[Code of Federal Regulations]

[Title 34, Volume 3]

[Revised as of July 1, 2005]

From the U.S. Government Printing Office via GPO Access

[CITE: 34CFR674.18]



[Page 570]

 

                           TITLE 34--EDUCATION

 

 CHAPTER VI--OFFICE OF POSTSECONDARY 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]