Award Amount

(1) The maximum amount of the graduate nursing loan shall be seven thousand dollars ($7,000) per year during periods of full-time enrollment and three thousand five hundred dollars ($3,500) per year during periods of part-time enrollment, or such other amounts as may be established by TSAC, and shall in no instance exceed the student’s cost of attendance. Awards are divided equally in disbursements of two (2) semesters or three (3) quarters pay- ments. (2) The TSAC shall disburse the graduate nursing loan funds directly to eligible postsecondary institutions, which shall in turn credit the borrower’s account or disburse funds to the eligible borrower with one (1) credit or payment at the beginning of each academic term attended.