Educational institutions should contact the Regional Administrator for Student Financial Assistance in appropriate ED Regional Office. See Appendix IV of the Catalog. 400 Maryland Ave., SW., Washington, DC 20202-5446. Pamela A. Moran, Chief, Loans Branch. Institutions award funds to students on the basis of financial need as determined by the Federal Needs Analysis Methodology specified in statute.
Institutions use funds to make loans to needy, eligible students for meeting educational expenses.
For a program of study abroad that has reasonable costs in excess of the home costs, the annual and aggregate limits may be exceeded by 20 percent. Institutions must have a nonfederal audit done on at least an annual basis at its own expense. Audits may also be performed at Government expense by the Department of Education's Office of the Inspector General as often as its time schedule will allow or when deemed necessary by the Secretary. Except for loan records and records of expenditures questioned in audits or Departmental program reviews, an institution must keep records for an award year for three years after submitting its Fiscal Operations Report for an award year, or until final resolution of an applicable audit or program review, whichever is later. An institution must keep loan repayment records for at least three years from the date of satisfaction of the loan or assignment of the loan to the United States, or it is canceled.