(a)   Amount of funds allocated. The commissioner of postsecondary education shall allocate annually the appropriation for need-based scholarships and grants. Of the total amount appropriated for need-based scholarship and grants, the lesser of twenty percent (20%) or one million eight hundred thousand dollars ($1,800,000) shall be distributed to qualified students attending participating, independent, nonprofit, higher education institutions in Rhode Island. The remainder of funds shall be limited to public higher education institutions in Rhode Island including payments made pursuant to § 16-100-3(c). As part of the annual budget submission, the office of postsecondary commissioner shall include a plan of how the need-based scholarship and grant funds will be allocated to each public institution receiving funds pursuant to this chapter and how the funds will be distributed to students attending independent, nonprofit institutions.

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Terms Used In Rhode Island General Laws 16-56-6

  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.

(b)   Eligibility of individuals. Eligibility for need-based grants and scholarships shall be determined by the office of the postsecondary commissioner.

(c)   Number and terms of awards. The number of awards to be granted in any one fiscal year shall be contingent upon the funds allocated to this section.

History of Section.
P.L. 1977, ch. 238, § 3; P.L. 1988, ch. 425, § 1; P.L. 1988, ch. 499, § 1; P.L. 2015, ch. 141, art. 7, § 4; P.L. 2019, ch. 88, art. 9, § 13; P.L. 2023, ch. 79, art. 8, § 3, effective June 16, 2023.