20-26-616. STEM scholarship amounts -- renewal requirements. (1) A student who meets the requirements of 20-26-615 will receive a $1,000 scholarship for the first academic year the student is enrolled at a postsecondary institution.
     (2) A student who meets the requirements of this subsection will receive a $2,000 scholarship for the student's second academic year. To be eligible for the STEM scholarship in the student's second academic year, the student must:
     (a) have completed at least 30 credit hours in the first academic year;
     (b) have maintained a grade point average of at least 3.0;
     (c) be enrolled full time at the postsecondary institution in the current academic year; and
     (d) continue to pursue a STEM or health care major.
     (3) The board shall adopt a policy regarding the award of scholarships when the funds in the account established in 20-26-617 are insufficient to fully fund the STEM scholarship program. The policy must prioritize scholarships in the following order:
     (a) Renewals for qualified applicants of scholarships that were previously awarded have the highest priority.
     (b) If funds remain after renewal scholarships are awarded pursuant to subsection (3)(a), then the number of new scholarships must be reduced but the individual award amounts must meet the requirements of subsections (1) and (2).

     History: En. Sec. 3, Ch. 385, L. 2015.