(1) Initial Year Funds. Available program funds for
initial year awards will be allocated to each participating institution
in proportion to each institution's share of the state's undergraduate
financial aid population with significant amounts of financial need.
No allocations of initial year funds are to be impacted by an institution's
number of initial award recipients who met the priority model requirements
described in §22.228(b)(5) or (c)(6) of this title (relating
to Eligible Students).
(2) Renewal Year Funds. Available program funds for
continuation or renewal awards will be allocated in proportion to
the number of prior year recipients reported for each institution,
adjusted for the institution's student retention rate.
(b) Reallocations. Institutions will have until a date
specified by the Board via a policy memo addressed to the Program
Officer at the institution to encumber the program funds that have
been allocated to them. On that date, institutions lose claim to any
funds not yet drawn down from the Board for immediate disbursement
to students, and the funds released in this manner are available to
the Board for reallocation to other institutions. If necessary for
ensuring the full use of funds, subsequent reallocations may be scheduled
until all funds are awarded and disbursed.
(c) Disbursement of Funds to Institutions. As requested
by institutions throughout the academic year, the Board shall forward
to each participating institution a portion of its initial and renewal
year allocations of funds for immediate release to students or immediate
application to student accounts at the institution.
(d) Release of Funds to Students. The institution may
release all or part of the proceeds of a TEXAS Grant to an eligible
person only if the tuition and required fees incurred by the person
at the institution have been paid.
|Source Note: The provisions of this §22.236 adopted to be effective November 28, 2005, 30 TexReg 7870; amended to be effective May 21, 2008, 33 TexReg 3952; amended to be effective February 26, 2013, 38 TexReg 1161; amended to be effective February 26, 2014, 39 TexReg 1143