(1) This section only applies to a student who graduates from high school on or before July 1, 2018.

(2) A student who qualifies for the Base Regents' scholarship in accordance with the provisions of Section 53B-8-203 shall qualify for an additional Exemplary Academic Achievement scholarship if the student: (a) completes high school with a cumulative grade point average of 3.5 or higher; (b) except as provided in Subsection (8), earns a course grade on a transcript of "B" or above in each individual course listed in Subsection 53B-8-203(2)(d)(i); and (c) (i) scores a composite ACT score of 26 or higher; and (ii) if determined by the board's policies, achieves additional ACT college readiness benchmark scores in English, mathematics, reading, and science.

(a) completes high school with a cumulative grade point average of 3.5 or higher;

(b) except as provided in Subsection (8), earns a course grade on a transcript of "B" or above in each individual course listed in Subsection 53B-8-203(2)(d)(i); and

(c) (i) scores a composite ACT score of 26 or higher; and (ii) if determined by the board's policies, achieves additional ACT college readiness benchmark scores in English, mathematics, reading, and science.

(i) scores a composite ACT score of 26 or higher; and

(ii) if determined by the board's policies, achieves additional ACT college readiness benchmark scores in English, mathematics, reading, and science.

(3) For a student who graduates from high school in the 2009-10 school year: (a) if used at a higher education institution described in Subsection 53B-8-202(4)(a), the value of an Exemplary Academic Achievement scholarship is up to 75% of the tuition costs at the selected institution; or (b) if used at a higher education institution described in Subsection 53B-8-202(4)(b), the value of an Exemplary Academic Achievement scholarship is up to 75% of the tuition costs at the institution, not to exceed 75% of the average tuition costs at the institutions described in Subsection 53B-8-202(4)(a).

(a) if used at a higher education institution described in Subsection 53B-8-202(4)(a), the value of an Exemplary Academic Achievement scholarship is up to 75% of the tuition costs at the selected institution; or

(b) if used at a higher education institution described in Subsection 53B-8-202(4)(b), the value of an Exemplary Academic Achievement scholarship is up to 75% of the tuition costs at the institution, not to exceed 75% of the average tuition costs at the institutions described in Subsection 53B-8-202(4)(a).

(4) (a) For a student who graduates from high school in or after the 2010-11 school year, the total value of an Exemplary Academic Achievement scholarship is up to $5,000, allocated over a time period described in Subsection (5), as prescribed by the board. (b) The board may adjust the amount of the Exemplary Academic Achievement scholarship by up to a percentage of the average percentage tuition increase approved by the board for institutions in the state system of higher education.

(a) For a student who graduates from high school in or after the 2010-11 school year, the total value of an Exemplary Academic Achievement scholarship is up to $5,000, allocated over a time period described in Subsection (5), as prescribed by the board.

(b) The board may adjust the amount of the Exemplary Academic Achievement scholarship by up to a percentage of the average percentage tuition increase approved by the board for institutions in the state system of higher education.

(5) An Exemplary Academic Achievement scholarship is valid for the shortest of the following time periods: (a) two years of full-time equivalent enrollment; (b) 65 credit hours; or (c) until the student meets the requirements for a baccalaureate degree.

(a) two years of full-time equivalent enrollment;

(b) 65 credit hours; or

(c) until the student meets the requirements for a baccalaureate degree.

(6) The board may cancel an Exemplary Academic Achievement scholarship at any time if the student fails to: (a) register for at least 15 credit hours per semester; (b) maintain a 3.3 grade point average for two consecutive semesters; or (c) make reasonable progress toward the completion of a baccalaureate degree.

(a) register for at least 15 credit hours per semester;

(b) maintain a 3.3 grade point average for two consecutive semesters; or

(c) make reasonable progress toward the completion of a baccalaureate degree.

(7) A student who qualifies for the Exemplary Academic Achievement scholarship under this section may also receive a Regents' diploma endorsement to be issued by the board.

(8) For purposes of determining if a student meets the grade requirements of Subsection (2)(b), the board shall assign additional weights to grades earned in courses described in Subsection 53B-8-203(2)(d)(i) that are advanced placement, concurrent enrollment, or International Baccalaureate program courses.