(a) The authority shall establish and maintain a separate fund for loans in accordance with this subpart to which shall be credited:
(1) State funds appropriated for use for GOT Student Loans;
(2) Moneys received by gift, donation, or otherwise for GOT Student Loans;
(3) Outstanding GOT Student Loans held by the authority; and
(4) Principal and interest collected on GOT Student Loans held by the authority.
(b) Beginning with the first fiscal year following the fiscal year in which the fund has a balance of $500,000.00 or more, for each fiscal year, the authority shall determine the amount of moneys available for loans under this subpart and shall determine which eligible applicants receive loans by a random selection process in which each eligible applicant has an equal chance of being selected for a loan.
(c) The authority shall be entitled to establish a reasonable fee for the processing and collecting of GOT Student Loans. Such fees shall be established by the authority by rule or regulation.
Section: Previous 20-3-400 20-3-400.1 20-3-400.2 20-3-400.3 20-3-400.4 20-3-400.5 20-3-400.6 NextLast modified: October 14, 2016