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{ISAC Rules, Section 2737.40}
Each January ISAC is notified of all moneys deposited by the Illinois Secretary of State into the University Grant Fund, on behalf of each participating institution, from the issuance or renewal of collegiate license plates during the previous calendar year. The Illinois Secretary of State shall deposit $25 per each set of license plates sold. All moneys deposited into the University Grant Fund are appropriated to ISAC to make reimbursements to participating private colleges and universities for HELP grants.
At the beginning of each State fiscal year, ISAC shall notify each participating institution of the amount of funds available for that institution and remit those funds to the institution. A payment request form is sent to the institution that must be signed and returned to ISAC.
The institution determines the amount of each grant, which is the lesser of:
- $2,000 for two semesters or three quarters of full-time undergraduate enrollment or $1,000 for two semesters or three quarters of half-time undergraduate enrollment;
- the amount of tuition and mandatory fees applicable to two semesters or three quarters of full-time or half-time undergraduate enrollment;
- the amount of the applicant’s financial need; or
- the remaining funds available.
The institution shall award the full amount of funds disbursed in the academic year that it was received. The institution will also notify applicants that grant assistance is contingent upon the availability of funds appropriated for the program.
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