(a) If, during an academic year, a student who is receiving any student financial assistance award withdraws from the institution at which the award is used or otherwise fails to remain eligible for the award, the institution shall make a pro rata refund to the Office or other donor on the same terms that it makes refunds to students.
(b) Any refund may be reawarded on an interim basis under this title until the end of the academic year. Any requirement of an examination is waived for the recipient of an interim award.
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