[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: 34CFR691.78]

[Page 923]
 
                           TITLE 34--EDUCATION
 
 CHAPTER VI--OFFICE OF POSTSECONDARY EDUCATION, DEPARTMENT OF EDUCATION
 
PART 691_ACADEMIC COMPETITIVENESS GRANT (ACG) AND NATIONAL SCIENCE AND 
 
               Subpart G_Administration of Grant Payments
 
Sec. 691.78  Method of disbursement--by check or credit to a student's 

account.

    (a) An institution shall disburse funds to a student or the 
student's account in accordance with the provisions in 34 CFR 668.164.
    (b)(1) An institution that intends to pay a student directly must 
notify the student in accordance with 34 CFR 668.165(a).
    (2) If a student does not pick up the check on time, the institution 
shall still pay the student if he or she requests payment within 20 days 
after the last date that his or her enrollment ends in that award year.
    (3) If the student has not picked up his or her payment at the end 
of the 20-day period, the institution may credit the student's account 
only for any outstanding charges for tuition and fees and room and board 
for the award year incurred by the student while he or she was eligible.
    (4) A student forfeits the right to receive the payment if he or she 
does not pick up a payment by the end of the 20-day period.
    (5) Notwithstanding paragraph (c)(4) of this section, the 
institution may, if it chooses, pay a student who did not pick up his or 
her payment, through the next payment period.
    (6) An institution shall make a late disbursement to an ineligible 
student in accordance with the provisions in 34 CFR 668.164(g).

(Authority: 20 U.S.C. 1070a-1)

[71 FR 38004, July 3, 2006, as amended at 71 FR 64419, Nov. 1, 2006]