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Quality Assurance Program

Perkins Awarding and Disbursement

This assessment outlines the Federal Perkins Loan awarding & disbursement requirements. If you identify areas requiring corrective action, we recommend that you complete an Action Plan.

Activity Bar:
Federal Perkins Awarding & Disbursement Activity 1: Federal & Non-Federal Share 
Federal Perkins Awarding & Disbursement Activity 2: Account Requirements 
Federal Perkins Awarding & Disbursement Activity 3: Disbursement File Review

Additional Links: 
2016-2017 FSA Handbook, Campus-Based Programs, Chapter 1; 2016-2017 FSA Handbook, Processing Aid & Managing FSA Funds, Chapter 1; 2016-2017 FSA Handbook, Student Eligibility, Chapter 3

Please note the regulatory citations are referenced in the first column of the assessment. To link to any of the regulatory references, click on the link in the regulatory link column and scroll down to the applicable section. 

 

Federal Perkins Loan Awarding and Disbursing Regulatory Link(s) Activity
Administrative Cost Allowance (ACA) 34 CFR 673.7

34 CFR 668.24

34 CFR 668.32

34 CFR 668.31 through 668.40

34 CFR 668.130 through 668.139

34 CFR 668.161 through 668.167

34 CFR 673.4

34 CFR 673.7

34 CFR 674.1

34 CFR 674.2

34 CFR 674.5

34 CFR 674.8

34 CFR 674.9

34 CFR 674.10

34 CFR 674.12

34 CFR 674.13

34 CFR 674.16

34 CFR 674.17

34 CFR 674.18

34 CFR 674.19

34 CFR 674.20

34 CFR 674.31

 
Definitions 34 CFR 675.2  
Program Participation Agreement 34 CFR 675.8  
Purpose and identification of common provisions 34 CFR 674.1  
Federal Perkins Loan Program cohort default rate and penalties 34 CFR 674.5  
Program Participation Agreement 34 CFR 674.8  
Allocation of Funds 34 CFR 673.4(a)  

Student Eligibility Criteria: 34 CFR 674.9; (34 CFR 668.31 through 668.40) and (34 CFR 668.130 through 668.139)

  • Willingness to Repay 34 CFR 674.9(e)
  • Previous Disability Cancellation 34 CFR 674.9(g) and (h)
  • Medical Internship or Residency HEA 464(c)(2)(A)(i)
  • Incarcerated Students 34 CFR 668.32(c)(3)
  • Teacher Certification Programs 34 CFR 668.32(a)(1)(iii)
  • Borrowers in Default HEA 464(b)(1)
Federal Perkins Awarding & Disbursement Activity 3: Disbursement File Review

Selection of Students for Loans 34 CFR 674.10

  • Exceptional Need 34 CFR 674.10(a)(1)
  • Independent and Less-Than-Full-Time Students 34 CFR 674.10(b)
 
Loan Maximums 34 CFR 674.12  
Reimbursement to the Fund 34 CFR 674.13  

Making and Disbursing Loans 34 CFR 674.16

  • General Disbursement Requirements 34 CFR 668.161 through 668.167
  • Counseling Students 34 CFR 674.16(a)
  • Frequency of Disbursements 34 CFR 674.16(b)
  • Uneven Costs 34 CFR 674.16(c)
  • Paying Students before the Student begins attendance 34 CFR 674.16(f)
  • Power of Attorney 34 CFR 674.16(g)
  • Credit Bureau Reporting 34 CFR 674.16(h)
  • Reporting enrollment and loan status information 34 CFR 674.16(j)
 

Federal interest in allocated funds – transfer of Fund 34 CFR 674.17

 
Use of Funds 34 CFR 674.18
  • Transfer of Funds 34 CFR 674.18(b)
 

Fiscal procedures and records 34 CFR 674.19

  • Recordkeeping Requirements 34 CFR 668.24
  • Account Requirements 34 CFR 668.161 through 668.167
  • Deposit of ICC into fund 34 CFR 674.19(c)
  • Records and Reporting 34 CFR 674.19(d)
  • Retention of Records 34 CFR 674.19(e)
  • Promissory Note 34 CFR 674.19(e)(2), 34 CFR 674.31
Federal Perkins Awarding & Disbursement Activity 1: Federal and Non-Federal Share

Federal Perkins Awarding & Disbursement Activity 2: Account Requirements
Compliance with equal credit opportunity requirements 34 CFR 674.20  

Last Updated November 2016

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