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Application and Approval

    • Last Updated: 05/12/2017
    • Effective Date:

    Policy Statement
    The Bursar’s Office Division will maintain compliance with the Federal Regulations and Internal guidelines for processing loan application and approvals.
    Reason for policy
    The Bursar’s Office Division Application and Approvals of loans policy is needed to ensure all potential borrowers are analyzed uniformly, making the loan applications and approvals process fair and unbiased.
    Procedures

    The Federal Perkins Loan program has Federal Regulations which govern the application and approval process for the loan program. Potential student borrowers must complete a FAFSA (Free Application for Federal Student Aid), in order to be considered for the Federal Perkins loan. The U.S. Department of Education governs the guidelines and criteria for the FAFSA and the approval of the Federal Perkins loan. Once the potential student borrower completes and returns the FAFSA to the U.S. Department of Education, the Department will notify the University of Georgia’s Office of Financial Student Aid department of the types and amounts of federal aid in which the student has been approved. UGA’s Office of Financial Student Aid department then notifies the potential student borrower of the award and the student will then make the decision to accept or decline the awards via their award letter. 

    The University long-term loan program is comprised of institutional loan funds that can offer potential student borrowers and their co-applicants another option to help aid in the cost of attendance for their education. Potential student borrowers would contact the University of Georgia’s Office of Financial Student Aid department for an application and credit checks. Once the potential student borrower completes and returns the application to the Office of Financial Aid, the department will notified the potential student borrower of their approval or rejection of the loan. If the potential student borrower has been approved, the next step would be to accept the loan via their award letter. 

    The University short-term loan program is comprised of institutional loan funds that can offer potential student borrowers an option to assist them with small unexpected short-term financial situations. This loan is not related to the FAFSA or other reported aid. This loan is available on the first day of class of the current semester and the repayment of the loan is due back within that current term. Potential student borrowers would contact the University of Georgia’s Student Accounts department for an application. Once the potential student borrower completes and returns the application to Student Accounts, the department will notified the potential student borrower of their approval or rejection of the loan via their University of Georgia email. 

    The Vice President for Finance and Administration reserves the right to deny certain types of loans to those students who have demonstrated that they are poor credit risks or who indicate an unwillingness to repay a loan. In exercising this authority any previous credit dealings between the University of Georgia and the borrower, including any returned checks and other receivables will be considered.

    Forms/Instructions

    University of Georgia Short-term Loan Information:

    http://busfin.uga.edu/bursar/bursar_single_semester/

     University of Georgia Long-term Loan Information:

    http://busfin.uga.edu/bursar/bursar_cosigner_loan/

     University of Georgia Federal Perkins Loan Information:

    http://busfin.uga.edu/bursar/bursar_perkins_loan/

    Additional contacts

    Michele Sellers

    Phone Number: 706-542-2965

    Responsibilities

    Responsible University Senior Administrator: Vice President for Finance & Administration

    Responsible University Administrator: Associate Vice President and Controller

              Policy Owner: Bursar’s Office Division

              Policy Contact: Michele Sellers

              Phone Number: 706-542-2965

    Record Retention

    This series documents and is a monitoring tool for all Perkins and National Direct Student Loans. This series consists of files for each borrower. This series may include but is not limited to: repayment schedules; statements of rights and responsibilities; records of actions taken; and related documentation and correspondence.

    Record Copy: Student Loans

    Retention: 5 years after loan repayment or assignment to U.S. Department of Education, BOR 0472-06-015

    Federal Code:34 C.F.R. 674

    FAFSA:

    http://www.fafsa.ed.gov/

    University of Georgia Office of Student Financial Aid Information:

    http://osfa.uga.edu/index.html