You may take back your acceptance of any unused portion of a transferred award at any time and for any reason, prior to its expiration; however, this decision is final. By “unused portion” we mean any award balance that is still available for your use, not including any unprocessed payment requests. A separate form is required for each rescission.
The amount you choose to give back will be returned to the person who made the transfer to you, unless seven years or the extension date has passed from the date the award was earned.
You might rescind your acceptance of the award transfer if you determined that you would be unable to use the funds as intended or in the time allowed. The award can be used only to pay certain education loans or some education expenses at certain tertiary educational institutions.