Section 2759.40  Institutional Procedures

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

b)         To provide sufficient time for processing and vouchering through the State Comptroller's Office in Springfield, all payment requests except for summer term must be received by ISAC no later than July 1.  Summer term payment requests must be received no later than July 31.

c)         ISAC shall disburse funds in two or three installments, depending on the number of terms financed by the award, except that 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 funds are 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 the funds, the institution shall verify the recipient's enrollment status for the term for which the award was intended. If enrolled, the institution shall then credit the funds to the recipient's account for tuition and fees due and payable. Upon receipt of the funds, if the recipient has withdrawn from enrollment for the terms for which the award was intended, the institution shall return the amount of the payment to ISAC.

f)         Award Amount:

1)         Nurse educator scholarships are applicable toward tuition and fees.

2)         A recipient attending a public institution in Illinois shall receive a scholarship that shall not exceed the cost of tuition and fees at that institution.

3)         A recipient attending a private institution in Illinois may receive a scholarship sufficient to pay the cost of tuition and fees, provided the award does not exceed the maximum amount payable to a student enrolled in the most expensive comparable program of study at a public institution.

4)         A qualified applicant will also receive a stipend of not more than $10,000 for full-time enrollment. The stipend will be used to cover the cost of attendance, including living expenses. Stipends for recipients enrolled less than full-time will be prorated according to the credit hours taken.

5)         The total amount of nurse educator assistance awarded to a qualified applicant in a given academic year, when added to the other financial aid available to the qualified applicant for that year, cannot exceed the cost of attendance.