§ 668.59. Consequences of a change in an applicant's FAFSA information.
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/us/cfr/t34/s§ 668.59·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)For the subsidized student financial assistance programs, if an applicant's FAFSA information changes as a result of verification, the applicant or the institution must submit to the Secretary any changes to---
(1)A nondollar item; or
(2)A single dollar item of \$25 or more.
(b)For the Federal Pell Grant Program, if an applicant's FAFSA information changes as a result of verification, an institution must---
(1)Recalculate the applicant's Federal Pell Grant on the basis of the EFC on the corrected valid SAR or valid ISIR; and (2)(i) Disburse any additional funds under that award only if the institution receives a corrected valid SAR or valid ISIR for the applicant and only to the extent that additional funds are payable based on the recalculation;
(ii)Comply with the procedures specified in § 668.61 for an interim disbursement if, as a result of verification, the Federal Pell Grant award is reduced; or---
(iii)Comply with the procedures specified in 34 CFR 690.79 for an overpayment that is not an interim disbursement if, as a result of verification, the Federal Pell Grant award is reduced.
(c)For the subsidized student financial assistance programs, excluding the Federal Pell Grant Program, if an applicant's FAFSA information changes as a result of verification, the institution must---
(1)Adjust the applicant's financial aid package on the basis of the EFC on the corrected valid SAR or valid ISIR; and (2)(i) Comply with the procedures specified in § 668.61 for an interim disbursement if, as a result of verification, the financial aid package must be reduced;
(ii)Comply with the procedures specified in 34 CFR 673.5(f) for a Federal Perkins loan or an FSEOG overpayment that is not the result of an interim disbursement if, as a result of verification, the financial aid package must be reduced; and
(iii)Comply with the procedures specified in 34 CFR 685.303(e) for Direct Subsidized Loan excess loan proceeds that are not the result of an interim disbursement if, as a result of verification, the financial aid package must be reduced. Approved by the Office of Management and Budget under control number 1845-0041) (Authority: 20 U.S.C. 1094)
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§ 668.59
Consequences of a change in an applicant's FAFSA information.
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