§ 116-209.26. (Repealed effective July 1, 2010) Education Access Rewards North Carolina Scholars Fund.

§ 116‑209.26.  (Repealedeffective July 1, 2010) Education Access Rewards North Carolina Scholars Fund.

(a)        The followingdefinitions apply to this section:

(1)        Academic year. – Aperiod of time in which a student in matriculated status is expected to completethe equivalent of at least two semesters' or three quarters' academic work.

(2)        Eligiblepostsecondary institution. – A school that is any of the following:

a.         A constituentinstitution of The University of North Carolina as defined in G.S. 116‑2(4);

b.         A community collegeas defined in G.S. 115D‑2(2); or

c.         An institution asdefined in G.S. 116‑22(1).

(3)        Matriculated status.– Being recognized as a first‑time candidate for a degree or certificate,exclusive of any course credits earned while in high school, in a definedprogram of study at an eligible postsecondary institution.

(4)        Title IV. – Title IVof the Higher Education Act of 1965, as amended.

(b)        There isestablished the Education Access Rewards North Carolina Scholars Fund. Thepurpose of the Fund is to provide grants to certain eligible students to enablethem to obtain an education beyond the high school level at certainpostsecondary institutions in North Carolina without incurring student loans tomeet their financial need during the first two years of their postsecondaryeducation. The State Education Assistance Authority (SEAA) shall administer theFund.

(c)        Criteria forawarding the grants shall be developed by the SEAA and include all of thefollowing:

(1)        The student mustqualify as a legal resident of North Carolina, a legal resident of the UnitedStates, and as a resident for tuition purposes in accordance with G.S. 116‑143.1.

(2)        Within seven monthsof the fiscal year in which the grant is to be disbursed, the student musthave:

a.         Graduated from aNorth Carolina high school;

b.         Received a GeneralEducation Development (GED) certificate from a North Carolina institution; or

c.         Completed a highschool education in a home school setting meeting the qualifications andrequirements under G.S. 115C‑564.

(3)        The student mustmeet enrollment standards by being admitted, enrolled, and classified as anundergraduate student in a matriculated status on a full‑time basis at aneligible postsecondary institution in North Carolina.

(4)        The student must bean eligible dependent student. For purposes of this subdivision, an"eligible dependent student" is a student who:

a.         Either is classifiedas dependent for the Title IV programs or is a ward or dependent of the court;and

b.         Demonstrates totalfamily income not exceeding two hundred percent (200%) of the applicablefederal poverty guideline, according to standards set by the SEAA and measuredusing data elements available to the SEAA from the Free Application for FederalStudent Aid (FAFSA) or such other source as the SEAA may deem appropriate.

(5)        The student mustmeet all other eligibility requirements for the federal Pell Grant.

(6)        In order to retaineligibility for a grant for the student's second academic year, the studentmust meet achievement standards by maintaining satisfactory academic progressin a course of study in accordance with the standards and practices used forTitle IV programs by the eligible postsecondary institution in which thestudent is enrolled.

(7)        The student may notreceive a grant in an amount that, when combined with the federal Pell Grant,exceeds the student's cost of attendance as defined under Title IV.

(8)        The student may notreceive a grant under this section for more than the equivalent of two academicyears.

(d)        The maximum grantfor which a student is eligible under this section shall be four thousanddollars ($4,000) per academic year. In the event there are not sufficient fundsto provide each eligible student with the maximum grant, it is the intent ofthe General Assembly that eligible students who have matriculated into aneligible postsecondary institution in North Carolina with at least one academicyear of college credit receive the maximum grant amount and all other eligiblestudents shall receive a reduced grant amount.

(e)        The grants providedfor in this section shall be administered by the State Education AssistanceAuthority pursuant to rules adopted by the SEAA not inconsistent with thissection.

(f)         The StateEducation Assistance Authority shall report to the Joint Legislative EducationOversight Committee by December 1, 2009, and by each December 1 thereafter,regarding the Fund and grants awarded from the Fund.

(g)        Grant fundsunexpended shall remain available to the SEAA for future grants to be awardedunder this section.

(h)        No fundsappropriated from the Escheat Fund to the Education Access Rewards NorthCarolina Scholars Fund shall be used for a grant awarded under this section toa student who is an undergraduate student at an institution as defined in G.S.116‑22(1); however, funds appropriated from the General Fund to theEducation Access Rewards North Carolina Scholars Fund may be used for a grantawarded under this section to a student who is an undergraduate student at aninstitution as defined in G.S. 116‑22(1).  (2007‑323, s. 9.7(a);2008‑107, s. 9.2(a), (b).)