Source: http://ecfr.io/Title-45/pt45.4.2530
Timestamp: 2019-01-20 01:12:58
Document Index: 644110870

Matched Legal Cases: ['art 2530', 'art 2530', 'art 2530', 'ART 2530', '§2530', '§2530', '§2530', '§2530', '§2530', '§2530', '§2530', '§2530', '§2530', '§2530', 'art 2529', '§2526', '§2528', '§2530', '§2530', '§2526', '§2526', '§2526', '§2526', '§2526', '§2528', '§2526', '§2528', '§2526', '§2528', '§2526', 'art 2529']

[45 CFR 2530] Title 45 Part 2530 : Code of Federal Regulations ';
Title 45 Part 2530
Title 45 → Subtitle B → Chapter XXV → Part 2530
PART 2530—TRANSFER OF EDUCATION AWARDS
§2530.10 Under what circumstances may an individual transfer an education award?
§2530.20 For what purposes may a transferred award be used?
§2530.30 What steps are necessary to transfer an education award?
§2530.40 Is there a limit on the number of individuals one may designate to receive a transferred award?
§2530.50 Is there a limit on the amount of transferred awards a designated individual may receive?
§2530.60 What is the impact of transferring or receiving a transferred education award on an individual's eligibility to receive additional education awards?
§2530.70 Is a designated individual required to accept a transferred education award?
§2530.80 Under what circumstances is a transfer revocable?
§2530.85 What steps are necessary to revoke a transfer?
§2530.90 Is a designated individual eligible for the payment of accrued interest under Part 2529?
Authority: 42 U.S.C. 12601-12606.
Source: 75 FR 51413, Aug. 20, 2010, unless otherwise noted.
An individual may transfer an education award if—
(a) The individual enrolled in an approved AmeriCorps State and National position or approved Silver Scholar position on or after October 1, 2009;
(b) The individual was age 55 or older on the day the individual commenced the term of service in an approved AmeriCorps State and National position or in approved Silver Scholar position;
(c) The individual successfully completed a term of service in an approved AmeriCorps State and National position or an approved Silver Scholar position;
(d) The award the individual is requesting to transfer has not expired, consistent with the period of availability set forth in §2526.40(a);
(e) The individual designated to receive the transferred award is the transferring individual's child, grandchild, or foster child; and
(f) The individual designated to receive the transferred award is a citizen, national, or lawful permanent resident alien of the United States.
A transferred award may be used by a designated individual to repay qualified student loans or to pay current educational expenses at an institution of higher education, as described in §2528.10.
(a) Request for Transfer. Before transferring an award to a designated individual, the Corporation must receive a request from the transferring individual, including—
(1) The individual's written authorization to transfer the award, the year in which the award was earned, and the specific amount of the award to be transferred;
(2) Identifying information for the individual designated to receive the transferred award;
(3) A certification that the transferring individual meets the requirements of paragraphs (a) through (c) of §2530.10; and
(4) A certification that the designated individual is the child, grandchild, or foster child of the transferring individual.
(b) Notification to Designated Individual. Upon receipt of a request including all required information listed in paragraph (a) of this section, the Corporation will contact the designated individual to notify the individual of the proposed transfer, confirm the individual's identity, and give the individual the opportunity to accept or reject the transferred award.
(c) Acceptance by Designated Individual. To accept an award, a designated individual must certify that the designated individual is the child, grandchild, or foster child of the transferring individual and that the designated individual is a citizen, national, or lawful permanent resident alien of the United States. Upon receipt of the designated individual's acceptance, the Corporation will create or permit the creation of an account in the National Service Trust for the designated individual, if an account does not already exist, and the accepted amount will be deducted from the transferring individual's account and credited to the designated individual's account.
(d) Timing of transfer. The Corporation must receive the request from the transferring individual prior to the date the award expires.
(a) General Limitation. For each award an individual earns as a result of successfully completing a single term of service, an individual may transfer all or part of the award to a single designated individual. An individual may not transfer a single award attributable to successful completion of a single term of service to more than one designated individual.
(b) Re-transfer. If a designated individual rejects a transferred award in full, or the Corporation otherwise determines that a transfer was revoked for good cause in accordance with §2530.80(c), the transferring individual may designate another individual to receive the transferred award.
Consistent with §2526.50, no individual may receive more than an amount equal to the value of two full-time education awards. If the sum of the value of the requested transfer plus the aggregate value of education awards a designated individual has previously received would exceed the aggregate value of two full-time education awards, as determined pursuant to §2526.50(b), the designated individual will be deemed to have rejected that portion of the award that would result in the excess. If a designated individual has already received the aggregate value of two full-time education awards, the individual may not receive a transferred education award, and the designated individual will be deemed to have rejected the award in full.
(a) Impact on Transferring Individual. Pursuant to §2526.50, an award is considered to be received at the time it becomes available for an individual's use. Transferring all or part of an award does not reduce the aggregate value of education awards the transferring individual is considered to have received.
(b) Impact on Designated Individual. For the purposes of determining the value of the transferred education award under §2526.50, a designated individual will be considered to have received a value equal to the amount accepted divided by the amount of a full-time award in the year the transferring individual's position was approved.
(c) Result of revocation on award value. If the transferring individual revokes, in whole or in part, a transfer, the value of the education award considered to have been received by the designated individual for purposes of §2526.50 will be reduced accordingly.
(a) General Rule. A designated individual is not required to accept a transferred education award, and may reject an award in whole or in part.
(b) Result of rejection in full. If the designated individual rejects a transferred award in whole, the amount is credited to the transferring individual's account in the National Service Trust, and may be transferred to another individual, or may be used by the transferring individual for any of the purposes listed in §2528.10, consistent with the original time period of availability set forth in §2526.40(a).
(c) Result of rejection in part. If the designated individual rejects a transferred award in part, the rejected portion is credited to the transferring individual's account in the National Service Trust, and may be used by the transferring individual's for any of the purposes listed in §2528.10, consistent with the original time period of availability set forth in §2526.40(a). An individual may not re-transfer the rejected portion of the award to another individual.
(a) Revocation. An individual may revoke a transfer at any time and for any reason prior to the award's use by the designated individual.
(b) Use of Award. Upon revocation, the amount revoked will be deducted from the designated individual's account and credited to the transferring individual's account. The transferring individual may use the revoked transferred education award for any of the purposes described in §2528.10, consistent with the original time period of availability set forth in §2526.40(a).
(c) Re-transfer. Generally, an individual may not re-transfer an award to another individual after revoking the same award from the original designated individual. The Corporation may approve re-transfer of an award for good cause, including cases in which the original designated individual was unavoidably prevented from using the award, as demonstrated by the individual transferring the award.
(a) Request for revocation. Before revoking a transfer, the transferring individual must submit a request to the Corporation that includes —
(1) The individual's written authorization to revoke the award;
(b) Credit to transferring individual. Upon receipt of a request including all required information listed in paragraph (a) of this section, the Corporation will deduct the amount specified in the transferring individual's request from the designated individual's account and credit the amount to the account of the transferring individual, except as provided in paragraph (c) of this section. The Corporation will notify the transferring individual of the amount revoked.
(c) Used awards. A revocation may only apply to that portion of the transferred award that has not been used by the designated individual. If the designated individual has used the entire transferred amount prior to the date the Corporation receives the revocation request, no amount will be returned to the transferring individual. An amount is considered to be used when it is disbursed from the National Service Trust, not when a request is received to use an award.
(d) Notification to designated individual. The Corporation will notify the designated individual of the amount being revoked as of the date of the Corporation's receipt of the revocation request.
(e) Timing of revocation. The Corporation must receive the request to revoke the transfer from the transferring individual prior to the award's expiration ten years from the date the award was originally earned.
No, an individual must have successfully completed a term of service in an approved AmeriCorps position or Silver Scholar position to be eligible for the payment of accrued interest under Part 2529.