Current through Register Vol. 48, No. 38, September 20, 2024
a) Claims
for IIA-eligible students shall be submitted by the institution of record after
the institution of record certifies to ISAC that the applicant meets the
criteria listed in Section
2736.20,
Applicant Eligibility.
b) IIA
grants are paid directly to the institution of record in two disbursements
consisting of payments in an amount not to exceed $500 each term.
c) Notwithstanding the provisions of other
ISAC-administered programs, the total amount of a student's gift assistance may
not exceed the cost of attendance used to calculate Title IV aid for that
student. If a student is receiving both MAP and IIA and the gift assistance
exceeds the cost of attendance, IIA should be used first and MAP should be
reduced to prevent an overaward. For the purposes of this calculation, federal
veterans benefits are not counted as gift assistance.
d) For institutions with concurrent
registration opportunities:
1) the recipient
must indicate his/her institution of record on the financial aid
application;
2) the institution of
record shall distribute the appropriate share of the award to the other
institutions. Payment by ISAC will not be made to more than one
institution;
3) concurrent
registration is limited to ISAC-approved institutions of higher learning;
and
4) the recipient's academic
records at the institution of record must document the total number of credit
hours for which the student is enrolled.
e) If a qualified applicant withdraws from
enrollment after the expiration of the tuition refund/withdrawal adjustment
period, the qualified applicant shall receive the IIA grant payment for that
term.
f) Institutional Processing
of Payments
1) Institutions may submit their
payment requests beginning ten days prior to the start of classes for the term
for which they are requesting payment.
2) 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.
3) Payment requests received after August 1
for the prior academic year will be processed as time and available funds
permit. However, final action may require an institution to obtain payment for
approved claims through the Illinois Court of Claims. (See the Court of Claims
Act [705 ILCS 505 ].)
4) Within 30
days after receiving payment of any IIA funds, the institution shall credit the
recipient's account for the appropriate term.
5) IIA award payments in the name of one
recipient cannot be applied to another recipient at the same
institution.
6) Following receipt
of IIA payments from ISAC for the term, an institution is required to reconcile
its records. If the institution determines that refunds are due, they are to be
processed and returned to ISAC no later than 60 days following the end of the
academic term. Should the payment arrive after the end of the term, the
institution will have 60 days following the receipt of payment to complete the
reconciliation process and return any funds due.
7) If the institution does not submit refunds
as required by this Section, ISAC will deduct outstanding refunds from
subsequent institutional IIA payments.
