| (a) The scholarship is issued by the Coordinating Board
as a state credit for use by an eligible student at any eligible institution.
(1) For a student who graduated from high school two
or more semesters or the equivalent earlier than the student's high
school cohort, the state credit offered to the student will equal
the maximum annual (two semester) TEXAS Grant award determined by
the Coordinating Board. The calculation is based on TEXAS Grant value
for the first academic year that begins following the student's graduation
from high school.
(2) For a student who graduated from high school less
than two semesters or the equivalent earlier than the student's high
school cohort, the state credit offered to the student will equal
half of the amount described by paragraph (1) of this subsection.
(b) The amount of state credit offered to a student
under the program may not be considered in the calculation of any
state or institutional need-based aid awards or the calculation of
the student's overall financial need, unless the combination of the
credit and other federal, state, and institutional financial aid,
excluding work-study and loan programs, for which the student would
otherwise be eligible exceeds the estimated total cost of attendance
at the eligible institution at which the student is enrolled.
(c) On enrollment of an eligible student at an eligible
institution, the institution shall apply the state credit to the student's
charges for tuition, mandatory fees, and other costs of attendance.
(1) The amount applied for the semester is equal to
the lesser of:
(A) The amount of the state credit available to the
student; or
(B) The student's actual tuition, mandatory fees, and
other costs of attendance at the institution.
(2) Remaining state credit may be applied to subsequent
semesters prior to the end of the first academic year that begins
following the student's graduation from high school.
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