Returning Program Funds to ISAC
When it is necessary for schools to return scholarship and grant program funds to ISAC, a Gift Assistance Refund Check Form must be completed and submitted along with the payment. It provides the following:
- information about program funds being returned;
- ensures that refunds are credited to the proper account (both school and/or student), program, and academic year; and
- in situations where the school checks the box “current and/or prior year refund,” the form asks that a list of student names and SSNs for whom payment is being returned be attached.
ISAC will continue to offset Monetary Award Program (MAP) funds from future payments to the school for awards that are cancelled or reduced during the academic year.
The Gift Assistance Refund Check Form, along with the check(s) made payable to the Illinois Student Assistance Commission, should be sent to:
Finance & Accounting division - J10
Illinois Student Assistance Commission
1755 Lake Cook Road
Deerfield, IL 60015-5209