[Code of Federal Regulations]
[Title 34, Volume 3]
[Revised as of July 1, 2002]
From the U.S. Government Printing Office via GPO Access
[CITE: 34CFR668.42]

[Page 464-465]
 
                           TITLE 34--EDUCATION
 
                         DEPARTMENT OF EDUCATION
 
PART 668--STUDENT ASSISTANCE GENERAL PROVISIONS--Table of Contents
 
   Subpart D--Institutional and Financial Assistance Information for 
                                Students
 
Sec. 668.42  Financial assistance information.

    (a)(1) Information on financial assistance that the institution must 
publish and make readily available to current and prospective student's 
under this subpart includes, but is not limited to, a description of all 
the Federal, State, local, private and institutional student financial 
assistance programs available to students who enroll at that 
institution.
    (2) These programs include both need-based and non-need-based 
programs.
    (3) The institution may describe its own financial assistance 
programs by listing them in general categories.
    (b) For each program referred to in paragraph (a) of this section, 
the information provided by the institution must describe--
    (1) The procedures and forms by which students apply for assistance;
    (2) The student eligibility requirements;
    (3) The criteria for selecting recipients from the group of eligible 
applicants; and
    (4) The criteria for determining the amount of a student's award.
    (c) The institution shall describe the rights and responsibilities 
of students receiving financial assistance and, specifically, assistance 
under the title IV, HEA programs. This description must include specific 
information regarding--
    (1) Criteria for continued student eligibility under each program;
    (2)(i) Standards which the student must maintain in order to be 
considered to be making satisfactory progress in his or her course of 
study for the purpose of receiving financial assistance; and
    (ii) Criteria by which the student who has failed to maintain 
satisfactory progress may re-establish his or her eligibility for 
financial assistance;
    (3) The method by which financial assistance disbursements will be 
made to the students and the frequency of those disbursements;
    (4) The terms of any loan received by a student as part of the 
student's financial assistance package, a sample loan repayment schedule 
for sample loans and the necessity for repaying loans;
    (5) The general conditions and terms applicable to any employment 
provided to a student as part of the student's financial assistance 
package;
    (6) The institution shall provide and collect exit counseling 
information as required by 34 CFR 674.42 for borrowers under the Federal 
Perkins Loan Program, by 34 CFR 685.304 for borrowers

[[Page 465]]

under the William D. Ford Federal Direct Student Loan Program, and by 34 
CFR 682.604 for borrowers under the Federal Stafford Loan Program; and
    (7) The terms and conditions under which students receiving Federal 
Family Education Loan or William D. Ford Federal Direct Loan assistance 
may obtain deferral of the repayment of the principal and interest of 
the loan for--
    (i) Service under the Peace Corps Act (22 U.S.C. 2501);
    (ii) Service under the Domestic Volunteer Service Act of 1973 (42 
U.S.C. 4951); or
    (iii) Comparable service as a volunteer for a tax-exempt 
organization of demonstrated effectiveness in the field of community 
service.

(Approved by the Office of Management and Budget under control number 
1845-0022)

(Authority: 20 U.S.C. 1092)

[51 FR 43323, Dec. 1, 1986. Redesignated and amended at 64 FR 59067, 
Nov. 1, 1999]