About 3,700 college students applied for Georgia's new low-interest loan, an official said Wednesday.
Monday was the deadline to apply for the second round of the Student Access Loan Program. The loans carry a 1 percent interest rate and were designed to fill financial holes for those who exhausted other options.
The Georgia Student Finance Commission has about $10 million left to give out, but requests totaled about $26 million, said Tracy Ireland, a director with the commission.
A computerized lottery will randomly pull applications and students will receive emails starting next week if they were selected. Applications must complete additional steps before officials can determine if students will receive a loan.
Lawmakers funded the program when they overhauled the state’s merit-based HOPE scholarship.
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