W. Va. Code R. § 112-18-7

Current through Register Vol. XLI, No. 36, September 6, 2024

Section 112-18-7 - Allocation and Distribution of Funds

7.1. An account holder must establish a Hope Scholarship account with the Board prior to receiving or expending Hope Scholarship funds. The Board will provide the account holder with instructions for establishing an account upon issuance of an award letter indicating the Hope Scholarship student's acceptance into the program.

7.2. All Hope Scholarship transactions will be completed electronically using the online portal.

7.3. The Board will complete scholarship disbursements by electronically depositing Hope Scholarship funds into Hope Scholarship student accounts. The Board will deposit one half of the funds allocated to a Hope Scholarship student for the academic year in the student's account by August 15 of that year and the second half by January 15 of that year.

7.3.1. If a student was ineligible for the Hope Scholarship Program during the most recent enrollment application period but becomes eligible during the academic year, the board shall calculate a prorated amount for the annual Hope Scholarship by reducing the annual amount by a percentage amount equal to the number of the county board of education's instructional days that have elapsed in the student's county of residence since the beginning of the instructional term, divided by 180. The board shall deposit the Hope Scholarship funds into the student's account as soon as practicable after the student's application is approved in accordance with deposit schedule outlined in section 7.3. above, utilizing the assumption that the second half distribution shall be equal to the second half distribution of Hope Scholarship students approved for the full year and the first half distribution shall be the remaining balance of the prorated amount. If approved after January 15^th during the year, the full prorated amount will be deposited into the student's account as soon as practicable after the student's application is approved.

7.4. Each Hope Scholarship student will have a separate Hope Scholarship account, regardless of whether multiple Hope Scholarship students reside in the same household or share the same account holder. An account holder may only use funds in an account for the individual Hope Scholarship student to whom the funds were allocated pursuant to W. Va. Code § 18-31-6.

7.5. If an account holder renews a Hope Scholarship account, any funds remaining in the account at the end of an academic year will be carried forward and may be used for the student's qualifying expenses in the upcoming academic year.

7.6. If an account holder fails to renew a Hope Scholarship account or the account is terminated for any reason, in accordance with section 10 of this rule, all remaining funds from the account will be returned to the West Virginia Hope Scholarship Program Fund.

W. Va. Code R. § 112-18-7