b) ISAC awards funds paid directly to the approved institution of record that certifies to ISAC that the applicant is an eligible recipient.

1. 1) ISAC will annually establish priority claim dates for the submission of payment requests and inform schools of the required priority dates.
2. 2) Late payment requests will result in delayed processing of payments. Payment requests are processed in the sequence of receipt by ISAC and as funds are available.
3. 3) Institutions may submit their payment requests beginning 10 days prior to the start of classes for the term for which payment is being requested.

d) Funds shall be remitted by ISAC to institutions on behalf of the recipients.

1. e) Upon receipt of the funds, the institution shall verify the recipient'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 shall be released to the recipient.
2. f) Upon receipt of the funds, if the recipient has withdrawn from enrollment for the terms for which the award was intended, the institution shall return the amount of the scholarship payment to ISAC.
3. g) The scholarship is applicable toward the applicant's full cost of attendance. The total amount of scholarship assistance awarded to a qualified applicant in an award year, when added to other financial aid available to the qualified applicant for that year, cannot exceed the cost of attendance.
4. h) To provide sufficient time for processing and vouchering through the State Comptroller's Office, all payment requests must be received by ISAC no later than July 1.