Rule 268-11-1-.07 - Loan Origination and Servicing(1) To obtain a loan guarantee commitment from GHEAC, applications will be processed as follows: (a) Properly completed applications (including submission of a properly completed and signed by the student "Student Certification and Request for Lender of Last Resort Stafford Loan Processing" form) must be submitted by the student or the school.(b) Applications must be received by GSFA by the 20th day of the month preceding the last month of the loan period.(c) Applications will be processed in date-received order.(d) Additional relevant documents may be required from the student.(e) Financial evaluation and counseling will be performed prior to the GHEAC loan application deadline. [Reference: Act 428(a)(6)] GSFA may consider special circumstances leading to derogatory credit, i.e., the applicant's past attempts to repay other debts (if any), and any financial or personal hardship the applicant may have experienced, within the GHEAC guarantee deadline. [Reference: private letter guidance-Michael J. Farrell, April 26, 1991.](f) A GSFA loan officer will sign the application prior to submitting it to GHEAC for guarantee.(g) GSFA will NOT approve/request a late disbursement on LLR loans.(h) A student may be denied due to:2. Prior educational loan default;3. Failure to complete corrections in a timely manner; or4. Receipt of application after the deadline. (i) Disbursements will be ma de in accordance with Federal and State laws and regulations governing the guaranteed student loan program and in accordance with GHEAC policies and procedures.(j) Refunds and overawards shall be processed in accordance with GHEAC policies and procedures and Federal and State laws and regulations governing the student loan program.(2) LLR loans will be serviced and due diligence performed in accordance with GSFA loan servicing procedures, the Federal and State laws and regulations, and GHEAC policies and procedures governing the guaranteed student loan program.Ga. Comp. R. & Regs. R. 268-11-1-.07
Ga. L. 1987 p. 589 (Ga. Code Ann. 20-3-316).
ER 268-11-1-0.4-.07 was F. Aug. 31, 1992, eff. Aug. 27, 1992, the date of adoption, to remain in effect for a period of 120 days or until the effective date of a permanent Rule covering the same subject matter superseding said ER, as specified by the Agency.Amended: Permanent Rule entitled "Loan Origination and Servicing" adopted. F. Nov. 20, 1992; eff. Dec. 10, 1992.