[Code of Federal Regulations]
[Title 34, Volume 3]
[Revised as of July 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 34CFR674.18]

[Page 584]
 
                           TITLE 34--EDUCATION
 
                         DEPARTMENT OF EDUCATION
 
PART 674--FEDERAL PERKINS LOAN PROGRAM--Table of Contents
 
                      Subpart A--General Provisions
 
Sec. 674.18  Use of funds.

    (a) General. An institution shall deposit the funds it receives 
under the Federal Perkins Loan program into its Fund. It may use these 
funds only for making loans and the other activities specified in 
Sec. 674.8(b).
    (b) Transfer of funds. (1) An institution may transfer up to 25 
percent of the sum of its initial and supplemental Federal Perkins Loan 
allocations for an award year to the Federal Work-Study program or 
Federal Supplemental Educational Opportunity Grant program, or to both.
    (2) An institution may transfer up to the total of the sum of its 
initial and supplemental Federal Perkins Loan allocations for an award 
year to the Work-Colleges program.
    (3) An institution shall use transferred funds according to the 
requirements of the program to which they are transferred.
    (4) An institution shall report any transferred funds on the Fiscal 
Operations Report required under Sec. 674.19(d).
    (5) An institution shall transfer back to the Federal Perkins Loan 
program any funds unexpended at the end of the award year that it 
transferred to the FWS program, the FSEOG program, or the Work-Colleges 
program from the Federal Perkins Loan program.

(Authority: 20 U.S.C. 1087cc, 1087dd, and 1096)

[52 FR 45747, Dec. 1, 1987, as amended at 57 FR 32345, July 21, 1992; 59 
FR 61408, 61415, Nov. 30, 1994; 61 FR 60396, Nov. 27, 1996]