Tuition Rewards are NOT awarded in cash. If all requirements have been met, and the student's Rewards were submitted within 10 days of application, you are guaranteeing that the student will be awarded scholarships, grants, or other awards at least equal to the amount of points submitted (1 point = $1, up to the college's stated maximum), divided equally over a projected four (4) years* of undergraduate education.
For example, a student with 20,000 points - having met the deadlines - would be guaranteed to receive no less than $5,000 in total scholarships, grants or other discounts, provided by the college or university, for each of the four years* he or she would attend. Should the student qualify for more than is guaranteed by the Tuition Rewards, the student will receive the higher amount but cannot receive less.
The financial aid award letter may not specifically identify "Tuition Rewards". Colleges reserve the right to privately label Tuition Rewards Points as their own award. As long as the college award equals or exceeds the student's submitted Tuition Rewards Points the college has met its obligation.
* can be divided equally over five (5) years if student is enrolled in a co-op program.