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{ISAC Rules, Section 2763.40}
Funds shall be remitted by ISAC to institutions on behalf of the student(s). Awards are made in multiple disbursements. The maximum award amount per regular school year is $5,000. For full-year awards, semester schools receive two disbursements; quarter schools receive three disbursements.
Multiple disbursements are not required in cases where the recipient’s eligibility is not determined until the final term of the award year for which the scholarship is being awarded. If the student has applied for or is enrolled in a term(s) which is less than the award year, he or she may receive the full $5,000.
Upon receipt of the scholarship funds, the school shall verify the student's enrollment status for the term for which the award was intended. If enrolled, the institution may credit the scholarship funds to the recipient’s account for expenses due and payable. The balance of the disbursement is to be released to the recipient.
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