N.Y. Comp. Codes R. & Regs. tit. 8 § 2405.1

Current through Register Vol. 46, No. 50, December 11, 2024

Section 2405.1 - Remedies

The president shall be empowered at his discretion after consideration of relevant circumstances and equity with respect to a refund and/or overpayment owed from a student or institution to:

(a) require immediate and full repayment;

(b) accept a repayment schedule or installment payments over a reasonable period of time;

(c) establish an escrow account with corporation as security for eventual repayment of a liability;

(d) reduce any future award received by such student by the amount of the refund due;

(e) reduce any future payments receivable by the institution on behalf of currently eligible students by the amount of refund due with the direction to the institution to consider each eligible student's account to have been credited with the amount of his award eligibility for that term of attendance; or

(f) immediately, including during the pendency of any proceeding under section 2405.3 of this Part, and without prior notice, to suspend all or part of any payments due or payable to an institution for awards or prepayments thereof until payment of the refund due has been made or, if applicable, satisfactory repayment arrangements have been entered into. Written notice of the action shall be transmitted to the institutions within five days thereof.

N.Y. Comp. Codes R. & Regs. Tit. 8 § 2405.1