California Education Code

§ 70038

EDC § 70038 Effective Jan 1, 2015Div. 5 · Title 3 · Part 42 · Ch. 2 · Art. 23

Statute text

(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.

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Legislative history

Added by Stats. 2014, Ch. 754, Sec. 3. (SB 1210) Effective January 1, 2015.