Ill. Admin. Code tit. 23, § 2741.40 - Institutional Procedures
Current through Register Vol. 46, No. 15, April 8, 2022
a)
Institutions shall submit payment requests to ISAC.
b) Funds shall be remitted by ISAC annually
to participating institutions on behalf of the recipients.
c) All scholarships shall be applicable only
to tuition and mandatory fees for two semesters or three quarters in an
academic year. The institution shall determine the amount of each grant, which
shall be the lesser of:
1) $5,000;
or
2) tuition and mandatory
fees.
d) The total
amount of Optometric Education Scholarship assistance awarded to a qualified
applicant in a given academic year, when added to other financial aid available
to the qualified applicant for that year, shall not exceed the cost of
attendance.
e) Upon receipt of
scholarship funds, the institution shall verify the recipient's enrollment
status for the term for which the award was intended. If enrolled, the
institution may credit the scholarship funds to the recipient's account for
expenses due and payable. The balance of the disbursement shall be released to
the recipient.
f) Upon receipt of
the scholarship funds, if the recipient has withdrawn from enrollment for the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 scholarship payment to ISAC.
Notes
Amended at 37 Ill. Reg. 9540, effective July 1, 2013
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