Final answer:
The response time that FSA must adhere to when responding to a lender's liquidation plan is 14 days.
Step-by-step explanation:
The correct answer is B. 14 days. When a lender provides a liquidation plan to the Federal Student Aid (FSA), FSA must respond within 14 days. Federal Pell Grant Program. Who May Apply: (specifically) Undergraduate and vocational students enrolled or accepted for enrollment in participating schools may apply. Pell Grants are awarded usually only to students who have not earned a bachelor's or a professional degree. Liquidation Plan means with respect to any Company or any Fund, a plan of liquidation, a plan to dispose of a substantial portion of its assets out of the ordinary course of business (except in connection with a Permitted Merger) or any other plan of action with similar effect. This response time is important for lenders to determine the next steps in the liquidation process.