23-38.19:2 - Amount and use of awards; terms and conditions - Virginia Statutes

§ 23-38.19:2. Amount and use of awards; terms and conditions.

A. Funds for these grants and fellowships shall be apportioned toinstitutions of higher education to equal interest earned by institutionalendowment funds created specifically for this purpose after June 30, 1991.The Virginia Graduate and Undergraduate Assistance Program shall be developedby the Council to be phased in over a four-year period, the first awards tobe made after July 1, 1992.

B. Only students who are enrolled or accepted as full-time graduate orundergraduate students in an eligible institution and have demonstratedscholarship and achievements in a postsecondary institution shall be eligibleto compete for and receive such awards.

(1990, c. 785; 1992, c. 311.)