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Code of Federal Regulations Title 34. Education § 34.674.17 Federal interest in allocated funds—transfer of Fund

Current as of January 02, 2025 | Updated by Findlaw Staff

(a) If an institution responsible for a Federal Perkins Loan fund closes or no longer wants to participate in the program, the Secretary directs the institution to take the following steps to protect the outstanding loans and the Federal interest in that Fund:

(1) A capital distribution of the liquid assets of the Fund according to section 466(c) of the Act.

(2) The assignment of the outstanding loans to the United States.

(b) An institution that assigns outstanding loans under this paragraph relinquishes its interest in those loans.

(Authority:  20 U.S.C. 1087cc, 1087ff, and 1087hh)

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Cite this article: FindLaw.com - Code of Federal Regulations Title 34. Education § 34.674.17 Federal interest in allocated funds—transfer of Fund - last updated January 02, 2025 | https://codes.findlaw.com/cfr/title-34-education/cfr-sect-34-674-17/

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