(a) Each participating institution is entitled to an administrative cost allowance for an award year if the institution elects to advance funds under the DREAM Program to students for that award year.
(b) The amount of the administrative cost allowance described in subdivision (a) shall equal 5 percent of the institution’s total amount of DREAM loan funds awarded to students for the award year that the participating institution advances funds to students under the DREAM Program.
(c) Each participating institution may charge its administrative cost allowance to its DREAM revolving fund.
(d) Each participating institution shall use its administrative cost allowance to offset the cost of administering the DREAM Program.
(e) Each participating institution is responsible for administrative costs that exceed its administrative cost allowance.
(Added by Stats. 2014, Ch. 754, Sec. 3. (SB 1210) Effective January 1, 2015.)
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