(a) The president of the county board is entitled to receive $10,000 annually as compensation, the vice president is entitled to receive $9,000 annually as compensation, and, except for the student member, the other board members are entitled to receive $8,000 each annually as compensation.
(b) A student member who completes a full term on the county board shall be granted a scholarship of $8,000 to be applied toward the student’s higher education costs.