§ 1078–4 - Commingling of funds

CHAPTER 28— HIGHER EDUCATION RESOURCES AND STUDENT ASSISTANCE › SUBCHAPTER IV— STUDENT ASSISTANCE

Notwithstanding any other provision of this part regarding permissible uses of funds from any source, funds received by a guaranty agency under any provision of this part may be commingled with funds received under any other provision of this part and may be used to carry out the purposes of such other provision, except that—

(1) the total amount expended for the purposes of such other provision shall not exceed the amount the guaranty agency would otherwise be authorized to expend; and

(2) the authority to commingle such funds shall not relieve such agency of any accounting or auditing obligations under this part.