School Origination Option 2 [Education] Law and Legal Definition
According to 34 CFR 685.102 _b_ [Title 34 – Education; Subtitle B -- Regulations of the Offices of the Department of Education; Chapter VI -- Office of Postsecondary Education, Department of Education; Part 685 -- William D. Ford Federal Direct Loan Program; Subpart A -- Purpose and Scope], the term school origination option 2 means:
“In general, under this option the school performs the following functions: creates a loan origination record, transmits the record to the Servicer, prepares the promissory note, obtains a completed and signed promissory note from a borrower, transmits the promissory note to the Servicer, determines funding needs, initiates the drawdown of funds, receives the funds electronically, disburses a loan to a borrower, creates a disbursement record, transmits the disbursement record to the Servicer, and reconciles on a monthly basis. The Secretary may modify the functions performed by a particular school.”
Legal Definition list
- School Origination Option 2 [Education]
- School Origination Option 1 [Education]
- School or Department of Divinity
- School of Nursing
- School of Allied Health
- School Personnel [Education]
- School Prayer
- School Resource Officer
- School Security Officer [SSO]
- School Serving Low-Income Students [Education]
- School Site Mentor [Education]
