85-1912 Target level of funds; computation. - Nebraska Statutes

85-1912. Target level of funds; computation.In order to reduce the costs of administering the Nebraska Opportunity Grant Act, the commission shallidentify a target level of funds to be distributed to students pursuant tothe act at each eligible postsecondary educational institution. The targetlevel of funds shall represent the maximum amount that may be awarded pursuantto the act to eligible students enrolled in such eligible postsecondary educationalinstitution. To determine the target levelof funds for each eligible postsecondary educational institution, the commission shall:(1) Determine the number ofeligible full-time-equivalent students enrolled at the eligible postsecondaryeducational institution for the last completed award year;(2) Multiply the number determinedin subdivision (1) of this section by thetuition and mandatory fees as limited pursuant to section 85-1909;(3) Divide the product derivedpursuant to subdivision (2) of this section for eacheligible postsecondary educational institution by the sum of the productsderived pursuant to subdivision(2) of this section for all eligible postsecondary educationalinstitutions; and(4) Multiply the total offederal and state funds appropriated for purposes of distribution pursuantto the act by the ratio derived pursuant to subdivision (3) ofthis section. SourceLaws 2003, LB 574, § 12; Laws 2004, LB 1107, § 2; Laws 2010, LB956, § 11.Operative Date: July 1, 2010