(iii) Notwithstanding any authorization received from the establishment beneath this paragraph, spend any remaining balance on personal loan money by the top in the personal loan period of time and any remaining other title IV, HEA plan cash by the top of the last payment period in the award calendar year for which they have been awarded.
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The Secretary may perhaps need an institution to take care of title IV, HEA program cash inside a separate depository account that contains no other funds If your Secretary establishes which the establishment didn't comply with—
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The main difference between fund statements and authorities-huge statements relates to taxes and grants which have not fulfilled the “accessible” criteria. Governments will have to monitor such revenues underneath the modified accrual and accrual procedures.
(B) A money account where by information about the account is communicated on to pupils through the 3rd-party servicer, or perhaps the institution on behalf of or at the side of the third-celebration servicer; or
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(ii) If the coed finished the payment interval or period of enrollment, the establishment need to provide the coed or mother or father the selection to receive the level of title IV, HEA system resources that the student or dad or mum was eligible to get while the coed was enrolled at the institution.
In accordance with techniques established with the Secretary, the Secretary may well deliver funds to an institution underneath the progress payment approach, reimbursement payment strategy, or heightened cash monitoring payment approach.
indicates a transaction initiated electronically instructing the crediting or debiting of a economic account, or an establishment's depository account. For applications of transactions initiated because of the Secretary, the term “EFT” contains all transactions lined by 31 CFR 208.
(one) Underneath the reimbursement payment approach, an establishment need to credit history a college student's ledger account for the quantity of title IV, HEA system money that the scholar or mum or dad is qualified to receive, and spend the amount of any credit history harmony because of under § 668.164(h), ahead of the institution seeks reimbursement from your Secretary for those disbursements.