StacksVerified U.S. regulatory reference

34 CFR §681.54

Verified against eCFR.gov as of June 20, 2026View official text on eCFR.gov ↗
A participating school must pay that portion of a refund that is allocable to a HEAL loan directly to the original lender (or to a subsequent holder of the loan note, if the school has knowledge of the holder's identity). At the same time, the school must provide to the borrower written notice that it is doing so.