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Code · BILL · 114th Congress · S. 2859 (Introduced in Senate) — To establish a competitive grant program to incentivize States to implement comprehensive reforms and innovative stra... · Sec. 8

Sec. 8. Uses of funds

150 words·~1 min read·/bill/114/s/2859/is/section-8·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

A State receiving funds from a grant under this Act shall use such funds to carry out the activities of the grant. A State receiving funds from a grant under this Act may enter into a partnership or agreement with a nonprofit organization, such as a nonprofit organization that specializes in financial literacy or other subjects, to carry out the activities under the grant. A State receiving funds from a grant under this Act shall not use such funds to— promote any lender's loans; or compensate for a decrease in the appropriations for higher education made by the State.
If an implementation grant is terminated under section 4(d)(2)(B), the State that received such grant shall return any unused funds of the grant to the Secretary. The Secretary shall use such funds to— increase funds made available to other grants awarded under this Act; or award additional grants to other States.
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