The General Appropriations Act calls for the adoption of rules and regulations by the Board of Regents relating to the administration of scholarships.
Scholarships from said fund may be awarded only to students who have been accepted for enrollment and who actually enroll on at least a half-time basis in the term or terms for which the scholarship is awarded.
Scholarships are to be awarded based on the financial need of the applicant as determined by the institution and based on accepted need analysis procedures generally in use in other "need-based" financial assistance programs.
Each student shall first use any other grant funds for support of educational expenses for which the student may reasonably be eligible before receiving state scholarship funds.
The amount of the scholarship award, when combined with all other grant or gift funds awarded to the student, shall not exceed 70% of the reasonable expenses to be incurred by the student in the semester or term for which the scholarship is awarded.
No student shall receive an amount in excess of demonstrated need.
No more than 10% of total scholarship funds awarded through the program in a fiscal year shall be awarded to nonresident students.
Any or all of the scholarship funds appropriated may be used for the institutional matching share of earnings in the College Work-Study Program. Funds used in this manner will not be subject to the restriction governing the scholarships.
No funds appropriated in this Act for scholarships to institutions of higher education may be used to provide athletic scholarships.
December 10, 2004