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Code of Federal Regulations Title 34. Education § 34.674.63 Reimbursement to institutions for loan cancellation

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

(a) Reimbursement for Defense loan cancellation.

(1) The Secretary pays an institution each award year its share of the principal and interest canceled under §§ 674.55 and 674.59(a).

(2) The institution's share of cancelled principal and interest is computed by the following ratio:

I

I + F

Where I is the institution's capital contribution to the Fund, and F is the Federal capital contribution to the Fund.

(b) Reimbursement for NDSL and Federal Perkins loan cancellation. The Secretary pays an institution each award year the principal and interest canceled from its student loan fund under §§ 674.53, 674.54, 674.56, 674.57, 674.58, 674.59(b), and 674.60. The institution shall deposit this amount in its Fund.

(Authority:  20 U.S.C. 428 and 1087ee)

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Cite this article: FindLaw.com - Code of Federal Regulations Title 34. Education § 34.674.63 Reimbursement to institutions for loan cancellation - last updated January 02, 2025 | https://codes.findlaw.com/cfr/title-34-education/cfr-sect-34-674-63/

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