.08 Disbursement and Reallocation of Funds.

A. The Commission shall accept award candidates from each eligible school three times per year by the assigned deadline date provided by the Commission for each semester during summer, fall, and spring.

B. The Commission shall transmit funds to a school in the amount of the grant awards following verification by the Commission that the candidates have been reviewed and selected by the school on the basis of the requirements of these regulations.

C. A school shall credit an award to the studentís account within 5 business days of receiving the funds from the Commission.

D. If a school fails to use 66 percent or more of its allocated awards by March 15 the remaining unused awards shall be redistributed to schools meeting the 66 percent requirement, on a pro-rata basis, unless the school losing the awards can show that it has eligible candidates to whom it will make the remaining awards.

E. The Commission shall notify schools of any reallocation of awards made after March 15.