Section 2744.40 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) Institutional Packaging
of Assistance
1) If the
recipient receives other assistance targeted specifically for tuition and fees,
the combined assistance shall not exceed the total tuition and fee expenses
incurred by the student. If it does, the institution shall reduce one of the
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 for
that institution. Any excess gift assistance is considered an overaward, and
the institution is required to notify ISAC to reduce this grant and/or other
gift assistance to prevent the overaward.
3) If
the recipient is eligible for assistance under MAP, the Scholarship Program
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 the Scholarship Program.
c) Institutional Processing
of Payments
1) 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.
2) Institutions
are required to reconcile payments, both payment data and actual funds,
received through the Scholarship Program and, as applicable, submit all
necessary corrections to student records on a timely basis.
3) Within
30 days after the end of an academic term during which Scholarship Program
funds are credited to recipient's tuition and eligible fee charges,
institutions must reconcile data received from ISAC as a result of payment
claim processing against the eligibility status throughout that term for each
student for whom payment claims were made. In reconciling the data with student
eligibility, an institution must determine whether:
A) The
amount of the claim applied to a student's tuition and eligible fee charges
exceeded the amount that the student was eligible to receive for any reason,
including as a result of billing errors or retroactive withdrawals;
B) The
amount of the claim applied to a student's tuition and eligible fee charges was
less than the amount that the student was eligible to receive for any reason,
including as a result of billing errors or retroactive withdrawals; or
C) The
amount of the claim applied to a student's tuition and eligible fee charges
equaled the amount that the student was eligible to receive.
4) Any
institution that determines that the amount of a claim applied to a student's
tuition and mandatory fee charges either exceeded the amount that the student
was eligible to receive or was less than that amount must submit an accounting
of all adjustments to ISAC within 30 days following the end of the applicable
term.
5) For
any claims determined to exceed the amount that the student was eligible to
receive, the amount in excess paid for the claims shall be remitted to ISAC
within 45 days after the end of the applicable term unless the payment is
received after the end of the applicable term. If the payment of claims is made
after the end of the applicable term, the institution shall have 60 days
following receipt of the payment to complete reconciliation and remit any funds
due to ISAC.
6) 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.
7) If
the institution does not submit refunds as required, ISAC will deduct outstanding
refunds from subsequent payments to the institution.
8) 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.