Section R7-3-403. Administration and Allocation of Funds

A.       The Commission shall administer the Arizona Private Postsec- ondary Education Student Financial Assistance Program in accordance with A.R.S. § 15-1854 and the rules promulgated thereunder. Administration shall include but not be limited to the award of vouchers to eligible students approved by the Commission.

B.       The Commission shall maintain financial records of all dis- bursements made under the Program. These records shall include the amount of each student grant and the award year for which it was disbursed.

C.       The Commission shall allocate private postsecondary educa- tion student financial assistance grant funds to eligible stu- dents based on methodology approved by the Commission under these rules.

D.       Any funds which have been allocated to a student, but are not used by that student, shall be reallocated by the Commission in a subsequent award year.

E.       Student financial assistance will be awarded to renewal stu- dents as first priority and then to new students in the order of receipt of completed applications. In the event that there are more new eligible students in an award year than available vouchers for new students, awards shall be made in the follow- ing priority:

1.        Date of receipt of a completed application,

2.        Highest grade point averages for the associate degree.

F.       Student financial assistance in the amount up to $1,500 may be disbursed to an eligible student for an award year. An amount representing the student financial assistance award shall be paid to the eligible institution towards tuition and fee charges following:

1.        Receipt by the Commission of an institutional certifica- tion of full-time attendance by the eligible student; and

2.        The initial expiration of the institution’s refund time period for United States Department of Education Title IV student assistance during the award year. The institu- tion shall then repay the Commission the applicable pro- portion of the annual award if the eligible student is not enrolled full-time on the date of the expiration of the institution’s refund policy during any subsequent portion of the award year.

G.      Student financial assistance in the amount up to $750 may be awarded to an eligible student for half of an award year. An amount representing the student financial assistance award shall be paid to the eligible institution towards tuition and fee charges following:

1.        Receipt by the Commission of an institutional certifica- tion of full-time attendance by the eligible student; and

2.        The expiration of the institution’s refund time period for United States Department of Education Title IV student financial assistance.

Historical Note

Adopted effective September 19, 1996, under an exemp- tion from the Administrative Procedure Act pursuant to

A.R.S. § 15-1852(C) (Supp. 96-3). Amended by exempt rulemaking at 5 A.A.R. 2006, effective May 24, 1999

(Supp. 99-2).