§ 16-56-6 - Need based grants.
SECTION 16-56-6
§ 16-56-6 Need based grants. – (a) Amount of funds allocated. In accordance with authority policies,the authority shall allocate annually to need based grants any portion of thetotal appropriation to this chapter as it may deem appropriate for the purposeof carrying out the provisions of this section.
(b) Definitions. The following words and phrases havethe following definitions for the purpose of this chapter except to the extentthat any of these words or phrases is specifically qualified by its context:
(1) "Educational costs" shall be equal to the costs to astudent attending the institution of the student's choice.
(2) "Family contribution" shall be the sum expected to becontributed by the family, which amount shall be determined by an approvedneeds analysis system.
(3) "Federal grant assistance" shall be that grant-in-aidwhich is provided by the federal government to students for the purpose ofattending postsecondary education. This assistance may include, but notnecessarily be limited to, basic educational opportunity grants, socialsecurity benefits, and veterans survivors' benefits.
(4) "Self-help" shall be a sum determined by the authorityand shall be a total determined by considering the ability of the student toearn or borrow during full time enrollment.
(c) Eligibility of individuals. Eligibility for needbased grants shall be determined by the authority when it is established thatthe applicant is found to meet the general eligibility requirements stated in§ 16-56-3.
(d) Amount of the awards. The amount of the need basedgrants shall be not less than two hundred and fifty dollars ($250) and nogreater than two thousand dollars ($2,000) and shall be based upon thefollowing formula: need equals educational cost less the sum of familycontribution plus self-help plus federal grant assistance.
(e) Number and terms of awards. (1) The number ofawards to be granted in any one fiscal year shall be contingent upon the fundsallocated to this section.
(2) If the funds available are insufficient to satisfy fullythe financial need of the eligible students, priority of students shall bedetermined by the authority.
(3) Each applicant is eligible for consideration for an awardfor a period of time equivalent to what is required for the completion of abaccalaureate or associate degree on a full time basis. The authority shallgrant a renewal only upon the student's application and upon the authority'sfinding that:
(i) The applicant has completed successfully the work of thepreceding year;
(ii) The applicant remains a resident of the state; and
(iii) The applicant's financial situation continues towarrant receipt of a monetary award.