§ 685.306. Payment of a refund or return of title IV, HEA program funds to the Secretary.
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/us/cfr/t34/s§ 685.306·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(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.) \[64 FR 59044, Nov. 1, 1999; 65 FR 37045, June 13, 2000, as amended at 78 FR 65841, Nov. 1, 2013\]
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§ 685.306
Payment of a refund or return of title IV, HEA program funds to the Secretary.
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