4.4 Regents' Financial Assistance
4.4.1 Regents’ Opportunity Grants Program
The 1978 General Assembly (H.B. 1463) amended the law creating the Georgia Higher Education Assistance Authority so as to authorize the Board of Regents to award grants, scholarships, or cancelable loans to economically disadvantaged students who are residents of Georgia enrolled in a graduate or professional degree program in a USG institution.
In compliance with provisions of this Act, the Board adopted the following criteria for the award of such scholarships:
- Each institution shall submit an annual request to the Chancellor for a specific number of scholarships and grants based upon estimated numbers of eligible candidates in the following year. The Board of Regents shall annually allocate the available positions to the institutions based on the objectives and needs of the USG institutions. The Board of Regents will notify the Higher Education Assistance Authority of the total amount of funds they are to disburse to each institution.
- To attract the most talented students from the target groups to USG programs, 100 scholarships and grants in the amount of $5,000 each per academic year shall be offered. These scholarships and grants may be utilized as part of a total student financial aid package.
- Each institution awarding the scholarships and grants shall be responsible for determining compliance with the intent and the terms of the law establishing the scholarships and shall maintain adequate records of students receiving scholarships and grants. A recipient does not have the right to transfer this scholarship to another USG institution. Each institution will make an annual report to the Chancellor on the utilization of these funds.
- To remain eligible to receive funds under this program, the recipient must maintain good standing and minimum status of effective full-time graduate study, as defined by the institution in which enrolled.
- The scholarships are renewable, and priority will be given to prior recipients who continue to meet eligibility criteria as defined by the awarding institution.
- Each institution will determine the timing and amount of payments on the scholarship and grant award.
(BoR Minutes, April 12, 1978, p. 210-211)
4.4.2 Financial Needs Analysis
Applicants for Student Financial Aid Programs that are based on need must file an acceptable needs analysis which has been approved by the United States Department of Education.
All member institutions will accept and process the Free Application for Federal Student Aid (FAFSA) for Federal and State student aid programs. In addition, institutions may elect to accept and process other needs analysis systems approved by the United States Department of Education (BoR Minutes, 1986-87, p. 135).