Award amounts

1. Criteria used in determining award amounts are availability of funds, total number of eligible applicants, and career level of applicants. 2. Award amounts must be set by the board each academic year. 3. The award amount may be reduced to accord with an individual recipient's financial need. 4. Awards may not exceed total cost of attendance, as determined by the institution, when considering all financial aid sources, for need-based and merit-based recipients. 5. Awards may not exceed one thousand dollars per semester, or six hundred sixty-seven dollars per quarter or clock-hour term, up to a maximum of two thousand dollars per academic year per student. 6. The award year may include the fall term, spring term, winter term, and summer term as a trailer.