(a) An Arkansas Governor's Scholarship or Arkansas Governor's Distinguished Scholarship awarded to a new recipient who enrolls in an approved institution as a first-time entering freshmen shall be in an amount that equals the lesser of:
(1) Ten thousand dollars ($10,000); or
(2) Tuition, room and board, and mandatory fees charged for a regular full-time course load by the approved institution in which the recipient is enrolled.
(b) A student selected as a recipient under § 6-82-306(b)(6)(B)(iii)(b) who enrolls in an approved institution as a first-time entering freshman after July 1, 2017, shall be awarded an amount per year that equals the lesser of:
(1) Five thousand dollars ($5,000); or
(2) Tuition, room and board, and mandatory fees charged for a regular full-time course load by the approved institution in which the recipient is enrolled.