2. a. A public institution of higher education may reduce a student’s institutional financial aid as a result of the awarding of private scholarships to the student only under the circumstances enumerated in subsections b. and c. of this section.

b. If a student’s total financial aid from all sources exceeds the student’s financial need, a public institution of higher education may reduce the student’s institutional financial aid until the student’s total financial aid no longer exceeds the student’s financial need.

c. In addition to the reduction authorized pursuant to subsection b. of this section, a public institution of higher education may reduce a student’s institutional financial aid if the institution receives approval from the organization that awarded the private scholarship that caused the reduction authorized pursuant to subsection b. of this section.

d. A public institution of higher education may reduce a student athlete’s institutional financial aid in order to comply with the individual or team financial aid restrictions of any athletic association, conference, or other group or organization with authority over intercollegiate athletics including, but not limited to, the National Collegiate Athletic Association.

L.2021, c.223, s.2.