(a) The Board shall establish a trust fund to be used to provide grants for students who do not have parental support and are or have been under the custody of the Commissioner for Children and Families. The Board may draw up to 90 percent of the assets in the fund for these purposes.

(b) The trust fund shall consist of:

(c) The Board may determine whether the trust fund is to be managed by the State Treasurer or by a private firm contracted at the direction of the Board.

(d) Any amount remaining in the trust fund at the end of any fiscal year and any interest accruing to the trust fund shall remain in the fund.

(e) A child who is under the custody of the Commissioner for Children and Families, or a young adult between the ages of 18 and 24 who was under the custody of the Commissioner for Children and Families for at least six months when that person was between the ages of 16 and 18, and who is accepted for degree study at the Vermont State Colleges, the University of Vermont, or a Vermont independent college, is eligible for an annual grant under this section, to the extent that funds are available in the trust fund. Upon certification by the Vermont State Colleges, the University of Vermont, or a Vermont independent college that a Vermont resident student who is eligible under this section has matriculated in a degree program at a Vermont college or university, the student may receive a grant if the student's financial aid eligibility leaves remaining financial need following the student and the family contributions, if any, and the availability of all other sources of gift aid. Each grant, together with the student and the family contributions, if any, and all other sources of gift aid, shall not exceed the full cost of tuition, fees, room, and board, and no individual annual grant may exceed $3,000.00. The Board may prorate the funds appropriated for use under this section where the collective need of the eligible applicants exceeds the funds appropriated. In addition, the Board may prorate a grant based on a student's full- or part-time enrollment status.

(f) A person may receive a grant under this section for each of up to six consecutive years. A young adult who receives a grant under this section prior to reaching 25 years of age shall continue to be eligible for grants under this section until six years from the date of matriculation or until he or she has obtained an undergraduate degree, whichever comes first.

(g) The Board shall coordinate implementation of this section with the Commissioner for Children and Families, the President of the Association of Vermont Independent Colleges, the Chancellor of the Vermont State Colleges, and the President of the University of Vermont. The Board may establish procedures and policies or adopt rules to implement this section. (Added 2003, No. 72 (Adj. Sess.), § 1, eff. Feb. 6, 2004; amended 2011, No. 58, § 12, eff. May 31, 2011; 2013, No. 92 (Adj. Sess.), § 187, eff. Feb. 14, 2014.)