Section 2760.40  Institutional Procedures

a)         Funds shall be remitted to institutions on behalf of recipients. If funds are insufficient to provide grants to all qualified students, ISAC shall allocate the appropriation according to proration.

b)         Scholarship funds may be used to finance tuition and mandatory fee expenses for any term, including a summer term.

c)         The institution submits a request for payment to ISAC. The request must be received within one year after and including the date of the student's high school graduation.

d)         Upon receipt of scholarship funds, the institution shall verify the recipient's enrollment status. If the recipient is enrolled at least half time in his or her first year of college, the institution may credit the funds to the recipient's account.

e)         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.

(Source:  Added at 33 Ill. Reg. 9776, effective July 1, 2009)