Page:United States Statutes at Large Volume 112 Part 2.djvu/854

 112 STAT. 1738 PUBLIC LAW 105-244 —OCT. 7, 1998 "(A) IN GENERAL. — The amount of grant or loan assistance under this title that is earned by the recipient for purposes of this section is calculated by— "(i) determining the percentage of grant and loan assistance under this title that has been earned by the student, as described in subparagraph (B); and "(ii) applying such percentage to the total amount of such grant and loan assistance that was disbursed (and that could have been disbursed) to the student, or on the student's behalf, for the payment period or period of enrollment for which the assistance was awarded, as of the day the student withdrew. "(B) PERCENTAGE EARNED. — For purposes of subparagraph (A)(i), the percentage of grant or loan assistance under this title that has been earned by the student is— "(i) equal to the percentage of the payment period or period of enrollment for which assistance was awarded that was completed (as determined in accordance with subsection (d)) as of the day the student withdrew, provided that such date occurs on or before the completion of 60 percent of the payment period or period of enrollment; or "(ii) 100 percent, if the day the student withdrew occurs after the student has completed 60 percent of the pa5anent period or period of enrollment. "(C) PERCENTAGE AND AMOUNT NOT EARNED.— For purposes of subsection (b), the amount of grant and loan assistance awarded under this title that has not been earned by the student shall be calculated by— "(i) determining the complement of the percentage of grant or loan assistance under this title that has been earned by the student described in subparagraph (B);and "(ii) applying the percentage determined under clause (i) to the total amount of such grant and loan assistance that was disbursed (and that could have been disbursed) to the student, or on the student's behalf, for the payment period or period of enrollment, as of the day the student withdrew. " (4) DIFFERENCES BETWEEN AMOUNTS EARNED AND AMOUNTS RECEIVED. — Regulations. "(A) IN GENERAL. —I f the student has received less grant or loan assistance than the amount earned as calculated under subparagraph (A) of paragraph (3), the institution of higher education shall comply with the procedures for late disbursement specified by the Secretary in regulations. "(B) RETURN. —I f the student has received more grant or loan assistance than the amount earned as calculated under paragraph (3)(A), the unearned funds shall be returned by the institution or the student, or both, as may be required under paragraphs (1) and (2) of subsection (b), to the programs under this title in the order specified in subsection (b)(3). "(b) RETURN OF TITLE IV PROGRAM FUNDS. —

�