Rule 268-11-2-.05 - Termination of School Eligibility(1) Upon approval of the Assured Access Lending Policy by the GSFA Board of Directors, institutions that are participants in the Assured Access Lending Program on that date will be reviewed within 30 days of such Board approval and may be terminated from Assured Access at the conclusion of the review. No institution currently participating in Assured Access at the time of Board approval shall be automatically approved for continuation in the program based solely upon Board approval of this policy.(2) GSFA may terminate any institution from participation in the Assured Access Lending Program if:(a) GSFA determines from a review of the institution's most recent preclaims or default claims experience for one or more quarters that the institution may develop an excessive, future default rate; or(b) GHEAC and/or GSFA has received significant consumer complaints that substantially indicate areas of non-compliance at the institution; GHEAC has conducted a program review or received information from a program review report conducted by an entity other than GHEAC, indicating program administration problems; or if GHEAC or GSFA has received other information indicating that the institution may lack the skills or capacity to properly administer student aid programs as required under 34 CFR 668.14 and .15; or(c) the school/branch has a most recent year's published U.S. Department of Education or GHEAC cohort default rate of 20% or more and the institution is not a part B institution within the meaning of section 322(2) of the Act, as amended.(3) GSFA will provide a 30-day written notification to any institution that is to be terminated from the Assured Access Lending Program.(4) If an institution is terminated from the Assured Access Lending Program, it shall be eligible, unless otherwise ineligible under the Act and its regulations, as amended, to participate in the Lender of Last Resort Program.Ga. Comp. R. & Regs. R. 268-11-2-.05
Ga. L. 1987 p.589 (Ga. Code Ann. 20-3-316).
ER 268-11-2-0.5-.05 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 "Termination of School Eligibility" adopted. F. Nov. 20, 1992; eff. Dec. 10, 1992.