Current as of October 03, 2022 | Updated by FindLaw Staff
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(a) General. By applying for a Direct Loan, a borrower authorizes the school to pay directly to the Secretary that portion of a refund or return of title IV, HEA program funds from the school that is allocable to the loan. A school—
(1) Must pay that portion of the student's refund or return of title IV, HEA program funds that is allocable to a Direct Loan to the Secretary; and
(2) Must provide simultaneous writ-ten notice to the borrower if the school pays a refund or return of title IV, HEA program funds to the Secretary on be-half of that student.
(b) Determination, allocation, and payment of a refund or return of title IV, HEA program funds. In determining the portion of a student's refund or return of title IV, HEA program funds that is allocable to a Direct Loan, the school must follow the procedures established in 34 CFR 668.22 for allocating and paying a refund or return of title IV, HEA program funds that is due.
(Authority: 20 U.S.C. 1087a et seq.)
Cite this article: FindLaw.com - Code of Federal Regulations Title 34. Education § 34.685.306 Payment of a refund or return of title IV, HEA program funds to the Secretary - last updated October 03, 2022 | https://codes.findlaw.com/cfr/title-34-education/cfr-sect-34-685-306/
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