18A:62-65 Definitions relative to institutional financial aid.
1. As used in this act:
"Cost of attendance" means cost of attendance as defined pursuant to 20 U.S.C. s.1087ll.
"Expected family contribution" means expected family contribution as determined pursuant to 20 U.S.C. s.1087nn.
"Financial need" means cost of attendance minus expected family contribution.
"Institutional financial aid" means need-based and merit-based grants, scholarships, tuition waivers, and all other forms of financial assistance provided by a public institution of higher education that are not loans or work-study programs.
"Private scholarships" means scholarships awarded by businesses, private foundations, nonprofit organizations, and service groups. Private scholarships shall not include awards funded by a private organization which is affiliated with a public institution of higher education and requests the institution's assistance in selecting the recipients of scholarships.
L.2021, c.223, s.1.