Sec. 10.3. (a) This section applies to a student who qualifies for a scholarship under section 6 or 7 of this chapter, if the student initially enrolls in the program after June 30, 2011. Applicants who are enrolled in the program before July 1, 2011, will not have an income or financial resources test applied to them under this section when they subsequently apply for a scholarship or apply to renew a scholarship.

(b) A scholarship applicant shall be awarded the following amount as adjusted under subsections (c) and (d):

(1) If the scholarship applicant attends an approved postsecondary educational institution that is a state educational institution, the full educational costs that the scholarship applicant would otherwise be required to pay at the eligible institution.

(2) If the scholarship applicant attends an approved postsecondary educational institution that is private, the greater of the:

(A) average of the educational costs of all state educational institutions, not including Ivy Tech Community College; or

(B) amount the applicant is eligible to receive under IC 21-12-4.

(3) If the scholarship applicant attends an approved postsecondary educational institution that is a postsecondary credit bearing proprietary educational institution, the lesser of the educational costs that the scholarship applicant would otherwise be required to pay at the postsecondary credit bearing proprietary educational institution or the educational costs of Ivy Tech Community College.

(c) The amount of an award under subsection (b) shall be reduced by:

(1) for an amount awarded before September 1, 2014:

(A) the amount of the Frank O'Bannon grant awarded to the scholarship applicant; plus

(B) an additional amount based on the expected family contribution, if necessary, as determined by the commission, to provide scholarships within the available appropriation; or

(2) for an amount awarded after August 31, 2014, the amount based on the expected family contribution, if necessary, as determined by the commission, to provide scholarships within the available appropriation.

(d) The total of all tuition scholarships awarded under this section in a state fiscal year may not exceed the amount available for distribution from the fund for scholarships under this chapter. If the total amount to be distributed from the fund in a state fiscal year exceeds the amount available for distribution, the amount to be distributed to each eligible applicant shall be proportionately reduced so that the total reductions equal the amount of the excess based on the relative financial need of each eligible applicant.

As added by P.L.169-2011, SEC.11. Amended by P.L.229-2011, SEC.230; P.L.107-2012, SEC.25; P.L.281-2013, SEC.19; P.L.178-2018, SEC.5.