LIS

Virginia Law

Administrative Code

Creating a Report: Check the sections you'd like to appear in the report, then use the "Create Report" button at the bottom of the page to generate your report. Once the report is generated you'll then have the option to download it as a pdf, print or email the report.

Virginia Administrative Code
Title 8. Education
Agency 40. State Council of Higher Education For Virginia
Chapter 31. Regulations Governing Certification of Certain Institutions to Confer Degrees, Diplomas, and Certificates
11/1/2025

8VAC40-31-310. Student Tuition Guaranty Fund.

A. The executive director shall appoint in writing a Manager of the Student Tuition Guaranty Fund.

B. The purpose of the fund is to reimburse tuition due to students at schools certified to operate when the school ceases to operate.

C. A claim shall be made against the fund only if the claim arises out of the cessation of operation by a school at which the student was enrolled or on an approved leave of absence at the time of the closure and the student did not complete the program of study. Claims shall be filed with the manager of the fund within three years after cessation of operation by the school. No claim filed after that period shall be considered. Claims shall be limited to the unearned tuition paid to the closing institution for which the student received no educational instruction.

D. If a teach-out agreement as outlined in 8VAC40-31-280 C 4 has been arranged for the student, the student is not entitled to a refund of unearned tuition. If a teach-out agreement was not secured, the manager shall proceed with a claim against the closed school's surety instrument, if one exists, or the balance remaining in the Student Tuition Guaranty Fund.

E. The fund shall be administered as follows:

1. The assets of the fund may not be expended for any purpose other than to pay bona fide claims made against the fund;

2. All payments into the fund shall be maintained by the state comptroller who shall deposit and invest the assets of the fund in any savings accounts or funds that are federally or state insured, and all interests or other return on the fund shall be credited to the fund; and

3. Payment into the fund shall be made in the form of a company or cashier's check or money order made payable to the "Student Tuition Guaranty Fund."

F. When a claim is allowed by the manager, the executive director shall approve the claim before payment. Refunds will be made first to the lender issuing student financial aid or the guarantor of the loan and second to the student. In the event no financial aid was involved, then refunds will be made to the student.

Statutory Authority

§ 23.1-215 of the Code of Virginia.

Historical Notes

Derived from Virginia Register Volume 22, Issue 23, eff. August 24, 2006; amended, Virginia Register Volume 30, Issue 8, eff. February 3, 2014; Volume 41, Issue 25, eff. September 11, 2025.

Website addresses provided in the Virginia Administrative Code to documents incorporated by reference are for the reader's convenience only, may not necessarily be active or current, and should not be relied upon. To ensure the information incorporated by reference is accurate, the reader is encouraged to use the source document described in the regulation.

As a service to the public, the Virginia Administrative Code is provided online by the Virginia General Assembly. We are unable to answer legal questions or respond to requests for legal advice, including application of law to specific fact. To understand and protect your legal rights, you should consult an attorney.