---
kind: "section"
citation: "34 C.F.R. § 648.65"
title: "34"
number: "648.65"
heading: "How does the institution of higher education disburse and return funds?"
url: "https://uscodex.org/cfr/34/648.65"
---

# §648.65. How does the institution of higher education disburse and return funds?

- (a) An institution that receives a grant shall disburse a stipend to a fellow in accordance with its regular payment schedule, but shall not make less than one payment per academic term.
- (b) If a fellow withdraws from an institution before completion of an academic term, the institution may award the fellowship to another individual who satisfies the requirements in [§ 648.40](/cfr/34/648.40.md).
- (c) If a fellowship is vacated or discontinued for any period of time, the institution shall return a prorated portion of the institutional payment and unexpended stipend funds to the Secretary, unless the Secretary authorizes the use of those funds for a subsequent project period. The institution shall return the prorated portion of the institutional payment and unexpended stipend funds at a time and in a manner determined by the Secretary.
- (d) If a fellow withdraws from an institution before the completion of the academic term for which he or she received a stipend installment, the fellow shall return a prorated portion of the stipend installment to the institution at a time and in a manner determined by the Secretary.

## Notes

### Authority

Authority: 20 U.S.C. 1135-1135e, unless otherwise noted.

### Source

Source: 58 FR 65842, Dec. 16, 1993, unless otherwise noted.