Ill. Admin. Code tit. 23, § 2740.40 - Institutional Procedures
Current through Register Vol. 46, No. 15, April 8, 2022
a) The
institution shall submit eligibility information for qualified applicants in
sufficient time for ISAC to make award announcements.
b) The institution shall submit its request
for payment 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. By submitting a payment request,
an institution is certifying that the qualified applicants meet the
requirements of Section
2740.20.
c) Funds shall be remitted by ISAC to
institutions on behalf of the recipients.
d) Upon receipt of grant funds, the
institution shall verify the qualified applicant's enrollment status. If
enrolled, the institution may credit the grant funds to the student's account
for expenses due and payable. The balance of the disbursement shall be released
to the recipient.
e) Upon receipt
of the grant, if the qualified applicant has withdrawn from enrollment for the
terms for which the award was intended, the institution shall return the amount
of the grant payment to ISAC.
f)
Assistance received by a student under CCTG must not be reduced by the receipt
of other financial aid from any source. Other aid must be reduced when the
total amount of gift assistance received would exceed the cost of attendance
used to calculate Title IV aid for that student.
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.
h) Payment requests received
after those dates for the award year will be processed as time and available
funds permit; however, final action may require institutions to go to the
Illinois Court of Claims to obtain payment for approved claims. (See the Court
of Claims Act [705 ILCS 505 ].)
Notes
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