Section 2737.30  Program Procedures

a)         All applicants must complete and file the form that the U.S. Department of Education (ED) designates as an application for federal student financial aid for the purposes of determining financial need.

b)         ISAC shall be notified in January of each year of all moneys deposited by the 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 Secretary of State shall deposit $25 per each set of license plates issued or renewed into the University Grant Fund on behalf of the institution.

c)         Each State fiscal year, all moneys deposited into the University Grant Fund shall, subject to appropriation, be distributed to ISAC to make reimbursements to participating private colleges and universities for grants made pursuant to this Part.

d)         A recipient may receive the equivalent of 10 semesters/15 quarters of full-time award payments.

(Source:  Amended at 32 Ill. Reg. 10320, effective July 1, 2008)