R765-609-8. Amount of Awards and Distribution of Award Funds

  8.1. Funding Constraints of Awards: The Board may limit or reduce the Base award and/or the Exemplary Academic Achievement award, as well as supplemental awards granted, depending on the annual legislative appropriations and the number of qualified applicants.

  8.2. Amount of Awards.

  8.2.1. Base Award: The Base award of up to $1,000 may be adjusted annually by the Board in an amount up to the average percentage tuition increase approved by the Board for USHE institutions.

  8.2.2. Exemplary Academic Achievement Award: The Exemplary Academic Achievement award is up to the amount provided by law and as determined each spring by the Board based on legislative funding and the number of applicants. The Exemplary Academic Achievement award may be renewed for the shortest of the following:

  8.2.2.1. Four semesters of enrollment in fifteen credit hours;

  8.2.2.2. Sixty-five credit hours; or

  8.2.2.3. Until the student meets the requirements for a baccalaureate degree.

  8.2.3. UESP Supplemental Award to Encourage College Savings: Subject to available funding, an applicant who qualifies for the Base award is eligible to receive up to an additional $400 in state funds to be added to the total scholarship award.

  8.2.3.1. For each year the applicant is 14, 15, 16, or 17 years of age and had an active UESP account, the Board may contribute, subject to available funding, $100 (i.e., up to $400 total for all four years) to the recipient's award if at least $100 was deposited into the account for which the applicant is named the beneficiary.

  8.2.3.2. If no contributions are made to an applicant's account during a given year, the matching amount will likewise be $0.

  8.2.3.3. If contributions total more than $100 in a given year, the matching amount will cap at $100 for that year.

  8.2.3.4. Matching funds apply only to contributions, not to transfers, earnings, or interest.

  8.3. Distribution of Award Funds.

  8.3.1. Award Payable to Institution: The award will be made payable to the institution. The institution may pay over to the recipient any excess award funds not required for tuition payments. Award funds shall be used for any qualifying higher education expense including: tuition, fees, books, supplies, equipment required for course instruction, or housing.

  8.3.2. Credit Hours Dropped After Award Payment: If a recipient drops credit hours after having received the award which results in enrollment below fifteen credit hours, the scholarship will be revoked.