§ 16-56-7 - Need based scholarships.
SECTION 16-56-7
§ 16-56-7 Need based scholarships. –(a) Amount of funds allocated. In accordance with authority policies,the authority shall allocate annually to need based scholarships any portion ofthe total appropriation to this chapter as it may deem appropriate for thepurpose of carrying out the provisions of this section.
(1) "Educational costs" means the same as defined in §16-56-6.
(2) "Family contribution" means the same as defined in §16-56-6.
(3) "Federal grant assistance" means the same as defined in§ 16-56-6.
(4) "Self-help" means the same as defined in § 16-56-6.
(5) "State grant assistance" shall be of any sum awarded tothe student as determined in need based grants pursuant to § 16-56-6.
(c) Eligibility of individuals. Eligibility for needbased scholarships shall be determined by the authority when it is establishedthat the applicant is found to meet the general eligibility requirements asstated in § 16-56-3; and that the applicant is judged to be an outstandingstudent on the basis of criteria approved by the authority. The criteria, at aminimum, shall consider the following:
(1) A student's scholastic ability and promise; and/or
(2) A student's subject competencies including those thatmight extend beyond the academic fields.
(d) Amount of the awards. The amount of the needbased scholarships shall be not less than two hundred and fifty dollars ($250)and no greater than two thousand dollars ($2,000) and shall be based upon thefollowing formula: need equals educational costs less the sum of familycontribution plus self-help plus federal grant assistance plus state grantassistance. Honorary awards shall be presented to students who are determinedto have insufficient financial need for monetary awards.
(e) Number and terms of awards. The number of awardsto be granted in any one fiscal year shall be contingent upon the fundsallocated to this section. Students determined to be most outstanding shallreceive priority for an award.
(2) Each award is renewable by the authority annually for aperiod of time equivalent to what is reasonably required for the completion ofa baccalaureate or associate degree. The authority shall grant a renewal onlyupon the student's application and upon the authority's finding that:
(i) The applicant has completed successfully the work of thepreceding year and has demonstrated continued scholarly achievement;
(ii) The applicant remains a resident of this state; and
(iii) The applicant's financial situation continues towarrant receipt of a monetary award.