Georgia Tech Announces New Financial Aid Program
Tech Promise reaches out to Georgians by providing access to a debt-free degree
Posted February 1, 2007 | Atlanta, GA
The Georgia Institute of Technology has launched a new program designed to help Georgia students whose families have an annual income of less than $30,000 earn their college degree debt-free. The program will be offered to all currently enrolled students and incoming freshmen for Fall Semester 2007 who meet eligibility requirements. Known as the Tech Promise, it is the first program of its kind offered by any public university in the state of Georgia.
Picking up where Georgia's HOPE scholarship and other financial aid options leave off, the Tech Promise program will be individually tailored for each applicant. Assistance will include scholarships, grants, and job opportunities that will allow eligible in-state students to attend Georgia Tech without the burden of student loan debt.
The Tech Promise program is expected to make a Georgia Tech education accessible to hundreds of qualified, economically disadvantaged students. Funding for the program, which is initially being provided by the Georgia Tech Foundation, will come from private philanthropy and is expected to initially require $2 million during the first year of implementation. The Institute has a permanent endowment goal of $50 million, the income of which will generate ongoing funding for need-based scholarships for Georgia residents that may be directed for the Tech Promise program. The Georgia Tech Foundation is providing support for the program's initial stages while fund-raising is underway.
"Georgia Tech has a long tradition of providing access to young Georgians through low tuition rates and one of the world's oldest and largest voluntary cooperative education programs, which enables students to gain valuable job experience while working their way through school," said Georgia Tech President G. Wayne Clough. "This new financial aid program provides yet another tool to help us remain true to our long-term commitment to open doors of opportunity to all qualified students, especially those from financially disadvantaged families who may be reluctant to apply because of the daunting financial burden attending college will place on their families."
Under the terms of the program, student eligibility requirements and criteria include:
- Legal resident of Georgia
- Pursuing a first undergraduate degree
- Eligible applicant for federal student financial aid
- Dependent students whose parents: have less than $30,000 in total annual income and/or benefits; and are eligible to file an IRS Form 1040A or 1040EZ for the most recent tax year
- Achieve and maintain a minimum 2.0 cumulative grade point average (out of a possible 4.0); be in good standing with the Institute and maintain Satisfactory Academic Progress standards
An annual application is required for Tech Promise and individual evaluations will be conducted to calculate each candidate's specific financial needs. Students may reapply for up to four academic years (eight semesters) of full-time enrollment. Levels of support/award in subsequent years will be based on the student's family's financial situation, and academic standing. The funding made available through Tech Promise will cover the published cost of attendance at Georgia Tech.