ATLANTA - Georgia students can now apply for low-interest loans aimed to help families that need extra help paying for college.
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. Only the highest-performing students will get full HOPE awards, and the program will no longer pay for books and fees.
The average loan award will be $3,500 with a maximum award of $10,000. If requests exceed the money available, a computer will randomly select who gets loans.
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.