283—16.4(261) Awarding of funds.
	16.4(1) Selection criteria. All eligible applicants will be considered for an award.
	16.4(2) Extent of award and maximum award. Eligible applicants may receive no more than the equivalent of four full-time awards. The maximum award will be established annually by the commission but will not be less than $1,000 for a full-time student over the course of the fall and spring semesters.
	16.4(3) Priority for awards. In the event that funds available are insufficient to provide maximum awards to all eligible applicants, awards are prioritized in the following order:
	a. 	Eligible applicants who received the grant in the prior state fiscal year, by application date.
	b. 	Eligible applicants who did not receive the grant in the prior state fiscal year, by application date.
	16.4(4) Awarding process.
	a. 	The commission will provide notice of the eligibility criteria and maximum award to participating eligible institutions annually to authorize awarding.
	b. 	The commission will designate eligible applicants for awards and provide eligible institutions with rosters of designated eligible applicants.
	c. 	Eligible institutions will notify recipients of the awards, clearly indicating the award amount and the state program from which funding is being provided and stating that the award is contingent on the availability of state funds.
	d. 	Eligible institutions will apply awards directly to student accounts to cover items included in the cost of attendance, as defined in Title IV of the federal Higher Education Act of 1965, as of July 1, 2023.
	e. 	Eligible institutions will provide information about eligible applicants to the commission in a format specified by the commission. Eligible institutions will make necessary changes to awards due to a change in enrollment, program of study, and financial situation, and promptly report those changes to the commission.
	f. 	Eligible institutions will complete necessary verification and coordinate other aid to ensure compliance with student eligibility requirements and allowable award amounts. Eligible institutions will report changes in student eligibility to the commission.
	g. 	The commission will periodically investigate and review compliance of eligible institutions participating in this program with the criteria established in Iowa Code section 261.132 and this rule.
[ARC 7130C, IAB 12/13/23, effective 11/17/23]