INSTITUTIONAL REFUNDS.

SEC. 8022. INSTITUTIONAL REFUNDS. Section 484B (20 U.S.C. 1091b) is amended—(1) in the matter preceding clause (i) of subsection (a)(2)(A), by striking “a leave of” and inserting “1 or more leaves of”;(2) in subsection (a)(3)(B)(ii), by inserting “(as determined in accordance with subsection (d))” after “student has completed”;120 STAT. 179(3) in subsection (a)(3)(C)(i), by striking “grant or loan assistance under this title” and inserting “grant assistance under subparts 1 and 3 of part A, or loan assistance under parts B, D, and E,”;(4) in subsection (a)(4), by amending subparagraph (A) to read as follows:“(A) In general.—After determining the eligibility of the student for a late disbursement or post-withdrawal disbursement (as required in regulations prescribed by the Secretary), the institution of higher education shall contact the borrower and obtain confirmation that the loan funds are still required by the borrower. In making such contact, the institution shall explain to the borrower the borrower’s obligation to repay the funds following any such disbursement. The institution shall document in the borrower’s file the result of such contact and the final determination made concerning such disbursement.”;(5) in subsection (b)(1), by inserting “not later than 45 days from the determination of withdrawal” after “return”;(6) in subsection (b)(2), by amending subparagraph (C) to read as follows:“(C) Grant overpayment requirements.—“(i) In general.—Notwithstanding subparagraphs (A) and (B), a student shall only be required to return grant assistance in the amount (if any) by which—“(I) the amount to be returned by the student (as determined under subparagraphs (A) and (B)), exceeds“(II) 50 percent of the total grant assistance received by the student under this title for the payment period or period of enrollment.“(ii) Minimum.—A student shall not be required to return amounts of $50 or less.”;(7) in subsection (d), by striking “(a)(3)(B)(i)” and inserting “(a)(3)(B)”; and(8) in subsection (d)(2), by striking “clock hours—” and all that follows through the period and inserting “clock hours scheduled to be completed by the student in that period as of the day the student withdrew.”.