(a) The maximum annual awards for the Alaska performance scholarships are as follows:
(1) the first award level is $4,755 and requires a
(A) 3.5 grade-point average or above; and
(B) very high minimum score on a college entrance examination;
(2) the second award level is $3,566 and requires a
(A) 3.0 grade-point average or above; and
(B) high minimum score on a college entrance examination;
(3) the third award level is $2,378 and requires a
(A) 2.5 grade-point average or above; and
(B) moderately high minimum score on a college entrance examination.
(b) A student's eligibility for a scholarship terminates six years after the date the student graduates from high school unless the student qualifies for an extension of time allowed by the department by regulation.
(c) Except as provided in (b) of this section, a student receiving a scholarship may remain eligible for up to eight semesters of enrollment in good standing at a qualified university or college, which may include graduate courses.
(d) Scholarships may be awarded to a full-time student or, if a student is enrolled part time, prorated based on the number of credits. In this subsection, “full time” means enrollment in a course of study that is not less that 12 credits, and “part time” means enrollment in a course of study that is not less than six credits but less than 12 credits.
(e) The amount of a scholarship award may not exceed the amount of the student's costs of attendance as certified by the postsecondary institution for the purposes of federal financial aid, less any other scholarships or nonloan financial aid awarded to the student.
(f) Payment of a scholarship is subject to appropriation and the availability of funds for expenditure under AS 37.14.750. If insufficient funds are appropriated or available in a fiscal year to pay all eligible scholarships, the commission may not award a scholarship to a new applicant, and the commission shall pay existing awards on a pro rata basis for that fiscal year.
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