To be eligible for assistance, a student must—

1. (a) Meet the relevant eligibility requirements contained in 34 CFR 668.32; and

2. (b) Have substantial financial need as determined annually in accordance with the State's criteria approved by the Secretary.

   (Authority: 20 U.S.C. 1070c-2, 1091)

[52 FR 45433, Nov. 27, 1987, as amended at 65 FR 38730, June 22, 2000]