(a) Carry-over authority
(1) Of the sums granted to an eligible institution under this part for any fiscal year, 10 percent may, at the discretion of the institution, remain available for expenditure during the succeeding fiscal year to carry out programs under this part.
(2) Any of the sums so granted to an institution for a fiscal year which are not needed by that institution to operate work-study programs during that fiscal year, and which it does not wish to use during the next fiscal year as authorized in the preceding sentence, shall remain available to the Secretary for making grants under section
2753 of this title to other institutions in the same State until the close of the second fiscal year next succeeding the fiscal year for which such funds were appropriated.
(b) Carry-back authority
(1) Up to 10 percent of the sums the Secretary determines an eligible institution may receive from funds which have been appropriated for a fiscal year may be used by the Secretary to make grants under this part to such institution for expenditure during the fiscal year preceding the fiscal year for which the sums were appropriated.
(2) An eligible institution may make payments to students of wages earned after the end of the academic year, but prior to the beginning of the succeeding fiscal year, from such succeeding fiscal years appropriations.
(c) Flexible use of funds An eligible institution may, upon the request of a
student, make payments to the
student under this part by crediting the students account at the institution or by making a direct deposit to the students account at a depository institution. An eligible institution may only credit the students account at the institution for
(1) tuition and fees,
(2) in the case of institutionally owned housing, room and board, and
(3) other institutionally provided goods and services.
