PFC Payment Procedures

Grant proceeds are disbursed in multiple installments, depending upon the number of terms financed by the grant; with the exception that multiple disbursements will not be required in cases where the applicant’s eligibility is not determined until the final term of the academic year for which the grant is being awarded. When a student is attending only one term and the maximum award does not exceed the student’s cost of attendance, the grant proceeds will be awarded in one single disbursement.

An instructional cover letter and a Certification of Enrollment for Payment roster is sent to the institution to be completed as part of the payment process. Payment of grant proceeds is requested each term by the institution.

In the event that funds are insufficient to make awards to all eligible applicants, ISAC will make award determinations on the basis of the dates that the completed applications were received and the following:

1. first semester and first quarter awards will be paid, or prorated if funding is insufficient to pay all grants in full;
   
2. if funds remain after first semester and first quarter awards are paid, then second semester/second and third quarter awards will be paid, or prorated if funds remaining are insufficient to pay all grants in full;
   
3. if funds remain after second semester/second and third quarter awards are paid, summer term awards will be paid, or prorated if funding insufficient to pay all grants in full; and
   
4. if funds are still available when the preceding claims have been paid in full, awards for the difference between in-district/state and out-of-district/state tuition will be paid, or prorated if funds remaining are insufficient to pay all such grants in full.