Loans is money borrowed that must be repaid, with interest. Eligible students must be enrolled at least 6 credit hours to receive a federal loan. A promissory note must be sign and complete entrance / exit counseling. Please refer to the Federal Student Guide detail information.
Georgia Resident students enrolled at least half-time, maintain Satisfactory Academic Progress, registered with selective service (if required), not in default on a Federal or Georgia Education loan, and do not owe a refund on a Federal or State of Georgia student financial aid program are eligible. The following student loans are alternative loans managed by the State of Georgia through Georgia Student Finance Authority (GSFA).
Student Access Loan (SAL) Program
Students are required to complete the FAFSA application at fafsa.gov and the SAL application at www.gafutures.org. Students must not decline any federal, institutional or private scholarships, grants, loans, or military or veterans educational benefits, when available, in lieu of a SAL. SAL funds are used to cover any part of the student's Cost of Attendance for the academic period and can not be used to offset a student's EFC. This loan has a 1% interest rate. The annual award amount may be the lesser of $10,000 or the student's Cost of Attendance minus the student's Expected Family Contribution (EFC) minus the student's Expected Financial Aid. The aggregate limit is $40,000. Albany Technical College student must have applied for SAL. Applications will be randomly selected from a pool of eligible applicants.
Student Access Loan-Technical (SALT) Program
Students are required to complete the FAFSA application at fafsa.gov and the SALT application at www.gafutures.org. Students must not decline any federal, institutional or private scholarships, grants, or military or veterans educational benefits, when available, in lieu of a SAL. SAL funds are used to cover any part of the student's Cost of Attendance for the academic period and can not be used to offset a student's EFC. This loan has a 1% interest rate. The annual award amount may be the lesser of $3,000 or the student's Cost of Attendance minus the student's Expected Family Contribution (EFC) minus the student's Expected Financial Aid. The aggregate limit is $12,000. Applications will be processed on a first come, first serve basis and will be based on available funding. SAL is designed to provide loan discharge to those students who graduate with a minimum 3.5 cumulative gpa in the program of student for which the loan was received.
In both the SAL and SALT, an origination fee of 5% of the loan amount, not to exceed $50, is charged at the time of the first disbursement. In addition, borrowers are required to make monthly Keep In Touch (KIT) payments while enrolled and during the grace period. First payment is due 60 days after the first loan disbursement and in accordance with the repayment schedule set by GSFA.
Prior receipt of a SAL or SALT does not guarantee or ensure eligibility for SAL or SALT in subsequent years.
These loans are backed by the federal government. Credit checks are not required. An origination fee of 1.072% is charged by the U. S. Department of Education and is paid from the loan disbursement. There are two types of Stafford Loans: subsidized and unsubsidized. Students must have a financial need to receive a subsidized Stafford Loan. The U.S. Department of Education will pay the interest on a subsidized Stafford Loan during certain enrollment periods. Currently all federal subsidized student loans undergrads have a fixed interest rate of 3.86%. The interest rate is subject to change.
Federal unsubsidized loans will charge interest while in school. The interest can either be paid or applied to the principle. Currently, unsubsidized loans have a fixed interest rate of 2.75%. The interest rate is subject to change.
Federal Stafford Loans have yearly limits. The limits are:
|Freshmen||$3,500* plus an additional $2,000 unsubsidized|
|Sophomores||$4,500* plus an additional $2,000 unsubsidized|
|Maximum Limit||$31,000* which no more than $23,000 can be subsidized|
|Freshmen||$9,500* (not to exceed $3,500 subsidized per year)|
|Sophomores||$10,500* (not to exceed $4,500 subsidized per year)|
|Maximum Limit||$57,500* which no more than $23,000 can be subsidized|
All students are required to complete a promissory note and entrance counseling. Please borrow responsibly.
The Federal Student loan is awarded during our awarding process. Loans are awarded based on need, after grants and scholarships are awarded. If awarded, students will have the option to accept, adjust or decline the federal student loan on Banner Student Web.
To request an unsubsidized student loan please complete the "Unsubsidized Loan Request Form" located on our forms page.
Code of Conduct for Educational Loans
In compliance with the requirements of the Higher Education Opportunity Act (H.R.4137) assigned into law on August 14, 2008, the following is the Code of Conduct regarding student loans for the Office of Financial Aid at Albany Technical College.
Albany Technical College:
In order to comply with the requirements of the Higher Education Opportunity Act of 2008, the Albany Technical College Office of Financial Aid promises to abide by the following Code of Conduct.
As employees of the Albany Technical College Office of Financial Aid and the State of Georgia, we promise that:
- We will carry out our duties with the utmost level of professionalism.
- We will be honest and professional in all of our duties regardless of race, nationality, gender, age, sexual orientation, and/or disability.
- We will not accept any personal gifts from a student, parent, or vendor of more than a minimal value.
- We will not accept any travel expenses paid by a student, parent, or vendor unless those expenses are paid for while serving in our official capacity as employees of Albany Technical College. These payments must be provided directly from the organization and be related to the duties we perform.
- We will not use Albany Technical College equipment for personal or unethical use. This equipment includes but is not limited to computer equipment, telephones, office supplies, vehicles, internet service, etc.
- We will not engage in any unethical or immoral behavior while performing out duties. This includes but is not limited to sexual harassment, theft, inappropriate language, and inappropriate internet access.
- We will not employ, promote, or transfer any family member to an office within the Office of Financial Aid.
- We will not accept any gift, monies, or other form of payment that would alter any aid awarded to any student and/or parent.
- We will not lobby any local, state, or federal government official in an attempt to influence any type of legislation without the express permission of the Albany Technical College President and/or the Technical College System of Georgia.
- We will follow all laws and regulations governing the awarding, disbursing, and processing of any and all types of financial aid both federal and state.