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(1) The board shall use the guidelines in this section to develop policies to implement and administer the program.
(2)
(a) The board shall allocate money appropriated for the program to institutions to provide grants for qualifying military veterans.
(b) The board may not use program money for administrative costs or overhead.
(c) An institution may not use more than 3% of its program money for administrative costs or overhead.
(d) Money returned to the board under Subsection (3)(b) shall be used for future allocations to institutions.
(3)
(a) An institution shall award a program grant to a qualifying military veteran on an annual basis but distribute the money one quarter or semester at a time, with continuing awards contingent upon the qualifying military veteran maintaining satisfactory academic progress as defined by the institution in published policies or rules.
(b) At the conclusion of the academic year, money distributed to an institution that was not awarded to a qualifying military veteran or used for allowed administrative purposes shall be returned to the board.
(c)
(i) To qualify for a program grant under this section, a military veteran shall demonstrate, in accordance with rules described in Subsection (3)(c)(ii), the completion of a Free Application for Federal Student Aid.
(ii) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the board shall make rules regarding the completion of the Free Application for Federal Student Aid described in Subsection (3)(c)(i), including:
(A) provisions for students or parents to opt out of the requirement due to financial ineligibility for any potential grant or other financial aid, personal privacy concerns, or other reasons the board specifies; and
(B) direction for applicants to financial aid advisors.
(4) A qualifying military veteran may receive a program grant until the earlier of the following occurs:
(a) the qualifying military veteran completes the requirements for a bachelor's degree; or
(b) 12 months from the time that the qualifying military veteran receives an initial program grant.
(5) A qualifying military veteran who receives a program grant may only use the grant toward tuition, fees and books at an institution of higher education in the state.
(6) The board may accept grants, gifts, bequests, and devises of real and personal property from any source for the purpose of awarding grants to qualifying military veterans in addition to those funded by the state.