(a)  The financial aid office at Rhode Island college, in conjunction with the admissions office or their respective equivalent offices at Rhode Island college, shall administer the scholarship program for state residents seeking bachelor’s degrees and/or certificates who meet the eligibility requirements in this chapter.

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(b)  An award of the scholarship program shall cover the cost of up to two (2) years of tuition and mandatory fees, for the junior and senior years of the student, or in the case of an adult student, who has attained at least sixty (60) credit hours, then the award may cover tuition and mandatory fees over a duration of not more than two (2) years. In all instances, these awards shall be reduced by the amount of federal and all other financial aid monies available to the recipient student. None of any grants received by students from the department of children, youth and families’ higher education opportunity incentive grant as established by chapter 72.8 of Title 42 or the college crusade scholarship act as established in chapter 70 of this title shall be considered federal or financial aid for the purposes of this chapter.

(c)  The scholarship program is limited to one award per student as required by § 16-113-6(a)(7); provided that, the award may cover the two (2) years that constitute the junior and senior years of the student, or the two (2) years for an adult student, and may be dispersed in separate installments.