(a) A student may receive a disbursement after the end of his or her period of enrollment if the student:
  (1) owes funds to the institution for the period of enrollment for which the award is being made; or
  (2) received a student loan that is still outstanding for the period of enrollment for which the award is being made.
(b) Funds that are disbursed retroactively shall either be used to pay the student's outstanding balance, including interest, from his or her period of enrollment at the institution or to make a payment against an outstanding loan received during that period of enrollment. Under no circumstances shall funds be released to the student.

Source Note: The provisions of this §520.8 adopted to be effective December 9, 2009, 34 TexReg 8729; amended to be effective April 10, 2013, 38 TexReg 2225