Section 457-606-6 - Payment ProceduresA. Checks will be made co-payable to the recipient and the postsecondary institution and will be mailed to the institution upon verification of the recipient's full-time attendance.B. Loans will be disbursed in two semester payments.C. Recipients shall receive a $5000 loan for each academic year of undergraduate study in preparation to become a preschool, elementary or secondary teacher.D. Funds awarded under this program shall be considered in determining eligibility for student assistance under Title IV of the Higher Education Act.E. Funds awarded recipients under this program in any given year when added to assistance received under Title IV of the Higher Education Act shall not exceed the cost of attendance at the eligible institution the recipient is attending. If the amount of assistance received under this program and assistance received under other Title IV programs exceeds the cost of attendance, the award under the Paul Douglas Teacher Scholarship Program shall be reduced by an amount equal to the amount by which the combined awards exceed the cost of attendance.F. No individual shall receive an award under this program in any academic year which shall exceed the cost of attendance at the institution the individual is attending.G. Acceptance of an initial award or renewal of an existing award may be deferred for one academic year only. If the recipient refuses an award for a second academic year, the award is considered to be forfeited and the funds are returned to the program to be distributed to other qualified applicants.94- 457 C.M.R. ch. 606, § 6