Describes correct procedures for disbursing federal financial aid funds to students and handling fund returns for students who do not complete an enrollment period, as well as schools' continuing responsibilities for former students.

Shows how a school must check a student's enrollment status, academic eligibility, and outstanding loan amounts before setting award figures and disbursing funds for a payment period.

Describes procedures for determining award amounts and payment dates, and discusses rules for disbursing payments to students in term-based and nonterm programs.

Shows what financial aid administrators do when a student who was awarded and disbursed (or could have been disbursed) Title IV aid doesn't complete a payment period or a period of enrollment.

Outlines loan collection functions performed by schools for the Perkins Loan Program and data management tasks schools must complete for the Direct Loan and FFEL Programs.

Describes the functions and contents of the National Student Loan Data System (NSLDS) and schools' responsibilities for providing data; tells how NSLDS data are used to monitor student eligibility and check the financial aid history of transfer students.