Section 20-3-405.1 - DefinitionsAs used in this subpart, the term:
(1) "Cost of attendance" of a student means the cost of attendance calculated in accordance with Title IV.(2) "Education for Public Service Student Loan" or "EPS Student Loan" means a student loan provided in accordance with the provisions of this subpart.(3) "Eligible high school" has the same meaning as set forth in Code Section 20-3-519.(4) "Eligible postsecondary institution" means:(A) A unit of the University System of Georgia that offers associate degrees, baccalaureate degrees, or graduate degrees; or(B) An institution of higher education located in this state that offers associate degrees, baccalaureate degrees, or graduate degrees; that is accredited by a regional accrediting agency recognized by the United States Department of Education; that is not a Bible school or college; that admits as regular students only persons who have a high school diploma, a state approved high school equivalency (HSE) diploma, or a degree from an accredited postsecondary institution; and whose students are eligible to participate in the federal Pell Grant program.(5) "Employee" means an individual who receives an Internal Revenue Service Form W-2 from the employer and who is an employee as defined in Code Section 34-9-1 for purposes of workers' compensation.(6) "First degree" means the first baccalaureate degree or the first graduate degree completed by a student with the assistance of an EPS Student Loan.(7) "Graduate degree" means a degree earned after a student has earned a baccalaureate degree, including, but not limited to, a master's degree, a juris doctor degree, or a medical doctor degree.(8) "Public service" means service as an employee of any of the following: the State of Georgia; an agency or instrumentality of this state; the executive, legislative, or judicial branch of government of this state; a political subdivision of this state; the University System of Georgia or any unit of the university system; an authority or public corporation of this state; a local board of education of this state; or an agency or instrumentality of a political subdivision of this state.(9) "Reasonable interest rate" means an interest rate no higher than the Wall Street Journal prime rate effective on July 1 for the fiscal year beginning July 1 of each year. The reasonable interest rate for the fiscal year shall apply to all outstanding EPS Student Loans during that fiscal year without regard for the interest rate at the time of a loan's origination or at the time of the student's default, except for EPS Student Loans that: (A) Have been converted to 1 percent interest loans in accordance with subsection (a) of Code Section 20-3-405.3; and(B) Have been converted to interest-free loans in accordance with subsection (b) of Code Section 20-3-405.3.(10) "Second degree" means the second degree completed by a student with the assistance of an EPS Student Loan.(11) "Title IV" means Title IV of the federal Higher Education Act of 1965, 20 U.S.C. Section 1070, et seq.(12) "Undergraduate degree" means a baccalaureate degree.Amended by 2022 Ga. Laws 726,§ 2, eff. 7/1/2022.Added by 2008 Ga. Laws 577,§ 4, eff. 7/1/2008.