Education loans with service cancelable benefits: 2004-2005 general information guide

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Georgia Student Finance Authority 2082 East ExchangePlace, Suite 240 Tucker, Georgia 30084 (770)724-9000 1-800-505-GSFC(4732)
Education Loans with Service Cancelable Benefits
2004-2005 General Information Guide

Program Information The Georgia Student Finance Authority (GSFA), an instnunentality and nonpublic corporation of the state of Georgia, is one of many participating lenders in the Georgia student loan programs. GSFA provides loans to help students and parents meet the costs of higher education. GSFA adrmnisters the Federal F d y EducationLoan Program (FFELP) and offersservice cancelation benefits in Georgia on eligible Federal Stafford loans. These loans help students preparing for professions in which there is a personnel shortage in Georgia. Education loans in Georgia are guaranteed by the Georgia Higher Education Assistance Corporation (GHEAC).
Both subsidized and unsubsidized Stafford loans are eligible for service cancelation benefits. A subsidized Federal Smord Ioan is a need-basedloan, which means the amount you may be eligible to receive is based on your financial need. The federal government pays the interest that accrues on a subsidized Federal Stafford loan while you are in school, during your grace period, and during defermentperiods.An unsubsidizedFederal Stafford Ioan is a non-need based loan, whch means that the amount you may be eligible to receive is not based on your hancial need. If you receive an unsubsidized Federal SMord loan, you will be responsiblefor a11interest that accrues on the loan from the date of hsbursement forward.
To be eligble for a service cancelable loan, you must meet federal regulations governing the FFELP and GSFA policies concerning residency,program of study,grade point average (GPA), etc. There is a grace period, prescribed by federal law, before you must begin repayment.
Before You Apply Contactthe FinancialAid Office at the school you plan to attend for updated instructions for requeshg service cancelation benefits on your Stafford loan. Many Georgia colleges participate in electronic Ioan processing and may require different procedures. It is important to apply early for service cancelation benefits. Allocations are established early and guarantee commitments for funds may be totally utilized before the school's application
deadline.
IMPORTANT: Loan funds for these fields are appropriated each year by the Georgia State Legislature. Therefore, availabilitymay change during the yearifbudget cuts are necessary. Check with GSFA or your school FinancialAid Office if yon have a question about funds availability.
If your school participates in the Federal Direct Student Loan Program, you may stdl be eligible for a Federal Stafford loan with service cancelation benefits. Check with the Financial Aid Office at the school.

Loan Amounts and Disbursement of Funds
Loan maximums may be limited mually to mounts that are less than the Federal Staford loan program. Your loan amount will depend on y o u field of study and the appropriationof h d s for this program. In all cases, GSFA, as the lender, reserves the right to determine the loan amount. The maximum loan amount per academic year, including both subsidized and unsubsidized amounts,is $2,000 (see exceptions).The minimumloan m o m t pertype is $100, or $200per academicyear.You may notborrow more than an amount equal to the cost of attendance minus any other financial aid received. (Exceptions: $3,000 for LINC, $3,500 for General Dentistry, and $4,000 for DEJR Nursing. Graduated awards for Nursing and Nurse Anesthesia: $2,500 freshman year, $3,500 sophomore year, $4,000 junior year, $4,500 senior year.)
For each loan approved by GFSA and guaranteed by GHEAC, you must sign a promissory note, achowledging the terms of the loan andyour repayment obligation,before funds will be disbursed Afteryour loan is guaranteed,you will receive a "Service

UndergraduateMealth Dental Hygiene

Master's Degree Dietetics (Food & Nutrition)

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Dietetics (Food & Nutrition) HealtR Information Management
(formerly Medical Records) Laboratory Technology Medical Technology Nurse Anesthesia Nursing, Licensed Practicd Nursing, Registered (Associate
Degree, Bachelor's Degree, & Diploma) Occupational Therapy

Health Information Management (formerly Medical Records)
Nurse Anesthesia Nursing
Physical Therapy Radiologic Technology Respiratory Therapy
- Other
Agricdture Education Destination Teaching DHR Nursing

Pharmacy Physician Assistant Radiologic Technology Respiratory Therapy
Graduate Health Fields Dentisv (General)
o~tometry Pharmacy

Georgia National Guard
Gerontology ICAPP (InteIIecrual Capital Part-
nership Program) LINC (Ladders in Nursing Careers) Northeast Georgia Pilot Nursing
program Nursing Faculty
Registered Nurse Fast Track

Veterinary Medicine

program

NOTE

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TheA p p r o d ServiceCancelableFields ofstudyare subjecttochange.

Checkwiththe GeorgiaStudentFinanceAuthority to c o d r m approval
I of the field of study you are interested in before applying for a Fedaal
Stafford I6an with the Seervice Option.

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Cancelation Benefits Contract." Loan funds are disbursed at the

b. More than 20 quarter hours dealing with the problems of

beginning of each school term of the loan period. Your check wiIl

aging, as well as practicum experience, if you are enro1Ied

be made payable to you and mailed or electronicallytransferred

in a degree program; and

to the educational institution for disbursementupon verification that you are enrolled in good academic standing for the required number of hours.

3. Attach to your application a lefder of recommendation from your department head certifying that you are pursuing a certikate/degree specializingin gerontology.

General Eligibility Requirements You must:

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What You Should Know About Repayment and Service Cancelation Benefits

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1. Be a United States citizen, United States National, or eligibIe Staffordloans with service cancelation benefits arerepayableby

non-citizen;

approved service in Georgia or in regular monthly installments

2. Be a legal resident of Georgia as defined by GSFA,

beginning when your grace period ends. The minimummonthly

3, Be accepted for admission or enrolled as at least a half-time student in a GSFA-approved postsecondary educational institution;
4. Be accepted for admission or enrolled in good academic

installment is $50. Repayment in service includes cancelation
of any accrued interest. If you have received both subsidized
and unsubsidmd funds for the same critical field of study, your repayment schedule will include both types of loans for cancelation. Cash repayable loans cannot be consolidatedwith service-

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standing as determined by the school and maintain at least a "C" average, except where otherwise specfied;

cancelation loans for repayment purposes. WORTANT: Repayment policies regardingloan cmcelation

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5. Not owe a refund on any Federal Pel1 Grant, Federal by senice are subject to change prior to your employment

Supplemental Educational Opportunity Grant (SEOG), or or as conditions warrant at the discretion of GSFA. Contact

Student Incentive Grant (SIG);

GSFA for current information on approved locations.

6. Not be in default on any Federal education loan; and

When you are near the end of your graceperiod, GSFAwillissue

7, Have completed core curriculum and be accepted for admission a Tepayment Schedule'' to you. It is your responsibility as a

in an approved critical field of study.

borrower to contact GSFA at I-800-505-GSF(C4732) to request

mformation regarding service cancelation.

Additional Eligibility Requirements for DHR Nursing

A currentDepartment of H m a n Resources(DHR)employeemay Service Cancelation in the Health Related Fields

receive service cancelation benefits to study for a baccaIaureate If you have completed your program of study and qualify for

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or advancednursing degree. The current loan amountper academic a professional certificate in your field, you may cancel each

year is $4,000. Two calendar years (24 months) of service are academic year's loan (or its equivaIent) by practicing full-time

requrred for each academic year of loan assistance received

time for one calendar year (12 months) at an approved site. You

must obtain employmentwithin Georgia and request approval

In additionto h e general requirementsmentionedabove, s p e c ~ c fiom GSFA of the empIoyment site for service credit. Examples

requirements for DHR Nursing are:

of approved sites are: hospitals, clinics, nursing homes, and

You must:

children's homes. Employment by federal agencies, such as

1. Be enrolled in a baccalaureate or advanced nursing degree VA hospitals and miIitary facilities, private duty nursing,

program at an eligible,participatingpostsecondary institution temporary employmentagencies,and volunteerwork will not

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in Georgia;

be approved for service repayment credit.

2. Intend to practice as a registered nurse for the Georgia DHR There is a geographic restriction on service cancelation for

or any Georgia county board of health in order to cancel the loan through service;

borrowers practicing Veterinsry Medicine. The recipient must practice his profession in a rural or sparsely populated area of the state or in a community of 10,000 population or less in need

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3. Be a currentDHR employee; and

of a licensed veterinarian for purposes of meeting the needs of

4. Submit to GSFA a letter of employment verification from owners or producers of farm animals used for or in connection

your DHR supervisor along with a completed student with the production of commercialfood products.

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loan application that has been certified by the hancial aid Creditfor part-time service canbe given only if, in the opinion

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representativeat the college you will be attending.

of GSFA, the circumstances affectingsuch a request:are sufficient

AdditionalEligibility Requirements for Gerontology
In addition to the general requirements above, spec5c require ments for gerontology are:
You must:
1. Be pursuing a certificate or degree with a specialty in gerontology in one of the following bciplines: health and social service, public administration, research, or teaching;
2. Have coursework that includes:

to warrantcredit.Nocreditwill be granted for less than half-time serviceor for servicewhile you are enrol14 in schooland receiving servicecancelationloan assistance fiom GSFA. No creditwiIl be given for part-time service in gerontology.
Georgia National Guard Service CancelabIe Education Loan Program
The purpose of this program is to provide hancial assistance toward the cost of attendanceat a Georgiaprivate orpubliccollege or university orpublic postsecondary technical collegeto eligible

a. At least 20 quarter hours dealingwiththeproblemsof agmg membersof the GeorgiaNational Guard(Amy orAir). Thefunds

if you are enrolled in a certikate program; or

received can be repaid through service cancelation.

Contact your Georgia National Guard Education Services Officer or the Georgia Student Finance Authority at (770) 724-9000 or toll-fiee at 1-800-505-GSFC (4732) for further information.
ICAPP (Intellectual Capital Partnership Program) The centerpiece of the University System of Georgia's economic development programs is Georgia's Intellectual Capital Partnership Program (ICAPP). ICAPP provides one-step entry to the intellectual capital of the University System of Georgia, its educationprograms, facilities, expertise, and researchand development facilities.
Two institutions are participating at this time in the ICAPP Program: Columbus State University and North Georgia College & State University. Students at these institutions are eligible for an ICAPP service cancelable loan if they are enrolled in an educationltraining program specfically designated to address a workforce need, as selected and approved by the University System Board of Regents. Currently, "Computer Science" is the only approved program of study.
The maximum Ioan amount is $10,000, less other grant and scholarship aid received, for the entire length of the program of study.You must agree to work in an approvedfield in Georgia for one calendar year (12 months) for each $2,500 awarded through the ICAPP program.
For additional information on ICAPP, contact the Financial Aid Office at the participating institution or the Georgia Student Finance Authority at (770) 724-9230 or 1-800-505-GSFC (4732).
LINC (Ladders in Nursing Careers)
Ladders in Nursing Careers, or LINC, is a career mobility program developed by the GeorgiaHospitalAssociation with grant funding provided by the Robert Wood Johnson Foundation. Its purpose is to provide support to minority, low-income, or rural students to enabIe them to enter and complete a program of nursing.
The current loan amount per academic year is $3,000. You must agree to serve one calendar year (12 months) for each academic year of loan assistance received at an approved site witlun the state of Georgia. The approved sites are the same as listed under "Service Cancelation in Health ReIated Fields."
For more information, please call the LINC contact, Karen Waters, Georgia HospitaI Association, at (770) 955-0324 or 1-800-233-2964.
Registered Nurse Service Cancelable Loan Program The purpose of this program is to attract hgh-quality, knowledge-
based jobs to Georgia by providmg hospitals with the skilled labor force they need. The program was established to increase the capacity of the traditional five-semester RN program to accommodate additional students; to develop a LPN to RN program for licensed LPNs to complete a summer bridge course; and to develop a fast track RN program to allow students to cornplete the program in four semestersrather than five.
Currentlythe RegisteredNurse Service Cancelable Loan Program includes two schools: Armstrong Atlantic State University and Darton College. The maximumaward amount is $9,000.You must agree to work for a sponsoringhospital for one calendaryear (12 months) for each $3,000 of loan assistance received.
For additional informationon t h s program, contact the Financial Aid Office at the participating institution or the Georgia Student Finance Authority at (770) 724-9230 or 1-800-505-GSF(C4732).

Georgia Nursing Faculty Scholarship Program The Georgia Nursing Faculty Scholarship Program is a unique
graduate education service cancelable scholarship loan program designed to encourage Georgians to enter-and remain in-the nursing education profession. Financial assistance is offered in three core nursing education tracks: Baccalaureate to Master's, Master's to Doctorate, and Post-Master's Nursing Education Certification. The program was developed by the Health Care Workforce Policy Advisory Committee and is funded by the Georgia Department of Labor and the Robert W. Woodruff Foundation.
You must enroll in a graduate-Ievel educational program at a public or private Georgia university that prepares students to serve on the faculty of a Georgia public or private school of nursing (LPN, ADN, andlor BSN). After completing the program, you must serve as a faculty member in Georgia in a board-approved LPN, ADN, and/or BSN nursing program for one calendar yearss for each $2,500 received through this program, with a maximum of five years for repayment.
For eligibility requirements and award amounts, contact the Georgia Student Finance Authority at (770) 724-9000 or tollfree at I-800-505-GSFC (4732) or refer to the GSFA Web site at www.gsfc.org.
Destination Teaching Program
The Destination Teachng Program is a new service cancelable scholarship loan program designed to increase the number and diversity of highly qualified teachers prepared through the University System of Georgia institutions. It is targeted at preparing secondcareer candidates,including paraprofessionals, to become teachers in high-need schools. The program is an initiative of the Board of Regents of the University System of Georgia and is funded through the U.S. Department of Education.
Institutions participating in the program are: Abraham Baldwin Agricultural College,Albany StateUniversity, ArmstrongAtlantic State University, East Georgia College, Georgia Southern University, Georgia Southwestern State University, Georgia State University, South Georgia College, Valdosta State University, and Waycross College.
The maximum total loan amount is $5,000. Funds are available through September 30,2006. Within six months after completing the program, you must becomecertifid as a teacher and thenrepay the scholarshipby working in a high-need school in a high-need school district in Georgia.
For additional information, please contact the program liaison in your region:
Region 1 -Albany State College Frank Wilson: (229) 430-1911, wfiilson@asurams.edu
Region 2 -Amstrong AtIantic State University Pat Brignati: (912) 92 1-2 138, b~ignapa@Pnailarmst~-onegd.u
Region 3 - Georgia State University Tracye Moore: (404) 651-3677, edutmm@lungute.gsu.edu
Region 5 - Georgia Southern University, East Georgia College Susan Cason: (912) 486-7841, scasod@gasou.edu
Region 6-Valdosta State University, Waycross College, South Georgia College, Abraham Baldwin Agricultural College; Dr. Mary Ellen Dallman: (229) 333-5628, medallmun@vaIdosta.edu

Complete an approved need analysis form. Be sure to foilow the application instructionsprovided by your Financial A d Office. (Note: ICAPP and Georgia National Guard applicants are not required to complete a need analysis fonn.)
Apply early. Due to limited service cancelable loan benetits and the large number of applicants, GSFA cannot provide assistance to every eligbIe applicant. If you apply before October I, you will have a better chance of receiving these benefits.
Cancelations mean reapplying. Service cancelable loan benefits are not transferable from one school to another. lf you change schools during the year, your remaining loan disbursements wdl be canceled, and you must reapply at the new school. GSFA cannot guarantee that funds will be available when you reapply.
Do not leave items blank on your application forms. Be sure all items are legible. Important: Incomplete and dlegible application materials will be returned to you for correction, delaying processing of your service cancelationbenefits request. Funds may be depleted at your school by the time you re-submit your forms.
Service credit cannot be granted for a Federal Stafford Ioan unless the loan was approved with the service option at the time of gumtee.