Policy Frequently Asked Question: Business Days Versus Calendar Days in Student Aid Regulations

When I read regulations about delivering Stafford loan funds to the student, I cannot tell if the time frames include weekends and holidays or if they are meant to be based on business days in the office. Can you clarify?

Unless otherwise explicitly stated in the regulation, the U.S. Department of Education counts time frames specific to Title IV loan regulations as calendar days — including weekends and holidays.

There are a few instances in which the Department specifically provides for a business-day rule — most notably in the cash management rules that specify when the loan funds must be returned to the lender during initial, conditional and return periods. See 34 CFR 668.167(b)(2) for more information about those rules. Business days exclude weekends and holidays.