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 4B - GRADUATE ON TIME STUDENT LOAN ACT (§§ 20-3-400 — 20-3-400.6) › Section 20-3-400.1 - Definitions

As used in this subpart, the term:
(1)
"Beginning date of a postsecondary course of study" means the first day of postsecondary classes attended by a student for credit toward an associate 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.
(2)
"Cost of attendance" of a student means the cost of attendance calculated in accordance with Title IV.
(3)
"Eligible high school" has the same meaning as set forth in Code Section
20-3-519
.
(4)
"Eligible postsecondary institution" means:
(A)
A unit of the University System of Georgia that offers associate degrees, baccalaureate degrees, or first professional degree programs; or
(B)
An institution of higher education located in this state that offers associate 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.
(5)
"First professional degree" means a degree that qualifies a graduate to practice a profession and was earned through a first professional degree program.
(6)
"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:
(A)
Accepts students after the completion of the sophomore or junior year; and
(B)
Results in the award of a first professional degree.
(7)
"Graduate On Time Student Loan" or "GOT Student Loan" means a student loan provided in accordance with the provisions of this subpart.
(8)
"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.
(9)
"Title IV" means Title IV of the federal Higher Education Act of 1965,
20 U.S.C. Section 1070
, et seq.
Amended by 2022 Ga. Laws 726,§ 2, eff. 7/1/2022.
Added by 2008 Ga. Laws 577,§ 3, eff. 7/1/2008.