Code of Maine Rules
94 - INDEPENDENT AGENCIES
457 - FINANCE AUTHORITY OF MAINE (FAME)
Chapter 601 - THE MAINE STATE GRANT PROGRAM (MSGP)
Section 457-601-8 - Payment Procedures

Universal Citation: 94 ME Code Rules ยง 457-601-8

Current through 2024-13, March 27, 2024

Funds will be issued to the institution pursuant to the following procedures:

A. The institution shall notify the Authority of the number of students actually enrolled and eligible and the amount due.

B. The institution shall be sent funds at least once each semester for the grant money to be credited to the students actually enrolled and eligible at the time the disbursement designated for a student is requested.

C. The institution shall make payment to the recipient students by crediting the student's account or by utilizing other procedures as determined by the institution.

D. When refunds are in order, the institution's published refund policy will be used to refund the Authority its appropriate share. If the refund is processed by check, the refund check will show only whole dollars and be sent to the Authority.

E. Each institution must reconcile amounts received and amounts credited to the account of eligible students by the date determined by the Authority each year. Such reconciliation must include payment to the Authority of any amounts due to the Authority as a result of any refunds made to a student.

F. Each institution must provide reports to the Authority, as required by the Authority.

Disclaimer: These regulations may not be the most recent version. Maine may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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