reglab/statecodes huggingface dataset:
2023 CODE OF GEORGIA › Title 20 - EDUCATION (§§ 20-1-1 — 20-18-7) › Chapter 3 - POSTSECONDARY EDUCATION (§§ 20-3-1 — 20-3-683) › Article 7 - SCHOLARSHIPS, LOANS, AND GRANTS (§§ 20-3-230 — 20-3-519.14) › Part 2 - GEORGIA HIGHER EDUCATION ASSISTANCE CORPORATION (§§ 20-3-260 — 20-3-295) › Section 20-3-292 - [Repealed]

Repealed and reserved by 2024 Ga. Laws 399,§ 1-1, eff. 6/30/2024.
2023 CODE OF GEORGIA › Title 20 - EDUCATION (§§ 20-1-1 — 20-18-7) › Chapter 3 - POSTSECONDARY EDUCATION (§§ 20-3-1 — 20-3-683) › Article 7 - SCHOLARSHIPS, LOANS, AND GRANTS (§§ 20-3-230 — 20-3-519.14) › Part 2 - GEORGIA HIGHER EDUCATION ASSISTANCE CORPORATION (§§ 20-3-260 — 20-3-295) › Section 20-3-293 - [Repealed]

Repealed and reserved by 2024 Ga. Laws 399,§ 1-1, eff. 6/30/2024.
2023 CODE OF GEORGIA › Title 20 - EDUCATION (§§ 20-1-1 — 20-18-7) › Chapter 3 - POSTSECONDARY EDUCATION (§§ 20-3-1 — 20-3-683) › Article 7 - SCHOLARSHIPS, LOANS, AND GRANTS (§§ 20-3-230 — 20-3-519.14) › Part 2 - GEORGIA HIGHER EDUCATION ASSISTANCE CORPORATION (§§ 20-3-260 — 20-3-295) › Section 20-3-294 - [Repealed]

Repealed and reserved by 2024 Ga. Laws 399,§ 1-1, eff. 6/30/2024.
Amended by 2010 Ga. Laws 615,§ 10, eff. 6/3/2010.
2023 CODE OF GEORGIA › Title 20 - EDUCATION (§§ 20-1-1 — 20-18-7) › Chapter 3 - POSTSECONDARY EDUCATION (§§ 20-3-1 — 20-3-683) › Article 7 - SCHOLARSHIPS, LOANS, AND GRANTS (§§ 20-3-230 — 20-3-519.14) › Part 2 - GEORGIA HIGHER EDUCATION ASSISTANCE CORPORATION (§§ 20-3-260 — 20-3-295) › Section 20-3-295 - [Repealed]

Repealed and reserved by 2024 Ga. Laws 399,§ 1-1, eff. 6/30/2024.
Amended by 2019 Ga. Laws 146,§ 1-6, eff. 7/1/2019.
Amended by 2008 Ga. Laws 528,§ 10, eff. 7/1/2009.
2023 CODE OF GEORGIA › Title 20 - EDUCATION (§§ 20-1-1 — 20-18-7) › Chapter 3 - POSTSECONDARY EDUCATION (§§ 20-3-1 — 20-3-683) › Article 7 - SCHOLARSHIPS, LOANS, AND GRANTS (§§ 20-3-230 — 20-3-519.14) › Part 3 - GEORGIA STUDENT FINANCE AUTHORITY (§§ 20-3-310 — 20-3-494) › Subpart 1 - GENERAL PROVISIONS (§§ 20-3-310 — 20-3-329) › Section 20-3-310 - Short title

This part shall be known and may be cited as the "Georgia Student Finance Authority Act."
2023 CODE OF GEORGIA › Title 20 - EDUCATION (§§ 20-1-1 — 20-18-7) › Chapter 3 - POSTSECONDARY EDUCATION (§§ 20-3-1 — 20-3-683) › Article 7 - SCHOLARSHIPS, LOANS, AND GRANTS (§§ 20-3-230 — 20-3-519.14) › Part 3 - GEORGIA STUDENT FINANCE AUTHORITY (§§ 20-3-310 — 20-3-494) › Subpart 1 - GENERAL PROVISIONS (§§ 20-3-310 — 20-3-329) › Section 20-3-311 - Legislative findings; purposes of authority

(a)
Legislative findings.
The General Assembly finds that the growth and development of this state and nation have been and will undoubtedly remain strongly related to the degree to which educational opportunities are provided to all of their citizens; recognizes that costs associated with postsecondary educational opportunities are substantial when considered in relation to the average earnings and wealth of most families and that such costs are in many cases prohibitive; and determines that it is a valid public purpose to promote the educational level of achievement and the welfare and general prosperity of the state and nation as a whole by creating the Georgia Student Finance Authority, a public authority, for the purpose of providing educational scholarship, grant, and loan assistance to students and their parents. The General Assembly further finds that substantial investments of public and private moneys have been made and will undoubtedly continue to be made in the construction, development, and operation of public and private postsecondary educational institutions; that such postsecondary educational institutions are of immense value to the state and nation in that they promote the general welfare and the economic and cultural development and prosperity of the state and nation and all their citizens; that it is in the public interest to sustain such institutions; and, therefore, that the provision of educational scholarship, grant, and loan assistance to persons who desire to attend such educational institutions will be of substantial financial benefit to those institutions and will better ensure their continued economic viability and value to the state and nation. The General Assembly therefore determines that public moneys may within the provisions of the Constitution of Georgia be appropriated for use by the authority for the student aid purposes prescribed in this part and that the carrying out by the authority of its corporate powers, duties, and functions as provided for in this part is in all respects a necessary and valid public purpose within the Constitution of Georgia.
(b)
The purposes of the authority shall be to improve higher educational opportunities by providing educational scholarship, grant, and loan assistance and to further other public purposes by loan forgiveness programs in specified circumstances, all as prescribed and as provided for in this part.
2023 CODE OF GEORGIA › Title 20 - EDUCATION (§§ 20-1-1 — 20-18-7) › Chapter 3 - POSTSECONDARY EDUCATION (§§ 20-3-1 — 20-3-683) › Article 7 - SCHOLARSHIPS, LOANS, AND GRANTS (§§ 20-3-230 — 20-3-519.14) › Part 3 - GEORGIA STUDENT FINANCE AUTHORITY (§§ 20-3-310 — 20-3-494) › Subpart 1 - GENERAL PROVISIONS (§§ 20-3-310 — 20-3-329) › Section 20-3-312 - [Repealed]

Repealed and reserved by 2024 Ga. Laws 399,§ 2-14, eff. 6/30/2024.
Amended by 2004 Ga. Laws 505, § 1, eff. 7/1/2004.
Added by 2003 Ga. Laws 27, § 4, eff. 5/14/2003.
2023 CODE OF GEORGIA › Title 20 - EDUCATION (§§ 20-1-1 — 20-18-7) › Chapter 3 - POSTSECONDARY EDUCATION (§§ 20-3-1 — 20-3-683) › Article 7 - SCHOLARSHIPS, LOANS, AND GRANTS (§§ 20-3-230 — 20-3-519.14) › Part 3 - GEORGIA STUDENT FINANCE AUTHORITY (§§ 20-3-310 — 20-3-494) › Subpart 1 - GENERAL PROVISIONS (§§ 20-3-310 — 20-3-329) › Section 20-3-314 - Functions, composition, organization, and conduct of affairs of board of directors

(a)
Functions and composition.
The authority shall be governed and all of its corporate powers, duties, and functions shall be exercised by a board of directors. The board of directors shall be composed of the same persons who are serving as members of the board of commissioners of the commission pursuant to Code Section
20-3-234
. The executive director of the authority, or president, if designated by such title by the board of directors, shall be an ex officio member of the board of directors. The board of directors provided for by this subsection shall be the successor to and a continuation of, without interruption, the board of directors of the previously existing Georgia Higher Education Assistance Authority. No director shall be eligible to become an officer or employee of the authority for a period of one year after expiration of the director's period of service as a director of the authority.
(b)
Organization and conduct of affairs.
Subsections (c) through (h) of Code Section
20-3-234
, pertaining to the commission and relative to officers of the board of commissioners, meetings of the board of commissioners, executive committee, other committees, compensation of commissioners, and advisory councils, inclusively, are incorporated by reference into this subsection and shall apply to the board of directors in the same manner as if fully set out, with conformable language, in this subsection. The board of directors shall organize and conduct its affairs in accordance with such provisions of law; provided, however:
(1)
That nothing in this Code section shall be construed to mean that the board of directors must elect the same persons to serve as officers of the board of directors as are elected by the board of commissioners of the commission to serve as officers of the board of commissioners;
(2)
That no person serving as a public commissioner of the commission and thereby as a director of the authority shall receive more than one day's per diem plus actual expenses incurred for one day's service or portion thereof rendered to the state; and
(3)
That the limitation as to the number of days during any fiscal year that per diem may be paid to a public commissioner of the commission shall be inclusive of services rendered by such person as a director of the authority.
Amended by 2014 Ga. Laws 636,§ 3, eff. 7/1/2014.
Amended by 2003 Ga. Laws 27, § 5, eff. 5/14/2003.
2023 CODE OF GEORGIA › Title 20 - EDUCATION (§§ 20-1-1 — 20-18-7) › Chapter 3 - POSTSECONDARY EDUCATION (§§ 20-3-1 — 20-3-683) › Article 7 - SCHOLARSHIPS, LOANS, AND GRANTS (§§ 20-3-230 — 20-3-519.14) › Part 3 - GEORGIA STUDENT FINANCE AUTHORITY (§§ 20-3-310 — 20-3-494) › Subpart 1 - GENERAL PROVISIONS (§§ 20-3-310 — 20-3-329) › Section 20-3-315 - Authority officers and employees; bonds

The executive director of the commission, or president, if designated by such title by the board of commissioners, shall serve as the executive director or president, if designated by such title by the board of directors, and chief executive officer of the authority. The executive director shall provide for maintenance of accurate and permanent minutes and records of all proceedings and activities of the board of directors and the authority and have authority and responsibility to implement and carry out all administrative powers, duties, and functions of the authority in accordance with governing state and federal laws and rules, regulations, and policies prescribed by the board of directors. The treasurer of the commission shall serve as treasurer of the authority. The treasurer shall receive and disburse all funds made available to or for the use of the authority by the General Assembly or otherwise in accordance with law and as may be directed by the board of directors. The secretary of the commission shall serve as secretary of the authority. Other officers of the commission who are assigned duties and responsibilities relative to the purposes of the authority may be designated as officers of the authority. The foregoing officers and all other employees, professional personnel, agents, experts, consultants, and persons employed or retained by the commission who are assigned duties and responsibilities relative to the purposes of the authority shall perform such assigned duties and responsibilities in accordance with this part. Fidelity bond coverage of officers, employees, and members of the commission provided pursuant to paragraph (4) of Code Section
20-3-235
and covering such persons who are performing duties and responsibilities relative to the authority pursuant to this part shall also be conditioned as to the insured and in such respects and for such sums as the board of directors determines necessary to protect the interests of the authority.
Added by 2003 Ga. Laws 27, § 6, eff. 5/14/2003.
2023 CODE OF GEORGIA › Title 20 - EDUCATION (§§ 20-1-1 — 20-18-7) › Chapter 3 - POSTSECONDARY EDUCATION (§§ 20-3-1 — 20-3-683) › Article 7 - SCHOLARSHIPS, LOANS, AND GRANTS (§§ 20-3-230 — 20-3-519.14) › Part 3 - GEORGIA STUDENT FINANCE AUTHORITY (§§ 20-3-310 — 20-3-494) › Subpart 1 - GENERAL PROVISIONS (§§ 20-3-310 — 20-3-329) › Section 20-3-316.1 - Selection on tax form of nonprofit corporations established by the Georgia Student Finance Authority for contribution

(a)
Each Georgia income tax return form for taxable years beginning on or after January 1, 2015, shall contain appropriate language, to be determined by the state revenue commissioner, offering the taxpayer the opportunity to contribute to the nonprofit corporations established by subparagraph (Y) of paragraph (1) of Code Section
20-3-316
to assist students with educational expenses by either donating all or any part of any tax refund due and by authorizing a reduction in the refund check otherwise payable, or by contributing any amount over and above any amount of tax owed by adding that amount to the taxpayer's payment. The instructions accompanying the income tax return shall include a description of the purposes for which the nonprofit corporations were established and the intended use of moneys received from the contributions. Each taxpayer required to file a state income tax return who desires to contribute to these nonprofit corporations may designate such contribution as provided on the appropriate income tax return form.
(b)
The Department of Revenue shall determine annually the total amount so contributed, and shall transmit such amount to the authority for even division among and deposit in the nonprofit corporations established by subparagraph (Y) of paragraph (1) of Code Section
20-3-316
.
Added by 2014 Ga. Laws 636,§ 6, eff. 7/1/2014.
2023 CODE OF GEORGIA › Title 20 - EDUCATION (§§ 20-1-1 — 20-18-7) › Chapter 3 - POSTSECONDARY EDUCATION (§§ 20-3-1 — 20-3-683) › Article 7 - SCHOLARSHIPS, LOANS, AND GRANTS (§§ 20-3-230 — 20-3-519.14) › Part 3 - GEORGIA STUDENT FINANCE AUTHORITY (§§ 20-3-310 — 20-3-494) › Subpart 1 - GENERAL PROVISIONS (§§ 20-3-310 — 20-3-329) › Section 20-3-317 - Accounting system; use of funds; payments to commission

The authority shall maintain a system of accounts in accordance with generally accepted accounting procedures and standard accounting procedures and systems established by the state, where applicable, which shall, among other things, properly identify and account for all funds received by the authority, the source of such funds, and all expenditures of the authority. Agency, federal, and other funds of the authority determined to be available for such purposes may be used to pay expenses and operating costs incurred by the authority under this part, including payment to the commission to defray expenses and operating costs of the authority paid or to be paid by the commission for or on behalf of the authority . No funds of the authority shall lapse to the state as of the close of any fiscal year.
Amended by 2024 Ga. Laws 399,§ 2-16, eff. 6/30/2024.
2023 CODE OF GEORGIA › Title 20 - EDUCATION (§§ 20-1-1 — 20-18-7) › Chapter 3 - POSTSECONDARY EDUCATION (§§ 20-3-1 — 20-3-683) › Article 7 - SCHOLARSHIPS, LOANS, AND GRANTS (§§ 20-3-230 — 20-3-519.14) › Part 3 - GEORGIA STUDENT FINANCE AUTHORITY (§§ 20-3-310 — 20-3-494) › Subpart 1 - GENERAL PROVISIONS (§§ 20-3-310 — 20-3-329) › Section 20-3-318 - Authority administration fund

The authority shall maintain an administration fund as provided for in this Code section to which shall be credited state moneys, federal moneys, other moneys, and earned income of the authority available for and determined by the authority to be applied for the purpose of paying administration costs of the authority. The authority is authorized to pay from the fund administration costs incurred by the authority and to pay to the commission such amounts as may be necessary to cover administration costs of the authority paid or to be paid by the commission for or on behalf of the authority.
Amended by 2024 Ga. Laws 399,§ 2-17, eff. 6/30/2024.
2023 CODE OF GEORGIA › Title 20 - EDUCATION (§§ 20-1-1 — 20-18-7) › Chapter 3 - POSTSECONDARY EDUCATION (§§ 20-3-1 — 20-3-683) › Article 7 - SCHOLARSHIPS, LOANS, AND GRANTS (§§ 20-3-230 — 20-3-519.14) › Part 3 - GEORGIA STUDENT FINANCE AUTHORITY (§§ 20-3-310 — 20-3-494) › Subpart 1 - GENERAL PROVISIONS (§§ 20-3-310 — 20-3-329) › Section 20-3-319 - [Repealed]

Repealed and reserved by 2024 Ga. Laws 399,§ 2-18, eff. 6/30/2024.
2023 CODE OF GEORGIA › Title 20 - EDUCATION (§§ 20-1-1 — 20-18-7) › Chapter 3 - POSTSECONDARY EDUCATION (§§ 20-3-1 — 20-3-683) › Article 7 - SCHOLARSHIPS, LOANS, AND GRANTS (§§ 20-3-230 — 20-3-519.14) › Part 3 - GEORGIA STUDENT FINANCE AUTHORITY (§§ 20-3-310 — 20-3-494) › Subpart 1 - GENERAL PROVISIONS (§§ 20-3-310 — 20-3-329) › Section 20-3-320 - Audits of authority; distribution of audit reports

The state auditor shall make an annual financial audit of the books, accounts, and records of the authority. The state auditor shall maintain a copy of the audit report on file in his or her office, make copies of the report available for inspection by the general public, and furnish a copy of the report to the authority, to members of the board of directors of the authority, to the Governor, and to such other persons as may be required pursuant to Subpart 2 of this part and shall notify the members of the General Assembly of the availability of the report in the manner which he or she deems to be most effective and efficient. The authority is further authorized to have independent audits made of such books, accounts, and records of the authority as may be required pursuant to Subpart 2 of this part.
Amended by 2005 Ga. Laws 333,§ 17, eff. 7/1/2005.
2023 CODE OF GEORGIA › Title 20 - EDUCATION (§§ 20-1-1 — 20-18-7) › Chapter 3 - POSTSECONDARY EDUCATION (§§ 20-3-1 — 20-3-683) › Article 7 - SCHOLARSHIPS, LOANS, AND GRANTS (§§ 20-3-230 — 20-3-519.14) › Part 3 - GEORGIA STUDENT FINANCE AUTHORITY (§§ 20-3-310 — 20-3-494) › Subpart 1 - GENERAL PROVISIONS (§§ 20-3-310 — 20-3-329) › Section 20-3-321 - School audits; program reviews; corrective actions

The authority is authorized:
(1)
To examine and audit accounts and records of schools relative to financial assistance provided to students enrolled therein under this part;
(2)
To conduct program reviews with appropriate officers and personnel of schools as may be necessary or appropriate to assure compliance with this part; and
(3)
To take or require that such corrective, remedial, or preventive actions be taken as may be necessary or appropriate to protect the interests of the authority, the state, the United States, schools, students, and the public at large.
2023 CODE OF GEORGIA › Title 20 - EDUCATION (§§ 20-1-1 — 20-18-7) › Chapter 3 - POSTSECONDARY EDUCATION (§§ 20-3-1 — 20-3-683) › Article 7 - SCHOLARSHIPS, LOANS, AND GRANTS (§§ 20-3-230 — 20-3-519.14) › Part 3 - GEORGIA STUDENT FINANCE AUTHORITY (§§ 20-3-310 — 20-3-494) › Subpart 1 - GENERAL PROVISIONS (§§ 20-3-310 — 20-3-329) › Section 20-3-322 - Contributions deductible for tax purposes

Notwithstanding any general or special law or any certificate of incorporation, charter, or other articles of organization, all domestic or domesticated corporations, associations, and other taxable entities carrying on business in this state and any person are authorized to make contributions of money, property, or other thing of value to the authority for any of its corporate purposes. The value of such contribution shall be allowed as a deduction in computing the taxable income of the donor for the purpose of any income tax imposed by the state or by any political subdivision of the state.
2023 CODE OF GEORGIA › Title 20 - EDUCATION (§§ 20-1-1 — 20-18-7) › Chapter 3 - POSTSECONDARY EDUCATION (§§ 20-3-1 — 20-3-683) › Article 7 - SCHOLARSHIPS, LOANS, AND GRANTS (§§ 20-3-230 — 20-3-519.14) › Part 3 - GEORGIA STUDENT FINANCE AUTHORITY (§§ 20-3-310 — 20-3-494) › Subpart 1 - GENERAL PROVISIONS (§§ 20-3-310 — 20-3-329) › Section 20-3-323 - Conflicts of interest involving directors, officers, or employees of authority

If any director, officer, or employee of the authority shall be interested, either directly or indirectly, or shall be a director, officer, or employee of or have an ownership interest in, other than a noncontrolling stockholder interest, or the substantial equivalent thereof, in a lender or school, any firm or corporation interested, directly or indirectly, in any contract with the authority, except any agency, instrumentality, or political subdivision of the state, such interest shall be disclosed to and shall be set forth in the minutes of the authority; and the director, officer, or employee having such interest therein shall not participate on behalf of the authority or such party in the negotiation or the authorization of the contract. No provision of this part shall be construed, however, to prevent any otherwise eligible director, officer, or employee of the authority or member of his family from being eligible to apply for and receive financial aid assistance provided for under this part.
2023 CODE OF GEORGIA › Title 20 - EDUCATION (§§ 20-1-1 — 20-18-7) › Chapter 3 - POSTSECONDARY EDUCATION (§§ 20-3-1 — 20-3-683) › Article 7 - SCHOLARSHIPS, LOANS, AND GRANTS (§§ 20-3-230 — 20-3-519.14) › Part 3 - GEORGIA STUDENT FINANCE AUTHORITY (§§ 20-3-310 — 20-3-494) › Subpart 1 - GENERAL PROVISIONS (§§ 20-3-310 — 20-3-329) › Section 20-3-324 - Authority assigned to commission

The authority created by subsection (a) of Code Section
20-3-313
is assigned to the commission created by subsection (a) of Code Section
20-3-233
for administrative purposes as prescribed in Code Section
50-4-3
.
2023 CODE OF GEORGIA › Title 20 - EDUCATION (§§ 20-1-1 — 20-18-7) › Chapter 3 - POSTSECONDARY EDUCATION (§§ 20-3-1 — 20-3-683) › Article 7 - SCHOLARSHIPS, LOANS, AND GRANTS (§§ 20-3-230 — 20-3-519.14) › Part 3 - GEORGIA STUDENT FINANCE AUTHORITY (§§ 20-3-310 — 20-3-494) › Subpart 1 - GENERAL PROVISIONS (§§ 20-3-310 — 20-3-329) › Section 20-3-325 - Dissolution of authority

Upon dissolution of the authority, all of its assets, rights, and property shall pass to and be vested in the state to be used for educational purposes, subject to Code Section
20-3-357
.
2023 CODE OF GEORGIA › Title 20 - EDUCATION (§§ 20-1-1 — 20-18-7) › Chapter 3 - POSTSECONDARY EDUCATION (§§ 20-3-1 — 20-3-683) › Article 7 - SCHOLARSHIPS, LOANS, AND GRANTS (§§ 20-3-230 — 20-3-519.14) › Part 3 - GEORGIA STUDENT FINANCE AUTHORITY (§§ 20-3-310 — 20-3-494) › Subpart 1 - GENERAL PROVISIONS (§§ 20-3-310 — 20-3-329) › Section 20-3-326 - Venue of proceedings against authority

The venue for any legal proceeding brought against the authority shall be Fulton County, regardless of the county in which the principal office or any other office of the authority may be located.
2023 CODE OF GEORGIA › Title 20 - EDUCATION (§§ 20-1-1 — 20-18-7) › Chapter 3 - POSTSECONDARY EDUCATION (§§ 20-3-1 — 20-3-683) › Article 7 - SCHOLARSHIPS, LOANS, AND GRANTS (§§ 20-3-230 — 20-3-519.14) › Part 3 - GEORGIA STUDENT FINANCE AUTHORITY (§§ 20-3-310 — 20-3-494) › Subpart 1 - GENERAL PROVISIONS (§§ 20-3-310 — 20-3-329) › Section 20-3-327 - General banking business by authority prohibited

Nothing contained in this part shall be construed to mean that the authority is engaged in or is authorized to engage in the general banking business.
2023 CODE OF GEORGIA › Title 20 - EDUCATION (§§ 20-1-1 — 20-18-7) › Chapter 3 - POSTSECONDARY EDUCATION (§§ 20-3-1 — 20-3-683) › Article 7 - SCHOLARSHIPS, LOANS, AND GRANTS (§§ 20-3-230 — 20-3-519.14) › Part 3 - GEORGIA STUDENT FINANCE AUTHORITY (§§ 20-3-310 — 20-3-494) › Subpart 1 - GENERAL PROVISIONS (§§ 20-3-310 — 20-3-329) › Section 20-3-328 - Operations reports by authority

The authority is authorized to publish in print or electronically annually, or at more or less frequent intervals determined by the board of directors, an operations report covering the activities of the authority, including, without limitation, a reporting of revenues and expenditures of the authority and a statement of the financial condition of the authority, and to furnish copies of such report to the Governor and members of the General Assembly and to other public and private persons and agencies as it may deem appropriate. The authority is further authorized to prepare and publish in print or electronically such other reports as may be required pursuant to Subpart 2 of this part.
Amended by 2010 Ga. Laws 615,§ 10, eff. 6/3/2010.
2023 CODE OF GEORGIA › Title 20 - EDUCATION (§§ 20-1-1 — 20-18-7) › Chapter 3 - POSTSECONDARY EDUCATION (§§ 20-3-1 — 20-3-683) › Article 7 - SCHOLARSHIPS, LOANS, AND GRANTS (§§ 20-3-230 — 20-3-519.14) › Part 3 - GEORGIA STUDENT FINANCE AUTHORITY (§§ 20-3-310 — 20-3-494) › Subpart 1 - GENERAL PROVISIONS (§§ 20-3-310 — 20-3-329) › Section 20-3-329 - Employees of commission transferred to authority; status of authority employees hired after July 1, 1996; status of transferred employees; benefits of transferred employees not impaired

(a)
All employees of the commission shall, on July 1, 1996, become employees of the authority, subject to the operating needs of the authority. Any employees of the commission whom the director gives the opportunity to elect to be transferred to the authority on July 1, 1996, shall be subject to the operating needs of the authority.
(b)
Except for persons who transfer to the authority pursuant to subsection (a) of this Code section, no person who becomes an employee of the authority on or after July 1, 1996, shall be considered a state employee, no such person shall be considered an "employee" within the meaning of Chapter 2 of Title 47, and no such person shall be entitled to membership in the Employees' Retirement System of Georgia.
(c)
All persons who transfer to the authority pursuant to subsection (a) of this Code section and who, immediately prior to such transfer, are state employees in the unclassified service as defined in Code Section
45-20-2
shall remain in the unclassified service. All such persons who, immediately prior to the transfer, are state employees in the classified service as defined in Code Section
45-20-2
may elect to remain in the classified service; provided, however, that if any such person accepts a promotion or transfer to another position, he or she shall become an employee in the unclassified service as defined by Code Section
45-20-2
.
(d)
The rights and benefits in the Employees' Retirement System of Georgia and any employee benefits of any employee transferring to the authority pursuant to subsection (a) of this Code section shall not be impaired.
Amended by 2012 Ga. Laws 630,§ 2-26, eff. 7/1/2012.
Amended by 2009 Ga. Laws 155,§ 1, eff. 5/5/2009.
2023 CODE OF GEORGIA › Title 20 - EDUCATION (§§ 20-1-1 — 20-18-7) › Chapter 3 - POSTSECONDARY EDUCATION (§§ 20-3-1 — 20-3-683) › Article 7 - SCHOLARSHIPS, LOANS, AND GRANTS (§§ 20-3-230 — 20-3-519.14) › Part 3 - GEORGIA STUDENT FINANCE AUTHORITY (§§ 20-3-310 — 20-3-494) › Subpart 2 - EDUCATIONAL LOANS FINANCED BY REVENUE BONDS (§§ 20-3-340 — 20-3-358) › Section 20-3-340 - Legislative findings; purpose of subpart

The General Assembly finds that students and parents are not always able to obtain educational loan assistance from a commercial lender ; that a need exists to make additional educational loan funds available to students and parents; and that a need exists to provide for secondary financing and servicing of educational loans made by other lenders . The purpose of the General Assembly, as provided for in this subpart, is to enable the authority to make additional educational loan funds available for students and parents and to make secondary financing and servicing of educational loans available to other commercial lenders.
Amended by 2024 Ga. Laws 399,§ 2-19, eff. 6/30/2024.
2023 CODE OF GEORGIA › Title 20 - EDUCATION (§§ 20-1-1 — 20-18-7) › Chapter 3 - POSTSECONDARY EDUCATION (§§ 20-3-1 — 20-3-683) › Article 7 - SCHOLARSHIPS, LOANS, AND GRANTS (§§ 20-3-230 — 20-3-519.14) › Part 3 - GEORGIA STUDENT FINANCE AUTHORITY (§§ 20-3-310 — 20-3-494) › Subpart 2 - EDUCATIONAL LOANS FINANCED BY REVENUE BONDS (§§ 20-3-340 — 20-3-358) › Section 20-3-341 - [Repealed]

Repealed and reserved by 2024 Ga. Laws 399,§ 2-20, eff. 6/30/2024.
2023 CODE OF GEORGIA › Title 20 - EDUCATION (§§ 20-1-1 — 20-18-7) › Chapter 3 - POSTSECONDARY EDUCATION (§§ 20-3-1 — 20-3-683) › Article 7 - SCHOLARSHIPS, LOANS, AND GRANTS (§§ 20-3-230 — 20-3-519.14) › Part 3 - GEORGIA STUDENT FINANCE AUTHORITY (§§ 20-3-310 — 20-3-494) › Subpart 2 - EDUCATIONAL LOANS FINANCED BY REVENUE BONDS (§§ 20-3-340 — 20-3-358) › Section 20-3-343 - Credit of state not pledged for payment of authority obligations; revenues and assets available for payment

Bonds and other obligations issued under this subpart shall not be deemed to constitute a debt, liability, or obligation of the state or a pledge of the faith and credit of the state or any political subdivision thereof, including the authority, but shall be payable solely from the revenues or assets of the authority which may be pledged for such payment and from the proceeds of any refunding bonds. Such revenues and assets may include the proceeds of the bonds, revenues derived by the authority from or in respect of educational loans made or purchased from the proceeds of the bonds, including proceeds from the sale of such educational loans and including any loan guaranty proceeds received in respect thereof, and investment earnings of the authority and other revenues received by the authority in connection with its program of financing, holding, or selling educational loans pursuant to this subpart. Such revenues and assets may also include, to the extent specified in the resolution authorizing issuance of such bonds or other obligations or the trust indentures securing them and in accordance with all other resolutions, indentures, or contracts of the authority and in accordance with law, educational loans financed and held by the authority with funds made available to it pursuant to Subpart 3 of this part and revenues derived therefrom. Each obligation of the authority issued under this subpart shall contain on its face a statement to the effect that the authority shall not be obligated to pay the obligation nor the interest thereon except from the revenues or assets pledged therefor and that neither the faith and credit nor the taxing power of the state or any political subdivision thereof is pledged to the payment of the principal of or the interest on such obligation.
2023 CODE OF GEORGIA › Title 20 - EDUCATION (§§ 20-1-1 — 20-18-7) › Chapter 3 - POSTSECONDARY EDUCATION (§§ 20-3-1 — 20-3-683) › Article 7 - SCHOLARSHIPS, LOANS, AND GRANTS (§§ 20-3-230 — 20-3-519.14) › Part 3 - GEORGIA STUDENT FINANCE AUTHORITY (§§ 20-3-310 — 20-3-494) › Subpart 2 - EDUCATIONAL LOANS FINANCED BY REVENUE BONDS (§§ 20-3-340 — 20-3-358) › Section 20-3-346 - Lien of pledge of revenues or assets of authority

The pledge of any revenues or assets of the authority to the payment of the principal of or the interest on any obligations of the authority shall be valid and binding from the time when the pledge is made; and any such assets or revenues shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act. The lien of any such pledge shall be valid and binding as against all parties having claims of any kind in tort, contract, or otherwise against the authority, irrespective of whether such parties have notice of such pledge. Nothing in this Code section shall be construed to prohibit the authority from selling any assets subject to any pledge, except to the extent that any such sale may be restricted by a trust agreement or resolution providing for the issuance of obligations of the authority.
2023 CODE OF GEORGIA › Title 20 - EDUCATION (§§ 20-1-1 — 20-18-7) › Chapter 3 - POSTSECONDARY EDUCATION (§§ 20-3-1 — 20-3-683) › Article 7 - SCHOLARSHIPS, LOANS, AND GRANTS (§§ 20-3-230 — 20-3-519.14) › Part 3 - GEORGIA STUDENT FINANCE AUTHORITY (§§ 20-3-310 — 20-3-494) › Subpart 2 - EDUCATIONAL LOANS FINANCED BY REVENUE BONDS (§§ 20-3-340 — 20-3-358) › Section 20-3-347 - Moneys received by authority deemed trust funds; investment

Notwithstanding any other law to the contrary, all moneys received by the authority pursuant to this subpart shall be deemed to be trust funds to be held and applied solely as provided in this subpart. The resolution authorizing any obligations or the trust agreement securing such obligations may provide that any of such moneys may be temporarily invested pending the disbursement thereof and shall provide that any officer with whom, or any bank or trust company with which, such moneys shall be deposited shall act as trustee of such moneys and shall hold and apply them for the purposes of this subpart, subject to this subpart and to such resolution or trust agreement. Any such moneys or any other moneys of the authority derived from its operations and functions under this subpart may be invested as provided in paragraph (10) of subsection (b) of Code Section
20-3-342
.
2023 CODE OF GEORGIA › Title 20 - EDUCATION (§§ 20-1-1 — 20-18-7) › Chapter 3 - POSTSECONDARY EDUCATION (§§ 20-3-1 — 20-3-683) › Article 7 - SCHOLARSHIPS, LOANS, AND GRANTS (§§ 20-3-230 — 20-3-519.14) › Part 3 - GEORGIA STUDENT FINANCE AUTHORITY (§§ 20-3-310 — 20-3-494) › Subpart 2 - EDUCATIONAL LOANS FINANCED BY REVENUE BONDS (§§ 20-3-340 — 20-3-358) › Section 20-3-348 - Rights of holders of obligations of authority

Any holder of obligations issued by the authority under this subpart or of any coupons appertaining thereto and any trustee under any resolution authorizing the issuance of such obligations or trust indenture securing such obligations, except to the extent the rights given in this Code section may be restricted by such resolution or trust indenture, may, by action, mandamus, or other proceeding, protect and enforce any and all rights under the laws of the state, including those granted under this Code section, under such resolution or trust indenture, or under any other contract executed by the authority pursuant to this subpart and may enforce and compel the performance of all duties required by this subpart or by such resolution or trust indenture to be performed by the authority or by any officer thereof.
2023 CODE OF GEORGIA › Title 20 - EDUCATION (§§ 20-1-1 — 20-18-7) › Chapter 3 - POSTSECONDARY EDUCATION (§§ 20-3-1 — 20-3-683) › Article 7 - SCHOLARSHIPS, LOANS, AND GRANTS (§§ 20-3-230 — 20-3-519.14) › Part 3 - GEORGIA STUDENT FINANCE AUTHORITY (§§ 20-3-310 — 20-3-494) › Subpart 2 - EDUCATIONAL LOANS FINANCED BY REVENUE BONDS (§§ 20-3-340 — 20-3-358) › Section 20-3-349 - Obligations of authority are negotiable instruments

Notwithstanding Code Sections
20-3-340
through
20-3-348
or any recitals in any obligations issued by the authority under this subpart, all such obligations and interest coupons appertaining thereto shall be and are made negotiable instruments under the laws of the state, subject only to any applicable provisions for registration.
2023 CODE OF GEORGIA › Title 20 - EDUCATION (§§ 20-1-1 — 20-18-7) › Chapter 3 - POSTSECONDARY EDUCATION (§§ 20-3-1 — 20-3-683) › Article 7 - SCHOLARSHIPS, LOANS, AND GRANTS (§§ 20-3-230 — 20-3-519.14) › Part 3 - GEORGIA STUDENT FINANCE AUTHORITY (§§ 20-3-310 — 20-3-494) › Subpart 2 - EDUCATIONAL LOANS FINANCED BY REVENUE BONDS (§§ 20-3-340 — 20-3-358) › Section 20-3-350 - Obligations of authority are legal investments and deposits

Obligations issued by the authority under this subpart are made securities in which all public officers and public bodies of the state and its political subdivisions and all insurance companies, trust companies, banking associations, investment companies, executors, administrators, trustees, and other fiduciaries may properly and legally invest funds, including capital in their control or belonging to them. Such obligations are made securities which may properly and legally be deposited with and received by any state or municipal officer or any agency or political subdivision of the state for any purpose for which the deposit of bonds, notes, or obligations of the state is now or may hereafter be authorized by law and may constitute proper and legal collateral for any deposit made by any such officer, agency, or subdivision for which collateral must be pledged according to law.
2023 CODE OF GEORGIA › Title 20 - EDUCATION (§§ 20-1-1 — 20-18-7) › Chapter 3 - POSTSECONDARY EDUCATION (§§ 20-3-1 — 20-3-683) › Article 7 - SCHOLARSHIPS, LOANS, AND GRANTS (§§ 20-3-230 — 20-3-519.14) › Part 3 - GEORGIA STUDENT FINANCE AUTHORITY (§§ 20-3-310 — 20-3-494) › Subpart 2 - EDUCATIONAL LOANS FINANCED BY REVENUE BONDS (§§ 20-3-340 — 20-3-358) › Section 20-3-351 - Issuance of refunding obligations by authority

(a)
The authority is authorized to provide for the issuance of refunding obligations for the purpose of refunding any obligations then outstanding which shall have been issued under this subpart, including the payment of any redemption premium thereon and any interest accrued or to accrue to the date of redemption of such obligations and, if deemed advisable by the authority, for any corporate purpose of the authority provided for in this subpart, except to the extent that the issuance of any such refunding obligations is limited or made subject to conditions under any resolution, trust indenture, or other agreement with holders of outstanding obligations of the authority. The issuance of such obligations, the maturities and other details thereof, the rights of the holders thereof, and the rights, duties, and obligations of the authority in respect thereof shall be governed by the provisions of this subpart which relate to the issuance of obligations, insofar as such provisions may be appropriate.
(b)
Such refunding obligations may be sold or exchanged for outstanding obligations issued under this subpart; and, if sold, their proceeds may be applied, in addition to any other authorized purposes, to the purchase, redemption, or payment of such outstanding obligations. Pending the application of the proceeds of any such refunding obligations together with any other available funds to the payment of:
(1)
The principal, accrued interest, and any redemption premium on the obligations being refunded;
(2)
Any interest on such refunding obligations, if so provided or permitted in the resolution authorizing the issuance of such refunding obligations or in the trust indenture securing them; and
(3)
Any expenses in connection with such refunding;
such proceeds may be invested in direct obligations of, or obligations the principal of which and the interest on which are unconditionally guaranteed by, the United States which shall mature or which shall be subject to redemption by their holders at the option of such holders, not later than the respective dates when the proceeds, together with the interest accruing thereon, will be required for the purposes intended.
2023 CODE OF GEORGIA › Title 20 - EDUCATION (§§ 20-1-1 — 20-18-7) › Chapter 3 - POSTSECONDARY EDUCATION (§§ 20-3-1 — 20-3-683) › Article 7 - SCHOLARSHIPS, LOANS, AND GRANTS (§§ 20-3-230 — 20-3-519.14) › Part 3 - GEORGIA STUDENT FINANCE AUTHORITY (§§ 20-3-310 — 20-3-494) › Subpart 2 - EDUCATIONAL LOANS FINANCED BY REVENUE BONDS (§§ 20-3-340 — 20-3-358) › Section 20-3-352 - Reserve or replacement funds of authority

The authority shall be authorized, in connection with the issuance of its bonds or other obligations pursuant to this subpart, to establish, in respect of such bonds or obligations, such reserve funds or replacement funds as may be required in the sound discretion of its board of directors to enable the authority to effectuate its proper public purposes, to fund such reserve funds or replacement funds with bond proceeds, and to invest such reserve funds or replacement funds in accordance with paragraph (10) of subsection (b) of Code Section
20-3-342
.
2023 CODE OF GEORGIA › Title 20 - EDUCATION (§§ 20-1-1 — 20-18-7) › Chapter 3 - POSTSECONDARY EDUCATION (§§ 20-3-1 — 20-3-683) › Article 7 - SCHOLARSHIPS, LOANS, AND GRANTS (§§ 20-3-230 — 20-3-519.14) › Part 3 - GEORGIA STUDENT FINANCE AUTHORITY (§§ 20-3-310 — 20-3-494) › Subpart 2 - EDUCATIONAL LOANS FINANCED BY REVENUE BONDS (§§ 20-3-340 — 20-3-358) › Section 20-3-353 - Exemption of directors and officers of authority from personal liability

No director or officer of the authority shall be subject to any personal liability or accountability by reason of his execution of any obligations or the issuance thereof.
2023 CODE OF GEORGIA › Title 20 - EDUCATION (§§ 20-1-1 — 20-18-7) › Chapter 3 - POSTSECONDARY EDUCATION (§§ 20-3-1 — 20-3-683) › Article 7 - SCHOLARSHIPS, LOANS, AND GRANTS (§§ 20-3-230 — 20-3-519.14) › Part 3 - GEORGIA STUDENT FINANCE AUTHORITY (§§ 20-3-310 — 20-3-494) › Subpart 2 - EDUCATIONAL LOANS FINANCED BY REVENUE BONDS (§§ 20-3-340 — 20-3-358) › Section 20-3-354 - Payment of expenses from appropriations and income

The authority is authorized to accept and expend such moneys as may be appropriated from time to time by the legislature and income from the operations of the authority under this subpart, subject to any resolution, trust indenture, or other agreement with the holders of any of its outstanding obligations, for the payment of expenses of administration and operations.
2023 CODE OF GEORGIA › Title 20 - EDUCATION (§§ 20-1-1 — 20-18-7) › Chapter 3 - POSTSECONDARY EDUCATION (§§ 20-3-1 — 20-3-683) › Article 7 - SCHOLARSHIPS, LOANS, AND GRANTS (§§ 20-3-230 — 20-3-519.14) › Part 3 - GEORGIA STUDENT FINANCE AUTHORITY (§§ 20-3-310 — 20-3-494) › Subpart 2 - EDUCATIONAL LOANS FINANCED BY REVENUE BONDS (§§ 20-3-340 — 20-3-358) › Section 20-3-355 - Tax exemptions of authority and its bonds and notes; exceptions

The authority is a duly created public corporation and political subdivision of the state and is performing essential governmental functions in the exercise of its corporate purposes. Accordingly, the authority shall not be required to pay and shall be exempt and free from the payment of any taxes and assessments to the state or to any county, municipality, or other political subdivision of the state, upon any of its property or upon its obligations or other evidences of indebtedness issued pursuant to this subpart and part, or upon any moneys, funds, revenues, or other income held or received by it; and the bonds and notes issued by the authority and the income from such bonds or notes shall also at all times be exempt from taxation within the state, except for death and gift taxes and taxes of transfers. Real property owned by the authority shall be exempt from all property taxation and special assessments of the state or political subdivisions of the state, but the authority may agree to pay, in lieu of such taxes, such amounts as it finds consistent with the cost to the state or political subdivision of supplying municipal services to it and maintaining its economic feasibility, which payments such bodies are authorized to accept. The exemption from taxation provided in this Code section shall not, however, extend to nor include any exemption from sales and use taxes on property purchased by or for the use of the authority.
2023 CODE OF GEORGIA › Title 20 - EDUCATION (§§ 20-1-1 — 20-18-7) › Chapter 3 - POSTSECONDARY EDUCATION (§§ 20-3-1 — 20-3-683) › Article 7 - SCHOLARSHIPS, LOANS, AND GRANTS (§§ 20-3-230 — 20-3-519.14) › Part 3 - GEORGIA STUDENT FINANCE AUTHORITY (§§ 20-3-310 — 20-3-494) › Subpart 2 - EDUCATIONAL LOANS FINANCED BY REVENUE BONDS (§§ 20-3-340 — 20-3-358) › Section 20-3-356 - Interests of bondholders protected

While any of the bonds issued by the authority remain outstanding, the powers, duties, or existence of the authority or of its officers, employees, or agents shall not be diminished or impaired in any manner that will affect adversely the interests and rights of the holders of such bonds, nor will the state itself in any way obstruct, prevent, impair, or render impossible the due and faithful performance by the authority of its duties. This part shall be for the benefit of the state, the authority, and each and every holder of the authority's bonds and, upon and after the issuance of bonds under this part, shall constitute an irrevocable contract with the holders of such bonds.
2023 CODE OF GEORGIA › Title 20 - EDUCATION (§§ 20-1-1 — 20-18-7) › Chapter 3 - POSTSECONDARY EDUCATION (§§ 20-3-1 — 20-3-683) › Article 7 - SCHOLARSHIPS, LOANS, AND GRANTS (§§ 20-3-230 — 20-3-519.14) › Part 3 - GEORGIA STUDENT FINANCE AUTHORITY (§§ 20-3-310 — 20-3-494) › Subpart 2 - EDUCATIONAL LOANS FINANCED BY REVENUE BONDS (§§ 20-3-340 — 20-3-358) › Section 20-3-357 - Termination or dissolution of authority

Upon termination or dissolution of the authority, all assets, rights, and properties of the authority under the authority of this subpart shall pass to and be vested in the state to be used for educational purposes, subject to the rights of lienholders and other creditors under this subpart; provided, however, that no such termination or dissolution shall take effect so long as the authority shall have bonds or notes outstanding, unless adequate provision has been made for the payment thereof.
2023 CODE OF GEORGIA › Title 20 - EDUCATION (§§ 20-1-1 — 20-18-7) › Chapter 3 - POSTSECONDARY EDUCATION (§§ 20-3-1 — 20-3-683) › Article 7 - SCHOLARSHIPS, LOANS, AND GRANTS (§§ 20-3-230 — 20-3-519.14) › Part 3 - GEORGIA STUDENT FINANCE AUTHORITY (§§ 20-3-310 — 20-3-494) › Subpart 2 - EDUCATIONAL LOANS FINANCED BY REVENUE BONDS (§§ 20-3-340 — 20-3-358) › Section 20-3-358 - Subpart and part deemed supplemental to other laws

This subpart and part shall be deemed to provide an additional and alternative method for the doing of the things authorized thereby, shall be regarded as supplemental and additional to any powers conferred by other laws upon the authority, and shall not be regarded as in derogation of any such powers; provided, however, that the issuance of bonds or notes under this subpart need not comply with the requirements of any other law applicable to the issuance of bonds or notes.
2023 CODE OF GEORGIA › Title 20 - EDUCATION (§§ 20-1-1 — 20-18-7) › Chapter 3 - POSTSECONDARY EDUCATION (§§ 20-3-1 — 20-3-683) › Article 7 - SCHOLARSHIPS, LOANS, AND GRANTS (§§ 20-3-230 — 20-3-519.14) › Part 3 - GEORGIA STUDENT FINANCE AUTHORITY (§§ 20-3-310 — 20-3-494) › Subpart 2A - NEEDS BASED FINANCIAL AID PROGRAM (§§ 20-3-360 — 20-3-366) › Section 20-3-360 - [Repealed effective 6/30/2025] Definitions

As used in this subpart, the term:
(1)
"Eligible student" means a person:
(A)
Whose family income is considered economically disadvantaged, based on criteria established by the commission, or who has a financial aid gap;
(B)
Who meets any academic or other standards established by the commission;
(C)
Who is eligible for a scholarship or grant pursuant to Code Section
20-3-519.1
;
(D)
Who has completed the Free Application for Federal Student Aid (FAFSA); and
(E)
Who has completed 80 percent of the credit requirements toward the credential of his or her program of study.
(2)
"Financial aid gap" means the monetary amount remaining after other funding, as determined by the commission, for the cost of attendance certified by a qualified institution.
(3)
"Qualified institution" means an institution of the University System of Georgia, an institution of the Technical College System of Georgia, or a nonproprietary institution of higher education eligible for tuition equalization grants in accordance with subparagraph (A) of paragraph (2) of Code Section
20-3-411
.
Amended by 2022 Ga. Laws 725,§ 1, eff. 7/1/2022.
Added by 2018 Ga. Laws 425,§ 10, eff. 7/1/2018.
2023 CODE OF GEORGIA › Title 20 - EDUCATION (§§ 20-1-1 — 20-18-7) › Chapter 3 - POSTSECONDARY EDUCATION (§§ 20-3-1 — 20-3-683) › Article 7 - SCHOLARSHIPS, LOANS, AND GRANTS (§§ 20-3-230 — 20-3-519.14) › Part 3 - GEORGIA STUDENT FINANCE AUTHORITY (§§ 20-3-310 — 20-3-494) › Subpart 2A - NEEDS BASED FINANCIAL AID PROGRAM (§§ 20-3-360 — 20-3-366) › Section 20-3-361 - [Repealed effective 6/30/2025] Grants; individualized eligibility criteria; criteria for retention

Subject to appropriations, the commission shall establish a needs based financial aid program to provide grants to eligible students for undergraduate level postsecondary education at qualified institutions. The maximum award amount per eligible student shall be $2,500 in total. The commission may provide for individualized eligibility criteria and grant amounts as determined to be the most appropriate for the particular qualified institution and its student population in accordance with this subpart and the rules and regulations of the commission. The commission shall also establish criteria necessary for eligible students to retain and continue to receive such grants in accordance with this subpart.
Amended by 2022 Ga. Laws 725,§ 2, eff. 7/1/2022.
Added by 2018 Ga. Laws 425,§ 10, eff. 7/1/2018.