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(1) The board shall use the guidelines set forth in this section to develop and administer the program.
(2)
(a) The board shall allocate money appropriated for the program to institutions to provide for either need-based grants or need-based work-study stipends, giving strong emphasis to need-based work-study stipends.
(b) Need-based grants or need-based work-study stipends are the only forms of student financial assistance for which program money may be used.
(c) The board may not use program money for administrative costs or overhead.
(d) An institution may not use more than 3% of its program money for administrative costs or overhead.
(3)
(a) The board shall design the program to utilize a packaging approach that ensures that institutions combine loans, grants, employment, and family and individual contributions toward financing the cost of attendance at a postsecondary institution.
(b)
(i) To be eligible for a grant or stipend under this section, a student shall demonstrate, in accordance with rules described in Subsection (3)(b)(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)(b)(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) The board shall:
(a) use an appropriate need analysis system to determine a student's financial need for the purpose of awarding a program grant or work-study stipend; and
(b) base the criteria for awarding program funds to an institution or eligible student on assisting only the most financially needy students.
(5) The total sum of a program grant, a work-study stipend, other financial aid from any source, and the expected family and personal contribution, may not exceed the cost of attendance for an eligible student at an institution for a fiscal year.
(6) The board shall establish annually the minimum and maximum amounts for a program grant and a work-study stipend for the fiscal year.
(7) An institution shall award a program grant or work-study stipend on an annual basis but distribute the money one quarter or semester at a time, with continuing awards contingent upon the eligible student maintaining satisfactory academic progress as defined by the institution in published policies or rules.
(8) An institution shall award all program money without regard to an applicant's race, creed, color, religion, sex, or ancestry.
(9) Students receiving financial assistance under the program shall apply the money toward the cost of attendance at the institution attended, as established pursuant to board rules.
(10) The board shall adopt policies to implement this chapter and to ensure sound fiduciary administration of program money to accomplish program objectives.
(11) The board may require a participation agreement from an eligible postsecondary institution, which shall include an agreement to:
(a) provide information needed by the board to administer the program;
(b) comply with program rules;
(c) submit annual reports as required by the board; and
(d) cooperate in program reviews and financial audits as the board may determine to be necessary.
(12) The board shall annually report program outcomes to the governor and the Legislature's Higher Education Appropriations Subcommittee, including:
(a) utilization of program money, including the:
(i) number of program recipients at each institution; and
(ii) average amount of financial assistance provided;
(b) benefits in fulfillment of the purposes established for the program; and
(c) any recommendations for program modification, including recommended funding levels.
(13) The board shall regularly provide information to students on professional training and degree programs available in the state through online career and educational exploration tools.