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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

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

(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.)

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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 January 02, 2025 | https://codes.findlaw.com/cfr/title-34-education/cfr-sect-34-685-306/

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