Ill. Admin. Code tit. 23 § 2769.40

Current through Register Vol. 48, No. 50, December 13, 2024

Section 2769.40 - Institutional Procedures

a) The institution shall submit eligibility information for qualified applicants in sufficient time for ISAC to make the forgivable loan funds available.

b) The institution shall submit a certification of eligibility for qualified applicants with its request for payment within the timeframe 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. To provide sufficient time for processing and vouchering through the State Comptroller's Office in Springfield, all payment requests must be received by ISAC no later than July 1.

c) ISAC shall disburse the forgivable loan in two or three installments, depending on the number of terms financed by the program, except that multiple disbursements shall not be required in cases where the applicant's eligibility is not determined until the final term of the academic year for which the loan is being awarded or when a student is attending only one term and the maximum does not exceed the student's cost of attendance.

d) Funds shall be remitted by ISAC to institutions on behalf of the recipients.

e) Upon receipt of forgivable loan 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 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f) Upon receipt of the forgivable loan funds, if the recipient has withdrawn from enrollment for the terms for which the award was intended, the institution shall return the amount of the loan disbursement to ISAC.

Ill. Admin. Code tit. 23, § 2769.40