Sec. 6.
Each first-year scholarship is for a period of 1 academic year and the scholarship award shall not exceed the amount of tuition and fees for the full academic year as reported by the approved institution in which the applicant is enrolled, or an amount as the authority finds appropriate in relation to the applicant's own financial resources other than wages that may be due the applicant for part-time work performed by the applicant during the academic year, whichever is the lesser. For the purposes of determining the dollar amount of the scholarship, the financial resources of the applicant shall include the cash or equivalent resources of the applicant's parents available for the postsecondary education of the applicant, and allowance shall be made for other members of the applicant's family enrolled in an approved institution of postsecondary education, pursuant to rules adopted by the authority. If the amount of appropriated funds is insufficient to provide each student with the scholarship amount for which the student is eligible, the authority shall establish a maximum scholarship level for that academic year. Renewal scholarships shall not be less than the initial first-year scholarship awards unless predicated by changes in student or family financial resources.
History: 1964, Act 208, Imd. Eff. May 22, 1964 ;-- Am. 1966, Act 141, Imd. Eff. June 24, 1966 ;-- Am. 1973, Act 27, Eff. July 1, 1973 ;-- Am. 1977, Act 294, Imd. Eff. Dec. 29, 1977 ;-- Am. 1979, Act 48, Imd. Eff. July 7, 1979 ;-- Am. 1980, Act 500, Eff. July 1, 1981