A. A private career school shall rank all applicants according to the Expected Family Contribution (EFC) from the applicant’s Student Aid Report (SAR).
B. Each eligible applicant shall be ranked from lowest to highest based on the applicant’s reported EFC.
C. Awards shall be given to applicants beginning with the applicant with the lowest EFC (e.g., $0) and proceeding through the rankings until all awards have been made.
D. To be eligible for the grant program, a student shall demonstrate financial need. The EFC shall be at least $500 less than the cost of tuition annually.
E. During the fiscal year, a school shall select candidates for awards up to the total number of awards which the school has been allocated.
F. A school shall submit candidates to the Office of Student Financial Aid in accordance with the following:
(1) The school shall submit the names of candidates, a copy of their SAR, and verification of their selection to the Commission by the assigned deadline date provided by the Commission for each semester during summer, fall, and spring;
(2) A school must use at least 66 percent of its allocated awards by March 15; and
(3) The school shall verify in a form approved by the Commission that each student selected has met each requirement identified in Regulation .03 of this chapter and was selected in accordance with this regulation and Regulation .06 of this chapter.