N.Y. Comp. Codes R. & Regs. tit. 8 § 2213.15

Current through Register Vol. 46, No. 53, December 31, 2024

Section 2213.15 - Processing program loan refunds

(a) Refunds of program loan proceeds shall be processed in accordance with the college's refund policy, including the allocation of such refunds.

(b) If a program loan refund is made by the college prior to the 46th day after disbursement, there will be a proportionate refund of fees that were collected from the borrower and college.

(c) No fees shall be refunded on or after the 45th day after disbursement except in extenuating circumstances as determined by the corporation and, if applicable, the agency. Where a full refund of a program loan disbursement was made beyond the 45th day, borrower fees and college fees may also be returned as determined by the corporation and, if applicable, the agency.

(d) Refunds shall be returned to the holder, through the corporation's electronic funds transfer (EFT) refund process within 30 days of the college's determination that the borrower is no longer eligible for such funds.

N.Y. Comp. Codes R. & Regs. Tit. 8 § 2213.15