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 www.fafsa.ed.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 www.fafsa.ed.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 back 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 3.86%. 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||$57,000* 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.
As a student, you have the right to know:
- What financial aid programs are available and how you can qualify for them
- The deadlines for submitting applications for each of the financial aid programs
- How financial need was determined and what items were considered in your budget
- How much of your financial need, as determined by Albany Technical College, has been met
- What portion of the aid received is a loan and what portion is a grant
- The amount of the monthly loan payment and when the repayment must start
- The College’s policies concerning required attendance, enrollment, and academic standing
- How Albany Technical College determines whether you are making satisfactory progress, what happens if requirements are not met, and how eligibility may be re-established
- How Albany Technical College distributes student financial aid
- How and when financial aid will be disbursed
- Estimated cost for school and textbook information
- Names of accrediting organizations
- The cost of attendance
- How books and supplies may be purchased at the ATC bookstore using financial aid by the seventh day of term.
- The refund/repayment policy
- How and when you will be paid
- What services are available to the disabled and veterans
- Graduation and/or transfer-out-rate for student athletes and the general student population
- Athletic participation rate and financial support data for intercollegiate athletics
- Drug and alcohol abuse prevention information
- Campus security annual report
- Privacy rights as prescribed by the Family Education Rights and Privacy Act
- Penalties and institutional policies on copyright infringement
- Campus crime and safety information
As a student, you have the responsibility to:
- Complete all forms accurately and truthfully
- Submit all required documents on time
- Pay special attention to and accurately complete your application for student financial aid
- Read and understand all documents and forms that must be signed and keep copies of them
- Accept responsibility for all agreements that you sign
- Notify Albany Technical College and the lender of any changes in address
- Know and comply with Albany Technical College refund procedures
- Perform in a satisfactory manner the work that is agreed upon in accepting a work-study job
- Know and comply with the deadline for application
- Notify the Financial Aid Office upon notification that you will receive additional funds from sources outside our office.
Verification is simply a way for the federal government to perform quality control on the funds that are disbursed. The federal processor randomly selects applications for a process called verification. The institution that is attempting to process your financial aid must compare the information provided on FAFSA with actual documents (i.e. federal tax return transcript(s), verification worksheet, etc.). If a student is selected for verification, the Financial Aid Office requires that all documents be submitted by the last day of the semester that the student plans to attend. However, financial aid will not be awarded until the verification process is complete. If a correction has to be made as a result of verification, the FAFSA will be updated. Students may check Banner Student Web to determine the documents required to complete the verification process.
Complete on-line verification by creating an account on this site: http://albanytech.verifymyfafsa.com/
Cost of Attendance (COA) is an estimate of what it should cost a student to go to school for a specified period. It includes estimates of tuition and fees, room and board, allowances for books and supplies, transportation, etc. The Financial Aid Office surveys a sample of students every 2-3 years to help estimate costs accurately. In addition, estimated room and board cost is calculated using housing data from the U. S. Department of Housing and Urban Development (HUD) and food plans from the U. S. Department of Agriculture (USDA).
Students and their families are expected to make a reasonable effort to assist in financing educational expenses. Financial aid assistance and other sources should be viewed as a supplement to the efforts of the family/student. The Financial Aid Office can not award over a student's COA.
Cost of Attendance is listed on the award page of Banner Student Web.
Financial aid regulations assume that the student and the parents have primary responsibility for meeting the educational costs to attend school. The level of contribution is based on ability to pay, not on willingness to pay.
If a student can answer YES to at least ONE question in Step Three of the FAFSA, the student is considered "independent" for financial aid purposes, meaning no parent information is to be reported on the FAFSA. The Step Three questions:
- Were you born before January 1, 19XX (making you 24 or older)?
- Are you working on a master's or doctorate program?
- Are you married as of day you file FAFSA?
- Have children who receive more than half of their support from you?
- Have legal dependents (other than your children or spouse) that you support?
- Are you an orphan, or are you/were you (until age 18) a ward/dependent of the court?
- Are you a veteran of the US Armed Forces?
- Are you currently active duty military personnel for other than training purposes?
- Were/Are you under a legal guardianship?
Neither parent refusal to contribute to the student's education nor parent unwillingness to provide information on the student aid application or for verification are grounds to be considered independent. For more information about parents reluctant to help, please visit www.FinAid.org.
Per federal regulations, a student may be considered independent if the student submits documentation that the student's independent status is based on unusual circumstances. Unusual circumstances are those circumstances, which, in the professional judgment of the Financial Aid Office, warrant the student to be considered independent. Examples would include situations in which the student's parents are physically or mentally incapacitated. A Change in Dependency form must be filed also.
Although married students are considered independent, students that marry after filing the FAFSA cannot update their marital status to be considered independent. Students must list their current marital status on the FAFSA at the time they file the form. If the student answer NO to all questions in Step Three of the FAFSA, the student will be considered a dependent student and their financial aid package will be determined using their parent(s) income information.