determine if they provide private, alternative education loans. Internet searches for “private student loans” may also be helpful. OFTC does not endorse or support any specific lender or loan program.

Sallie Mae Smart Loan

https://www.salliemae.com/landing/dp/?dtd_cell=SEMGOLNRGSL22070&logintest=1&002=2200491&004=1223873902&005=123223465&006=11021131882&007=Search&008=

Student Access Loan (SAL) Program

Georgia Student Finance Authority (GSFA) offers the Student Access Loan Program (SAL) for eligible students attending an eligible Technical College System of Georgia (TCSG) institution in Georgia. The SAL is a 1 percent fixed rate loan, designed to assist undergraduate and technical college students who have a gap in meeting their educational costs. HOPE and Zell Miller Scholars are given priority consideration during the first selection. Pending available funding, GSFA will conduct a random selection from remaining applications.

Student Access Loan (SAL) Program Information

  • Applicants must have first applied for and exhausted other student financial aid options including federal, state and private scholarship and grant programs and Veterans Education Benefits.
  • Interest rate structure for loans received on or after July 1, 2014:
    • Fixed rate of one (1) percent while in school and out of school as long as the loan remains in good standing.
    • A monthly Keep In Touch (KIT) Payment of $10 is required approximately 60 days after the first disbursement is received.
  • The monthly KIT Payment is required while in school and while in grace period.
  • Repayment is a maximum of fifteen (15) years with a minimum payment of $50 for loans received on or after July 1, 2015.
  • The minimum loan amount is $300.
  • The maximum term loan amount is $1,500.
  • The maximum loan limit is $3,000 per year and up to a maximum of $12,000 over a college lifetime.
  • Origination Fee - A non-refundable fee of five (5) percent of the loan amount, but not more than $50, is deducted from the first disbursement of the loan.
  • The program is also designed to provide a loan discharge option to those TCSG students who graduate with a minimum 3.5 cumulative Grade Point Average in the program of study for which the loan was received.

In order to receive the Student Access Loan, students must:

  1. Be considered a Georgia resident and United States citizen or eligible non-citizen.
  2. Complete a valid Free Application for Federal Student Aid (FAFSA) at https://studentaid.gov/h/apply-for-aid/fafsa in order to apply for this program.
  3. Maintain Satisfactory Academic Progress (SAP) in accordance with the SAP policy at their college or university.
  4. Must be enrolled in an eligible Georgia postsecondary institution.
  5. Previous SAL borrowers must be current on their monthly KIT payments.

Additional OFTC Student Access Loan Requirements:

  1. Student must be pursuing a Certificate, Diploma, or Associate Degree.
  2. Student must meet Georgia residency requirements for twelve (12) consecutive months immediately prior to the first day of class of the school year for which student is receiving SAL.
  3. Student must maintain at least half-time enrollment, which is at least six (6) credit hours, for the semester for which student is receiving SAL.
  4. Student must have a minimum of 2.2 GPA each semester.
  5. Student must maintain Satisfactory Academic Progress (SAP).
  6. Male students must be in compliance with the U.S. Selective Service requirements.
  7. Student must not be in default on a Federal Title IV or State of Georgia educational loan or owe a refund due to an over-award on a Federal Title IV or State of Georgia student financial aid program.
  8. Student must not have reached the Aggregate Federal Loan Limits.
  9. Student must never have been in a delinquent status on the monthly Keep in Touch (KIT) payments. If the borrower is ever in a delinquent status on the KIT payments, the borrower will not be eligible for future disbursements or future loans in the SAL Program at OFTC.