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RULE §21.134Allocation and Reallocation of Funds for Private or Independent Institutions of Higher Education

(a) Allocations. Allocations for the B-On-Time Program are to be determined on an annual basis as follows:

  (1) All eligible institutions will be invited to participate; those choosing not to participate will be left out of the calculations for the relevant year.

  (2) The allocation base for each institution choosing to participate will be its three-year average share of Texas residents enrolled full time in an undergraduate degree program who completed a FASFA.

  (3) The source of data used for the allocation calculations are the three most recently certified financial aid database reports submitted to the Board by the institutions.

  (4) Verification of Data. Allocation calculations will be shared with all participating institutions for comment and verification prior to final posting of the allocations on the Board's loan program website. Institutions will be given 10 working days, beginning the day of the notice's distribution and excluding State holidays, to confirm that the calculations accurately reflect data submitted by the institutions.

(b) Reallocations. Institutions will have until February 20, or the first working day thereafter if it falls on a weekend or holiday, to encumber the program funds that have been allocated to them. On that date, institutions lose claim to any unspent funds not yet disbursed to students. The funds released in this manner are available to the Board for reallocation to other institutions. If necessary for ensuring the full use of funds, subsequent reallocations may be scheduled until all funds are disbursed.

(c) Reductions in Funding.

  (1) If funding for the program is reduced during the first year of a biennium, the Board may choose to forego reallocations to better distribute the reduction across the biennium.

  (2) If funding is reduced prior to the beginning of the second year of a biennium, the Board may take steps to help distribute the impact of reduced funding across all participating institutions by an across-the-board percentage decrease in all institutions' allocations.

Source Note: The provisions of this §21.134 adopted to be effective March 4, 2014, 39 TexReg 1365

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