Section 2738.40 Institutional Procedures
a) The
institution shall certify the applicant's award amount within the time frame
requested by ISAC, which shall be no sooner than 30 days unless a more rapid
response is necessary to expend appropriated funds prior to the end of the
academic year.
b) The
institution shall determine the amount of each grant, which shall be the lesser
of:
1) $1,000;
or
2) tuition
and mandatory fees.
c) Institutional packaging
of assistance:
1) If
the recipient receives other assistance targeted specifically for tuition and
mandatory fees, the combined assistance shall not exceed the total tuition and
mandatory fee expenses incurred by the student. If it does, the institution
shall reduce awards accordingly.
2) Notwithstanding
the provisions of other ISAC administered programs, the total amount of a
student's gift assistance may not exceed the student's cost of attendance at
that institution. Any excess gift assistance is considered an overaward and the
institution is required to notify ISAC to reduce this grant or other gift
assistance to prevent an overaward.
3) If
the recipient is eligible for assistance under MAP, the recipient may not be
eligible for a full MAP grant because the Grant Program for a Child Raised by
Grandparent must be factored into the financial aid package prior to receiving
MAP gift assistance. The institution, however, may request a MAP grant to
finance tuition and mandatory fee expenses not paid by this program.
d) When
submitting payment requests, the institution shall certify that the recipient
meets the eligibility requirements.
e) Within
30 days after and including the date of receiving payment, the institution
shall credit the award toward the recipient's tuition and mandatory fee charges
for the appropriate term.
f) Award
payments made in the name of one recipient cannot be applied to another
recipient at the same institution. A refund of the payment must be submitted to
ISAC and a supplemental request must be made and processed for the proper
recipient.
g) 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.