New York Codes, Rules and Regulations
Title 8 - EDUCATION DEPARTMENT
Chapter XX - Higher Education Services Corporation
Subchapter D - The New York Higher Education Loan Program (nyhelps)
Part 2213 - The New York Higher Education Loan Program (nyhelps)
Section 2213.15 - Processing program loan refunds

Universal Citation: 8 NY Comp Codes Rules and Regs ยง 2213.15

Current through Register Vol. 46, No. 39, September 25, 2024

(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.

Disclaimer: These regulations may not be the most recent version. New York may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.