.04 Student Awards.

A. The institutional financial aid office will identify students who are eligible for an award.

B. The minimum award is $1,000 per academic year and the maximum award is $5,000 per academic year.

C. A student may not receive an award for longer than eight semesters regardless of enrollment status.

D. Awards shall be based on the financial need of the student. Students are required to file the Free Application for Federal Student Aid (FAFSA). Each institution may determine an appropriate methodology for determining financial need; however, this methodology shall include consideration of the information provided on the FAFSA.

E. The award may be used toward the costs of tuition and mandatory fees, room and board, and other educational expenses.