[Code of Federal Regulations]
[Title 34, Volume 3]
[Revised as of July 1, 2007]
From the U.S. Government Printing Office via GPO Access
[CITE: 34CFR648.65]

[Page 339]
 
                           TITLE 34--EDUCATION
 
 CHAPTER VI--OFFICE OF POSTSECONDARY EDUCATION, DEPARTMENT OF EDUCATION
 
PART 648_GRADUATE ASSISTANCE IN AREAS OF NATIONAL NEED--Table of Contents
 
     Subpart F_What Are the Administrative Responsibilities of the 
                              Institution?
 
Sec. 648.65  How does the institution of higher education disburse and return 

funds?

    (a) An institution that receives a grant shall disburse a stipend to 
a fellow in accordance with its regular payment schedule, but shall not 
make less than one payment per academic term.
    (b) If a fellow withdraws from an institution before completion of 
an academic term, the institution may award the fellowship to another 
individual who satisfies the requirements in Sec. 648.40.
    (c) If a fellowship is vacated or discontinued for any period of 
time, the institution shall return a prorated portion of the 
institutional payment and unexpended stipend funds to the Secretary, 
unless the Secretary authorizes the use of those funds for a subsequent 
project period. The institution shall return the prorated portion of the 
institutional payment and unexpended stipend funds at a time and in a 
manner determined by the Secretary.
    (d) If a fellow withdraws from an institution before the completion 
of the academic term for which he or she received a stipend installment, 
the fellow shall return a prorated portion of the stipend installment to 
the institution at a time and in a manner determined by the Secretary.

(Authority: 20 U.S.C. 1135c, 1135d)