A cost reimbursement grant is a legal payment from a public body or non-profit organization to a public employee, or a parent or legal guardian of a child, for their education. It comes in the form of a scholarship, or an out-of-pocket loan that is payable over six years at a rate set by the grant.
A cost reimbursement grant can come in one form or another depending on the need for the grant. The funding will be used to pay for educational programs for students, tuition or fees, or for the transportation of students to school.
Who is eligible?
Any State or Local governmental entity, including public schools, public libraries, public universities, public colleges or universities, city, counties, school districts, parochial high schools, religious schools and colleges, veterans’ institutions, hospitals and medical centers, and many other private institutions and organizations. State and local agencies may offer a cost reimbursement grant if they have a need. However, they may need to obtain a “need based grant with an assessment” from the State Department of Education or the Office of Economic Development.
Who is not eligible:
Any institution which receives state aid.
Any individual or organization that receives state aid directly or indirectly. This includes student organizations, and any college or university in Indiana, or any university or college in Illinois or any college or university in Oklahoma, except for a nonprofit college or university that does not receive state aid (such as a private university with a certificate or degree program of higher education). The university does not directly or indirectly receive any form of state aid from the state.
Federal, state, or local government, nonprofit or for-profit, state, or local tax and/or fee assistance, such as unemployment insurance or any state, or the federal government. This includes any school, organization, or person receiving tax or fee assistance from the state or federal government.
To qualify, educational institutions must be accredited by a nationally recognized accrediting organization, such as the Council on Higher Education Accreditation or the National Commission for Accreditation of Teacher Education.
Once the grant is approved, the recipient may use this grant (or similar one) to pay for the expenses incurred in providing educational programs at the educational institution; tuition or fees in accordance with the state law or the institution’s tuition or fees guidelines; and other educational expenses of the recipient.
How can a recipient use this grant?
The grant is made available for a period of six