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{ISAC Rules, Section 2741.40}
Payment requests should be submitted by the institution to ISAC. By submitting a payment request, the institution is certifying that the applicants meet the program’s eligibility requirements. Funds will be sent by ISAC on an annual basis to participating institutions on behalf of the recipients.
Upon receiving the scholarship funds, the institution must verify the enrollment status for each recipient for the term(s) for which the award was intended. The institution may credit the scholarship funds to the recipient’s account for expenses that are due, and disburse any remaining balance to the student.
If a recipient has withdrawn from enrollment for the term(s) for which the award was intended, the institution must return the amount of the scholarship payment to ISAC.
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