01 NCAC 26B .0214. WHEN A RECIPIENT LEAVES A PRIVATE INSTITUTION

If, for any reason, a scholarship recipient drops out of school before the completion of a semester, quarter or other academic period upon which billing is based, and if the payment made by the state for such period exceeds the recipient's obligation to the institution, then the institution shall pay the excess to the recipient. In such an event, the institution will have deducted the same academic period from the recipient's remaining scholarship eligibility time.