[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: 34CFR674.63]

[Page 615-616]
 
                           TITLE 34--EDUCATION
 
 CHAPTER VI--OFFICE OF POSTSECONDARY EDUCATION, DEPARTMENT OF EDUCATION
 
PART 674_FEDERAL PERKINS LOAN PROGRAM--Table of Contents
 
                       Subpart D_Loan Cancellation
 
Sec. 674.63  Reimbursement to institutions for loan cancellation.

    (a) Reimbursement for Defense loan cancellation. (1) The Secretary 
pays an institution each award year its share of the principal and 
interest canceled under Sec. Sec. 674.55 and 674.59(a).
    (2) The institution's share of cancelled principal and interest is 
computed by the following ratio:
[GRAPHIC] [TIFF OMITTED] TC15NO91.027


[[Page 616]]


Where I is the institution's capital contribution to the Fund, and F is 
the Federal capital contribution to the Fund.

    (b) Reimbursement for NDSL and Federal Perkins loan cancellation. 
The Secretary pays an institution each award year the principal and 
interest canceled from its student loan fund under Sec. Sec. 674.53, 
674.54, 674.56, 674.57, 674.58, 674.59(b), and 674.60. The institution 
shall deposit this amount in its Fund.

(Authority: 20 U.S.C. 428 and 1087ee)

[52 FR 45758, Dec. 1, 1987. Redesignated and amended at 59 FR 61413, 
61415, Nov. 30, 1994]