Section 2747.40  Institutional Procedures

a)         The institution shall submit eligibility information for qualified applicants in sufficient time for ISAC to make award announcements.

b)         Scholarship awards are paid directly to the approved institution of record that certifies to ISAC that the applicant is an eligible recipient.

1)         ISAC will annually establish priority claim dates for the submission of payment requests and inform schools of the required priority dates.

2)         Late payment requests will result in delayed processing of payments. Payment requests are processed in the sequence of receipt by ISAC and as funds are available.

3)         Institutions may submit their payment requests beginning 10 days prior to the start of classes for the term for which payment is being requested.

c)         ISAC shall disburse scholarship funds in two or three installments, depending on the number of terms financed by the scholarship, except those multiple disbursements shall not be required in cases where the applicant's eligibility is not determined until the final term of the academic year for which the scholarship is being awarded or when a student is attending only one term and the maximum award does not exceed the student's cost of attendance.

d)         Funds shall be remitted by ISAC to institutions on behalf of the recipients.

e)         Upon receipt of scholarship funds, the institution shall verify the recipient's enrollment status for the term for which the award was intended. If enrolled, the institution may credit the scholarship funds to the recipient's account for expenses due and payable.

f)         Upon receipt of the scholarship funds, if the recipient has withdrawn from enrollment for the terms for which the award was intended, the institution shall return the amount of the scholarship payment to ISAC.

g)         The scholarship is applicable only toward tuition and mandatory fees. The total amount of scholarship assistance awarded to a qualified applicant in an academic year, when added to other financial aid available to the qualified applicant for that year, cannot exceed the cost of attendance.

h)         To provide sufficient time for processing and vouchering through the State Comptroller's Office in Springfield, all payment requests must be received by ISAC no later than July 1.