This article is intended to inform families about funding for the Georgia Promise Scholarship Program.
Once your child is approved for the Georgia Promise Scholarship, their account will be funded with state-provided money. Here’s what you need to know about how the funds are distributed and managed.
When Are Funds Deposited?
Scholarship accounts are funded on a quarterly basis throughout the school year. This means funds are deposited into your child’s account four times a year, with payments spread as evenly as possible.
Key Funding Details
- Enrollment Period
- Accounts are funded based on the enrollment period that aligns with your application.
- The Georgia Education Savings Authority publishes enrollment periods by December 15 for the following year.
- Accounts are funded based on the enrollment period that aligns with your application.
- Program Administration Costs
- Up to 5% of the total scholarship amount may be deducted to cover program administration.
- Up to 5% of the total scholarship amount may be deducted to cover program administration.
- Unused Funds
- Rollover: Up to 50% of unused Promise Scholarship funds from an academic year may be carried forward to the following academic year as long as they meet program guidelines.
- Inactivity: If the account remains inactive for two years, or if your child graduates, the remaining funds are returned to the state.
- Rollover: Up to 50% of unused Promise Scholarship funds from an academic year may be carried forward to the following academic year as long as they meet program guidelines.
- Partial Payments for Tuition
- If a school requires a deposit to secure enrollment, the Authority may pay up to $1,000 before the first quarterly deposit. This amount will be deducted from later payments.
Important Rules About Using Funds
- If a school requires a deposit to secure enrollment, the Authority may pay up to $1,000 before the first quarterly deposit. This amount will be deducted from later payments.
- Funds can only be used for qualified education expenses like tuition, tutoring, and approved services (curriculum, therapy).
Funds can't be used for late fees, personal expenses, or services provided by family members. Parents are responsible for paying any fees beyond the scholarship amount.