§ 116-19. Contracts with private institutions to aid North Carolina students and licensure students; reporting requirement.
§ 116‑19. Contractswith private institutions to aid North Carolina students and licensurestudents; reporting requirement.
(a) In order toencourage and assist private institutions to continue to educate North Carolinastudents and licensure students, the State Education Assistance Authority mayenter into contracts with the institutions under the terms of which aninstitution receiving any funds that may be appropriated pursuant to thissection would agree that, during any fiscal year in which such funds werereceived, the institution would provide and administer scholarship funds forneedy North Carolina students and licensure students in an amount at leastequal to the amount paid to the institution, pursuant to this section, duringthe fiscal year. Under the terms of the contracts the State EducationAssistance Authority would agree to pay to the institutions, subject to theavailability of funds, a fixed sum of money for each North Carolina student andlicensure student enrolled at the institutions for the regular academic year,said sum to be determined by appropriations that might be made from time totime by the General Assembly pursuant to this section. Funds appropriatedpursuant to this section shall be paid by the State Education Assistance Authorityto an institution on certification of the institution showing the number ofNorth Carolina students and licensure students enrolled at the institution asof October 1 of any year for which funds may be appropriated. For purposes ofthis subsection, "needy North Carolina students and licensurestudents" are those eligible students and licensure students who havefinancial need as determined by the institution under the institutionalmethodology or the federal methodology as defined by the State EducationAssistance Authority. For purposes of this subsection, "institutionalmethodology" means a need‑analysis formula, developed by CollegeScholarship Service, that determines the student's or licensure student's andhis or her family's capacity to pay for postsecondary education each year.
(b) The State EducationAssistance Authority shall document the number of full‑time equivalentNorth Carolina undergraduate students and full‑time and less than full‑timelicensure students that are enrolled in off‑campus programs and the Statefunds collected by each institution pursuant to G.S. 116‑19 for thosestudents. The State Education Assistance Authority shall also document thenumber of scholarships and the amount of the scholarships that are awardedunder G.S. 116‑19 to students and licensure students enrolled in off‑campusprograms. An "off‑campus program" is any program offered fordegree credit away from the institution's main permanent campus.
The State Education AssistanceAuthority shall include in its annual report to the Joint Legislative EducationOversight Committee the information it has compiled and its findings regardingthis program. (1971,c. 744, s. 1; c. 1244, s. 5; 1993, c. 321, s. 80(d); 2001‑424, s.31.1(b); 2002‑69, s. 1; 2006‑66, s. 9.13(a).)