(a) Each undergraduate student who qualifies for an incentive grant shall apply on forms provided by the Corporation. The Corporation may consider the student for an incentive grant if the student meets the need-based eligibility standards established by the Board. These standards shall give due consideration to all relevant factors affecting the student's need, including the adjusted gross income and other sources of income of the student's parents; the adjusted gross income and other sources of income of a nondependent student; the assets of parents and students; the number of a parent's or nondependent student's children who are students enrolled in approved postsecondary education institutions at the same time; and any unusual circumstances that affect the family financial strength. Incentive grants shall be awarded on a rolling basis to eligible applicants based upon established need, and in total amount shall not exceed the funds made available from legislative appropriation or other sources. In no case shall a student's award be larger than that needed to attend the approved postsecondary education institution of the student's choice.

(b) The Corporation may prorate incentive grants on the basis of semesters, other recognized portions of a school year, or course load.

(c) Vermont resident students enrolled at the Medical College of the University of Vermont or enrolled in a program leading to the degree of Doctor of Veterinary Medicine shall be eligible to apply for an incentive grant and shall be subject to the provisions of subsection (b) of this section. In addition, veterinary students shall be eligible for grants not to exceed twice the amount of the average grant award made to full-time undergraduate students in the previous year under subsection (a) of this section. (Added 1965, No. 198, § 5(c), (h); amended 1967, No. 131,§§ 6, 7; 1967, No. 371 (Adj. Sess.), § 4, eff. March 27, 1968; 1969, No. 89; 1971, No. 175 (Adj. Sess.), § 2, eff. March 28, 1972; 1975, No. 155 (Adj. Sess.); 1995, No. 63, § 188; 2003, No. 86 (Adj. Sess.), § 14; 2013, No. 92 (Adj. Sess.), § 186, eff. Feb. 14, 2014.)