Nebraska § 85-2426 - Guaranty Recovery Cash Fund; use; claim.

§ 85-2426. Guaranty Recovery Cash Fund; use; claim.

(1) The money in the Guaranty Recovery Cash Fund shall be used in the following order of priority:

(a) To reimburse any student injured by the termination of operations by a for-profit postsecondary institution on or after September 1, 2017, for the cost of tuition and fees. A student injured by the termination of operations by a for-profit postsecondary institution means (i) a student who has paid tuition and fees to the institution for which classes were offered but not finished due to termination of operations, (ii) a student who has paid tuition and fees to the institution for which classes were not offered and no refunds were made, and (iii) a student who ceased to be enrolled in classes at an institution while the institution was in operation and to whom a refund of unearned tuition and fees became due from the institution after the institution terminated operations and no refunds were made within the institution’s required time period following the student’s withdrawal from the institution;

(b) To reimburse any former student of a for-profit postsecondary institution that has terminated operations on or after September 1, 2017, for the cost of obtaining such student’s student records;

(c) To reimburse the University of Nebraska for reasonable expenses directly associated with the storage and maintenance of academic records pursuant to sections 85-173 and 85-174 of those students adversely affected by termination of operations by a for-profit postsecondary institution; and

(d) To reimburse the Nebraska Opportunity Grant Fund for any funds distributed to a for-profit postsecondary institution for an academic term that was not completed by students receiving awards under the Nebraska Opportunity Grant Act due to the termination of operations by a for-profit postsecondary institution after September 1, 2017, to the extent such funds are not returned to the Nebraska Opportunity Grant Fund by the for-profit postsecondary institution.

(2) No claim shall be allowed unless the claim is submitted within one year after the termination of operations by the for-profit postsecondary institution and there are sufficient funds available in the Guaranty Recovery Cash Fund to pay the claim.