34 CFR 674.17 - Federal interest in allocated funds - transfer of Fund.

§ 674.17 Federal interest in allocated funds - transfer of Fund.

(a) If an institution responsible for a Federal Perkins Loan fund closes or no longer wants to participate in the program, the Secretary directs the institution to take the following steps to protect the outstanding loans and the Federal interest in that Fund:

(1) A capital distribution of the liquid assets of the Fund according to section 466(c) of the Act.

(2) The assignment of the outstanding loans to the United States.

(b) An institution that assigns outstanding loans under this paragraph relinquishes its interest in those loans.

(Authority: 20 U.S.C. 1087cc, 1087ff), and (1087hh)
[ 52 FR 45747, Dec. 1, 1987, as amended at 59 FR 61415, Nov. 30, 1994; 60 FR 61814, Dec. 1, 1995; 67 FR 67076, Nov. 1, 2002]

Title 34 published on 2015-12-04

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 34 CFR Part 674 after this date.

  • 2017-03-16; vol. 82 # 50 - Thursday, March 16, 2017
    1. 82 FR 13968 - Federal Perkins Loan Program
      GPO FDSys XML | Text
      DEPARTMENT OF EDUCATION, Office of Postsecondary Education
      34 CFR Part 674