Higher Education Loan Servicing System
1.1.Purpose of Procurement
Pursuant to the State Purchasing Act (Official Code of Georgia Annotated 50-5-50 et. seq.), the Georgia Student Finance Authority (hereinafter, GSFA), is seeking proposals from qualified Offerors to provide a complete Higher Education Loan Servicing System.
1.2.General Information
The State of Georgia has statutorily created three separate legal entities, the Georgia Student Finance Commission (GSFC), the Georgia Student Finance Authority (GSFA) and the Georgia Higher Education Assistance Corporation (GHEAC)) to address different aspects of student financing. The three entities share offices located at 2082 East Exchange Place, Tucker, GA, 30084 and contractually share some of their administration and services. By law, GSFA and GHEAC are administratively attached to GSFC. The information on GSFA, GSFC and GHEAC provided here and in other parts of this document is for your information only.
GSFA is a nonprofit public corporation of the state of Georgia and is responsible for providing student financial aid to eligible Georgians through student loans, service cancelable loans, scholarships, and grant assistance programs as determined by the General Assembly. GSFA is also authorized to be a (student loan) lender by Georgia statute. GSFA performs all managerial, supervisory, clerical and administrative functions required by the GHEAC and GSFC. GSFA makes low-interest education loans to students and parents, and is the only lender in Georgia providing service-cancelable loans to encourage students to train for careers in critical need areas such as teaching and health care. Consolidated loans also are available to qualified borrowers. Currently, GSFA performs servicing for all loans that it originates and, by contract, provides servicing for other lenders.
GSFC was statutorily created to help improve the higher educational opportunities of citizens and persons in the State of Georgia by serving as an agency and budget unit within the executive branch of state government. GSFC administers a variety of scholarship and grant programs, including the Helping Outstanding Pupils Educationally (HOPE) Scholarship Program and other educational scholarships and grants. GSFC administers the GAcollege411.org website which is designed to assist Georgia citizens with planning, applying and paying for college. The programs are supported by state lottery proceeds and state general fund appropriations.
GHEAC is a nonprofit public corporation of the state and is responsible for guarantying educational loans to eligible students and parents in accordance with state law and the requirements of the Federal Higher Education Act of 1965, as amended
