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{ISAC Rules, Section 2763.40 and Section 2700.50}
Upon receipt of a disbursement, the school must verify each recipient’s enrollment status for the term for which payment was made. If the recipient has withdrawn, the school must return the amount of the scholarship payment to ISAC.
The school must return the funds to ISAC within 60 days after the receipt of the payment or the end of the term, whichever date is later.
When returning funds to ISAC, the school is to use the Check Return Form and follow the procedures found at Refunds and Unpaid Claims.
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