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FAP

Citations: (R)668.162
AsOfDate: 12/31/95

Definitions.

The following definitions apply to terms used in this


subpart:

Check: A negotiable demand draft or warrant.

Credit an account: To post a payment of funds to a


student's account.

Day: A calendar day unless otherwise specified.

Disburse: To make a payment of title IV, HEA


program funds, or deliver the proceeds of a loan under the
FFEL Program to or on behalf of a student--

(1) Directly by--

(i) Check or other means payable to and requiring the


endorsement or certification of the student, or in the case of a
parent borrower under the Direct Loan or FFEL programs, the
student's parent;

(ii) Initiating an electronic funds transfer (EFT) to a


bank account designated by the student, or in the case of a
parent borrower under the Direct Loan or FFEL programs, to a
bank account designated by the parent; or

(iii) Dispensing cash for which an institution obtains a


signed receipt from the student, or in the case of a PLUS Loan
from the parent borrower; or

(2) By crediting the student's account.

Drawdown: A process whereby an institution requests


and receives title IV, HEA program funds.

Issue checks: To release, distribute, or make


available a check by--

(1) Mailing the check to a student or parent; or

(2) Notifying the student or parent expeditiously that


the check is available on demand for immediate pickup.

Period of enrollment: (1) With respect to the Direct


Loan Program, a period of enrollment as defined in Sec.
685.102;

(2) With respect to the FFEL Program, a period of


enrollment as defined in Sec. 682.200.

Request for cash: A solicitation for cash that is


completed and submitted in accordance with procedures
contained in the Recipient's Guide for the Department of
Education Payment Management System. This guide is
published by the Department of Education, 600 Independence
Avenue, S.W., Room 3321, Federal Office Building 10,
Washington, D.C. 20202-4331, and contains the procedures
institutions use to request, report, and account for Federal
funds.

(Authority: 20 U.S.C. 1094)

Note: (1)(iii) definition of Disburse amended June 30, 1995,


effective July 31, 1995.