Section 20-3-395. Definitions

   As 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) "Eligible high school" has the same meaning as provided in Code Section 20-3-519.

   (3) "Eligible postsecondary institution" means:

      (A) A unit of the University System of Georgia that offers associate or baccalaureate degrees;

      (B) A unit of the Technical College System of Georgia that offers associate or baccalaureate degrees; or

      (C) An institution of higher education located in this state that offers associate or baccalaureate 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 general educational development diploma, or a degree from an accredited postsecondary institution; and whose students are eligible to participate in the federal Pell Grant program.

   (4) "Expected family contribution" means expected family contribution calculated in accordance with Title IV.

   (5) "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. If an outstanding loan made under this subpart is subject to the reasonable interest rate, the reasonable interest rate for the current fiscal year shall apply to such a loan during that fiscal year without regard to the interest rate at the time of the loan's origination or the interest rate at the time of the student's default.

   (6) "Title IV" means Title IV of the federal Higher Education Act of 1965, as amended, 20 U.S.C.A. Section 1070, et seq.

Code 1981, § 20-3-395, enacted by Ga. L. 2008, p. 626, § 2/SB 169.