To be eligible for assistance, a student must—

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

(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]