§ 115C-499.3. Scholarship amounts; amounts dependent on net income available. - North Carolina Statutes

§ 115C‑499.3. Scholarship amounts; amounts dependent on net income available.

(a)        Subject to theamount of net income available under G.S. 18C‑164(b)(2), a scholarshipawarded under this Article to a student at an eligible postsecondaryinstitution shall be based upon the enrollment status and expected familycontribution of the student and shall not exceed four thousand dollars ($4,000)per academic year, including any federal Pell Grant, to be used for the costsof attendance as defined for federal Title IV programs.

(b)        Subject to themaximum amounts provided in this section, the Authority shall have the power todetermine the actual scholarship amounts disbursed to students in any givenyear based on the amount of net income available under Chapter 18C of theGeneral Statutes. If the net income available is not sufficient to fully fundthe scholarships to the maximum amount, all scholarships shall be reducedequally, to the extent practicable, so that every eligible applicant shallreceive a proportionate scholarship amount.

(c)        The minimum awardof a scholarship under this Article shall be one hundred dollars ($100.00). (2005‑344, s. 2; 2005‑276,s. 31.1(v); 2006‑226, s. 22.)