34 CFR §668.12

1. (a)This subpart establishes standards that an institution must meet in order to participate in any Title IV, HEA program.
2. (b)Noncompliance with these standards by an institution already participating in any Title IV, HEA program or with applicable standards in this subpart by a third-party servicer that contracts with the institution may subject the institution or servicer, or both, to proceedings under subpart G of this part. These proceedings may lead to any of the following actions:
   1. (1)An emergency action.
   2. (2)The imposition of a fine.
   3. (3)The limitation, suspension, or termination of the participation of the institution in a Title IV, HEA program.
   4. (4)The limitation, suspension, or termination of the eligibility of the servicer to contract with any institution to administer any aspect of the institution's participation in a Title IV, HEA program.