281 NAC 8-005. DISBURSEMENT OF FUND

005. DISBURSEMENT OF FUND. The purpose of the fund is to pay claims authorized pursuant to Neb. Rev. Stat. § 85-2426. 005.01 Money in the Guaranty Recovery fund must be used in the following order of priority: 005.01(A) To reimburse any student injured by the termination of operations by a for-profit postsecondary institution on or after September 1, 2017, for the cost of tuition and fees; 005.01(B) To reimburse any former student of a for-profit postsecondary institution that has terminated operations on or after September 1, 2017, for the cost of obtaining such student’s student records; 005.01(C) To reimburse the University of Nebraska for reasonable expenses directly associated with the storage and maintenance of academic records pursuant to Neb. Rev. Stat. §§ 85-173 and 85-174 of those students adversely affected by termination of operations by a for-profit postsecondary institution; and 005.01(D) To reimburse the Nebraska Opportunity Grant Fund for any funds distributed to a for-profit postsecondary institution for an academic term that was not completed by students receiving awards under the Nebraska Opportunity Grant Act due to the termination of operations by a for-profit postsecondary institution on or after September 1, 2017, to the extent such funds are not returned to the Nebraska Opportunity Grant Fund by the for-profit postsecondary institution. 005.02 Claims against the fund may be paid in whole or in part, based upon the extent to which the class objectives were met for each claimant, and taking into account considerations including but not limited to: 005.02(A) Amounts available and likely to become available to the fund for payment of claims; 005.02(B) Total amount and number of claims presented or reasonably likely to be presented in the future; 005.02(C) Total amount and number of claims caused by the termination of operation of an institution; 005.02(D) Amounts paid out from the fund on claims in the past; 005.02(E) Total amount of monies paid to the institution by identified or prospective claimants. 005.02(F) When the institution holds a surety bond, the claimant first must file a claim against the surety bond holder or against the holder of such other security agreement which the institution has filed with the Commission.