261.87 - ALL IOWA OPPORTUNITY SCHOLARSHIP PROGRAM AND FUND.
261.87 ALL IOWA OPPORTUNITY SCHOLARSHIP PROGRAM AND
FUND.
1. Definitions. As used in this division, unless the context
otherwise requires:
a. "Commission" means the college student aid commission.
b. "Eligible institution" means a community college
established under chapter 260C or an institution of higher learning
governed by the state board of regents.
c. "Financial need" means the difference between the
student's financial resources available, including those available
from the student's parents as determined by a completed parents'
confidential statement, and the student's anticipated expenses while
attending an eligible institution.
d. "Full-time resident student" means an individual resident
of Iowa who is enrolled at an eligible institution in a program of
study including at least twelve semester hours or the trimester or
quarter equivalent.
e. "Part-time resident student" means an individual resident
of Iowa who is enrolled at an eligible institution in a program of
study including at least three semester hours or the trimester or
quarter equivalent.
f. "Qualified student" means a resident student who has
established financial need and who is meeting all program
requirements.
2. Program -- eligibility. An all Iowa opportunity
scholarship program is established to be administered by the
commission. The awarding of scholarships under the program is
subject to appropriations made by the general assembly. A person who
meets all of the following requirements is eligible for the program:
a. Is a resident of Iowa and a citizen of the United States
or a lawful permanent resident.
b. Achieves a cumulative high school grade point average of
at least two point five on a four-point grade scale, or its
equivalent if another grade scale is used.
c. Applies in a timely manner for admission to an eligible
institution and is accepted for admission.
d. Applies in a timely manner for any federal or state
student financial assistance available to the student to attend an
eligible institution.
e. Files a new application and parents' confidential
statement, as applicable, annually on the basis of which the
applicant's eligibility for a renewed scholarship will be evaluated
and determined.
f. Maintains satisfactory academic progress during each term
for which a scholarship is awarded.
g. Begins enrollment at an eligible institution within two
academic years of graduation from high school and continuously
receives awards as a full-time or part-time student to maintain
eligibility. However, the student may defer participation in the
program for up to two years in order to pursue obligations that meet
conditions established by the commission by rule or to fulfill
military obligations.
3. Extent of scholarship.
a. A qualified student at a two-year eligible institution may
receive scholarships for not more than the equivalent of four
full-time semesters of undergraduate study, or the trimester or
quarter equivalent.
b. A qualified student at a four-year eligible institution
may receive scholarships for not more than the equivalent of two
full-time semesters of undergraduate study, or the trimester or
quarter equivalent.
c. Scholarships awarded pursuant to this section shall not
exceed the student's financial need, as determined by the commission,
the average resident tuition rate and mandatory fees established for
institutions of higher learning governed by the state board of
regents, or the resident tuition and mandatory fees charged for the
program of enrollment by the eligible institution at which the
student is enrolled, whichever is least.
4. Discontinuance of attendance -- remittance. If a student
receiving a scholarship pursuant to this section discontinues
attendance before the end of any academic term, the entire amount of
any refund due to the student, up to the amount of any payments made
by the state, shall be remitted by the eligible institution to the
commission. The commission shall deposit refunds paid to the
commission in accordance with this subsection into the fund
established pursuant to subsection 5.
5. Fund established. An all Iowa opportunity scholarship
fund is created in the state treasury as a separate fund under the
control of the commission. All moneys deposited or paid into the
fund are appropriated and made available to the commission to be used
for scholarships for students meeting the requirements of this
section. Notwithstanding section 8.33, any balance in the fund on
June 30 of each fiscal year shall not revert to the general fund of
the state, but shall be available for purposes of this section in
subsequent fiscal years. Section History: Recent Form
2007 Acts, ch 214, §28; 2009 Acts, ch 177, §28 Footnotes
Program to be expanded for FY 2009-2010 to include accredited
private institutions if funds appropriated exceed $500,000; transfer
of a portion of FY 2008-2009 funding at end of fiscal year to
national guard educational assistance program; 2009 Acts, ch 177, §2,
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