ScholarShare Investment Board

California Code of Regulations
Title 5: Education
Division 4.5: Scholarshare Investment Board
Chapter 2: Governorís Scholarship Programs

Section 31006 Refunds

  1. If the award recipient receives a refund of any part of the distribution from the eligible educational institution, the award recipient shall notify the Scholarshare Investment Board’s designee in writing of such amount and either provide evidence showing that the refunded amount was used for qualified higher education expenses or shall return the amount of the refund not used for qualified higher education expenses to the Scholarshare Investment Board’s designee. The Scholarshare Investment Board’s designee shall deposit any returned refunded amounts into the award recipient’s account within the Scholarshare Trust.
  2. If the eligible educational institution refunds any part of the award recipient’s distribution to the Scholarshare Investment Board’s designee, the Scholarshare Investment Board’s designee shall deposit any returned refunded amounts into the award recipient’s account within the Scholarshare Trust.
  3. If a refund from the eligible educational institution to the award recipient or to the Scholarshare Investment Board’s designee is based on a final determination pursuant to Section 31005, the Scholarshare Investment Board’s designee shall deposit any returned or refunded amounts into a forfeiture account within the Scholarshare Trust.