Rule 3358:5-9-15 | Gifts, prizes and awards policy.
The U.S. department of education considers gifts, prizes and awards given to students because of enrollment at a postsecondary institution or for the purpose of aiding a student's study or training as estimated financial assistance.
(A) A gift, prize or award is considered estimated financial assistance if either applies:
(1) The recipient is required to use the disbursement for education expenses. For example, a free course is awarded as a prize at an event.
(2) The recipient must be a current student to receive the gift, prize or award. For example, a disbursement is made from the "Dreamkeepers Emergency Fund" to pay for rent or utilities for a student.
(B) Such gifts, prizes or awards in these categories must be reported to the financial aid office within five business days of the distribution. The awarded student must be notified that if accepted, the award may affect their financial aid package.
(C) A gift, prize or award given to a student is not considered financial assistance when the following occurs:
(1) The recipient is not required to be a student and the contest is open to the community. For example, a prize is given as a result of a random drawing at a sporting event.
(2) The prize or award is related to employment. In this case, the prize may be considered compensation.
Last updated November 17, 2022 at 5:57 PM
Supplemental Information
Amplifies: 3358