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Just over 5,000 apply for new college loan

6:05 AM, Jul 19, 2011   |    comments
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ATLANTA -- About a third of the students predicted applied for a new Georgia low-interest loan program.

The Georgia Student Finance Commission reports that about 5,200 students applied for the program, when state officials expected as many as 15,000.

State lawmakers set aside $20 million this year for the program as part of an overhaul to the lottery-funded HOPE scholarship that cut back the awards for most students.

State officials say they are considering allowing students to continue applying for the loans because of the low response. The deadline was Friday.

Earlier predictions said the average loan award would be $3,500 with a maximum award of $10,000.

Loans will have a 1 percent interest rate. To qualify, students must graduate high school with a 2.5 GPA and maintain at least a 2.0 in college. The first round of students accepted to receive the loan will be notified by email this week.

(Associated Press)

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