MACON, Ga. — The Student Access Loan (SAL) program was set up in 2012 by the Georgia Student Finance Authority (GSFA).
The program gave need-based loans to college students, according to the Georgia Department of Audits and Accounts (DOAA).
SAL is financed mostly by state-appropriated funds.
Since its creation, the program has given approximately $266 million in loans to nearly 36,000 students.
The DOAA said in 2021 that the GSFA was struggling with loans being paid back after the three-year mark.
A discussion during the General Assembly about managing the money more efficiently led to the program being canceled for the 2024-2025 school year.
At Mercer University, rising senior Dara Bomani was shocked to find the program was canceled.
“I actually learned about it because I went to go reapply for next year. I had it for my junior year last year and I had the whole $8,000,” Bomani said.
She said she feels like there is nothing she can do and is concerned about how to pay for the upcoming year.
“I used the whole $8,000, that in combination with another scholarship that I had, greatly decreased what I owed to Mercer and I actually for the first time was actually able to pay for my funds on time and then get the refund. But now that I no longer have that scholarship or the SAL loan, I will basically owe an extra $10,000 next year," Bomani said.
Students from all over the state benefited from the program.
“A lot of people still haven't filled out their FAFSA, and so a lot of them aren't getting the money, so they're kind of relying on the SAL, and it's not there anymore,” Bomani said.
In the 2021 fiscal year, approximately 5,600 students received nearly $28 million from SAL.
The next fiscal year starts Monday, July 1. It will also officially end the program’s assistance.
Neither the GSFA nor Mercer University has announced the cancellation.
“If they [Mercer] were thinking of addressing the issue, they should do it as soon as they possibly can, within the next week. But especially before the end of June,” Bomani said.
After the report’s release, the General Assembly created and redistributed the funds from SAL to a needs-based grant program. Currently, more information about the program is unavailable.
13WMAZ reached out to Mercer University’s bursar’s office and they declined to comment.