Student financial aid information coming in February

Potential college students and their parents will have multiple opportunities in February to get answers about student financial aid. A statewide chat night and college financial aid fairs throughout the month will provide details about Georgia’s student financial aid process.

Governor Sonny Perdue signed a proclamation declaring the month of February as Student Financial Aid Awareness Month. “A network of student financial assistance programs consisting of loans, scholarships, grants, and work-study provides access to educational opportunities for thousands of citizens each year,” the proclamation said.  

During the last fiscal year ending in June, more than $698.5 million in student financial aid and 316,935 college enrollments for Georgia residents flowed through the Georgia Student Finance Commission (GSFC). The GSFC is the state’s official connecting link between institutions of higher education and citizens seeking education beyond high school. GSFC administers Georgia’s HOPE Scholarship Program and eight other scholarship and grant programs, the federal Stafford and PLUS loan programs, and service-cancelable loans for teaching, health care, military service, and more. 

To provide better loan benefits for all Georgia residents, the GSFC Board met in called session last week and approved lowering the cost of a student loan for Georgia’s students and parents. Student loans with GSFC as the lender, that are guaranteed on or after April 1, 2004, will carry the benefit of having the loan origination fee cut to 1.75 percent, down from the maximum of 3 percent. 

In addition, the board approved two methods for lowering payments when the repayment process begins. The GSFC borrower can get a 0.35 percent reduction in the loan interest rate just by having the payment auto-debited from his or her checking account. If 48 consecutive monthly payments are made on time, the interest will be reduced by 2 percent for the remainder of the repayment period. 

The GSFC Web site, www.gsfc.org, continuously assists Georgians seeking higher education, and a new, improved GSFC site is going live for Student Financial Aid Month. 

The fifth annual Georgia Student Financial Aid Chat Night is scheduled for Feb. 24 from 6- 9 p.m., and participants can ask questions anonymously, either by logging on to www.gsfc.org or calling 1-800-505-GSFC. During the chat night, GSFC consultants and other financial aid experts, who are members of the Georgia Association of Student Financial Aid Administrators, also will answer questions about filling out the Free Application for Federal Student Aid (FAFSA), which should be filed as quickly as possible after the first of the year.

Georgia colleges planning financial aid fairs for students in February, or at other times, can call and request the participation of a GSFC consultant. More information about student financial aid or the Chat Night is available on the Web site, www.gsfc.org, or by calling 1-800-505-GSFC.