(A) As used in this section:

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(1) “Cost of attendance” has the same meaning as in 20 U.S.C. § 1087II.

(2) “Eligible student” means a student to whom all of the following apply:

(a) The student is a resident of this state under rules adopted by the chancellor of higher education under section 3333.31 of the Revised Code.

(b) The student was not adopted by a stepparent, but was adopted in accordance with Chapter 3107 of the Revised Code, including any of the following types of adoption:

(i) An adoption arranged by an attorney;

(ii) An adoption arranged by a public children services agency, private child placing agency, or private noncustodial agency;

(iii) Interstate adoption in accordance with section 5103.23 of the Revised Code;

(iv) Foreign adoption in accordance with section 3107.18 of the Revised Code.

(c) The student’s adoption is finalized on or after January 1, 2023.

(d) The student is enrolled at a qualifying institution.

(3) “Qualifying institution” means either a state institution of higher education as defined in section 3345.011 of the Revised Code or private college as defined in section 3365.01 of the Revised Code.

(B) The chancellor of higher education shall establish and administer a grant program for students in Ohio who are adopted. Under the program, the chancellor shall award a one-time grant of two thousand five hundred dollars to approved participants.

(C) Eligible students shall apply in the form and manner prescribed by the chancellor.

(D) The chancellor shall approve applications and pay grants to the qualifying institution in which a participant is enrolled in the academic year for which the participant’s application is approved. The qualifying institution shall apply the grant to a participant’s cost of attendance for that academic year. If any amount of the grant remains after it is applied to the participant’s cost of attendance for that year, the qualifying institution shall apply that remaining amount to the participant’s cost of attendance for any other academic year in which the student is enrolled in the institution. The qualifying institution shall return to the chancellor any grant amount remaining after a participant graduates or disenrolls from the institution.

(E) If, for any academic year, the amounts available for support of the program are inadequate to provide grants to all approved students, the chancellor shall determine a method to select which applications to approve.