(A) Legislative Incentives for Future Excellence (LIFE) Scholarships are established which must be offered by the State. These scholarships cover the cost of attendance as defined by the Commission on Higher Education by regulation up to a maximum of two thousand dollars a year to eligible resident students attending four-year public or independent institutions as defined in subsection (B), and to cover the cost of attendance up to a maximum of one thousand dollars a year to eligible resident students attending two-year public or independent institutions as defined in subsection (B).

(B) For purposes of this chapter, a "public or independent institution" which a student may attend to receive a LIFE Scholarship includes the following:

(1) a South Carolina public institution defined in § 59-103-5 and an independent institution as defined in § 59-113-50.

(2) a public or independent bachelor’s level institution chartered before 1962 whose major campus and headquarters are located within South Carolina; or an independent bachelor’s level institution which was incorporated in its original charter in 1962, was granted a license to operate in 1997 by the Commission on Higher Education, has continued to maintain a campus in South Carolina, and is accredited by the Southern Association of Colleges and Secondary Schools. Institutions whose sole purpose is religious or theological training, or the granting of professional degrees do not meet the definition of "public or independent institution" for purposes of this chapter.

(C) These LIFE Scholarships must be granted and awarded as provided in this chapter.

(D) Beginning with school year 2000-2001, the annual amount of a LIFE Scholarship for eligible resident students attending a four-year public or independent institution as defined herein is increased from the cost of attendance up to a maximum of two thousand dollars a year to the cost of attendance up to a maximum of three thousand dollars a year, and the annual amount of a LIFE Scholarship for eligible resident students attending a two-year public or independent institution as defined herein which includes state technical colleges is increased from the cost of attendance up to a maximum of one thousand dollars a year to the cost of tuition for thirty credit hours a year or its equivalent. Tuition for this purpose means the amount charged for registering for credit hours of instruction and shall not include other fees, charges, or costs of textbooks.

(E)(1) Beginning with school year 2002-2003, the annual amount of a LIFE Scholarship for eligible resident students attending a four-year public or independent institution as defined in this chapter is increased to the cost of tuition for thirty credit hours a year or its equivalent plus a three hundred dollar a year book allowance. Tuition for this purpose means the amount charged for registering for credit hours of instruction and shall not include other fees, charges, or costs of textbooks, except for the referenced three hundred dollar book allowance, and may not exceed four thousand seven hundred dollars for each student for each year, plus the book allowance.

(2) In addition, and notwithstanding the provisions of subsection (D) above, beginning with school year 2002-2003, eligible resident students attending two-year independent institutions may not receive an annual LIFE scholarship of more than the maximum cost of tuition at two-year regional public institutions for thirty credit hours a year or its equivalent. An eligible student attending a two-year public or independent institution or technical college shall receive the three hundred dollar book allowance in addition to his cost of tuition.