107 STAT. 822 PUBLIC LAW 103-82—SEPT. 21, 1993 Regulations. mit to the Corporation a statement, in a manner prescribed by the Corporation, that— "(A) identifies each eligible individual filing an application under paragraph (1) for a disbiirsement of the individual's national service educational award under this subsection; "(B) specifies the amounts for which such eligible individuals are, consistent with paragraph (6), quafified for disbursement under this subsection; "(C) certifies that— "(i) the institution of higher education has in effect a program participation agreement under section 487 of the Higher Education Act of 1965 (20 U.S.C. 1094); "(ii) the institution's eligibility to participate in any of the programs under title IV of such Act (20 U.S.C. 1070 et seq.) has not been limited, suspended, or terminated; and "(iii) individuals using national service educational awards received under mis subtitle to pay for educational costs do not comprise more than 15 percent of the total student population of the institution; and "(D) contains such provisions concerning financial compliance as the Corporation may require. "(3) DISBURSEMENT OF PAYMENTS.Upon receipt of a statement fh>m an institution of higher education that complies with paragraph (2), the Corporation shall, subject to paragraph (4), disburse the total amount of the national service eaucational awards for which eligible individuals who have submitted applications to that institution under paragraph (1) are scheduled to receive. Such disbursement shall be made by check or other means that is payable to the institution and requires the endorsement or otner certification by the eligible individual. "(4) MULTIPLE DISBURSEMENTS REQUIRED. —The total amount required to be disbursed to an institution of higher education under paragraph (3) for any period of enrollment shall be disbursed by the Uoiporation in 2 or more installments, none of which exceeds V^ of such total amoiuit. The interval between the first and second such installment shall not be less than V2 of such period of enrollment, except as necessary to permit the second installment to be paid at the beginning of the second semester, quarter, or similar division of such period of enrollment. "(5) REFUND RULES. —The Corporation shall, by regulation, provide for the refund to the Corporation (and the. crediting to the national service educational award of an eligible individual) of amounts disbursed to institutions for the benefit of eligible individuals who withdraw or otherwise fail to complete the period of enrollment for which the assistance was provided. Such regulations shall be consistent with the fair and equitable refund policies required of institutions pursuant to section 484B of the Higher Education Act of 1965 (20 U.S.C. 1091b). Amounte refunded to the Trust pursuant to this paragraph may be used by the Corporation to fund additional approved national service positions under subtitle C. "(6) MAXIMUM AWARD. — The portion of an eligible individual's total available national service educational award that
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