SCHOLARSHIP AMOUNT.

SEC. 605. SCHOLARSHIP AMOUNT. (a) Amount of Award.— Except as provided in subsections (b) and (c), the amount of a scholarship awarded under this part for any academic year shall be $5,000. (b) Relation to Cost of Attendance.— Notwithstanding subsection (a), the amount of a scholarship awarded under this part shall be reduced by the amount that the scholarship exceeds the student’s cost of attendance, as defined in section 472 of the Higher Education Act of 1965. A scholarship awarded under this part shall not be reduced on the basis of the student’s receipt of other forms of Federal student financial assistance, but shall be taken into account in determining the eligibility of the student for those other forms of Federal student financial assistance. (c) Adjustments for Insufficient Appropriations.— In the event that funds available in a fiscal year are insufficient to fully fund all awards under this part, the amount paid to each student shall be reduced proportionately.