Current through Register Vol. 48, No. 34, August 23, 2024
Section 62-490 - Institutional Disbursement of Need-based GrantsA. The participating institution will identify award amounts, which cannot exceed $1,750 per eligible part-time student and $3,500 per eligible full-time student per academic year. A maximum of fifty percent of the annual award amount may be disbursed in a given term of the academic year, not to exceed 100 percent over the course of three terms of the academic year. Students who meet satisfactory academic progress (see 62-475. D.) may not receive Need-based Grant funding totaling more than $14,000 if the students are seeking their first baccalaureate degree or a program of study that is structured so as not to require a baccalaureate degree and leads to a graduate degree, $7,000 if the students are seeking their first associate's degree, or $3,500 if the students are seeking their first one-year certificate or diploma. Students who have obtained an associate's degree initially are eligible to apply for a Need-based Grant upon enrollment in their first baccalaureate degree or a program of study that is structured so as not to require a baccalaureate degree. Students who have obtained a recognized educational credential in a one-year program initially are eligible for application for a Need-based Grant upon enrollment in their first associate's degree, first baccalaureate degree, or a program of study that is structured so as not to require a baccalaureate degree and leads to a graduate degree.B. A Need-based Grant may not be applied to a second baccalaureate degree or to graduate coursework, unless the graduate coursework is required as part of a program of study that is structured so as not to require a baccalaureate degree as defined in the "Program Definitions" Section.C. The institution shall provide an award notification each academic year to Need-based Grant recipients, which will contain the terms and conditions of the grant and other financial aid awarded. Students will be notified of adjustments in financial aid due to changes in eligibility and/or over-award issues. The Commission on Higher Education, for documentation purposes, requires that each institution obtain verification of acceptance of the Need-based Grant and terms for the award.D. After the last day to register for each semester of the academic year, the institution will verify enrollment of each recipient as a South Carolina resident that is a part-time or full-time degree-seeking student. According to the Scholarship and Grant Programs Policies and Procedures Manual, a listing of eligible recipients by social security number with the award amounts for the semester will be sent to the Commission on Higher Education with the institution's request for funds. A year-end reconciliation report will be submitted to the Commission on Higher Education prior to June 30th. Any unused funds shall be refunded to the Commission on Higher Education no later than June 30th of each fiscal year.E. The student shall be required to provide a nationally recognized unique identifier in order for the institution to award, disburse, and/or transfer the student's state scholarship and/or grant to an eligible institution.Added by State Register Volume 26, Issue No. 2, eff February 22, 2002. Amended by State Register Volume 27, Issue No. 6, Part 2, eff June 27, 2003; State Register Volume 32, Issue No. 6, eff June 27, 2008; State Register Volume 33, Issue No. 6, eff June 26, 2009; State Register Volume 35, Issue No. 6, eff June 24, 2011; State Register Volume 46, Issue No. 05, eff. 5/27/2022.