A student is eligible for a South Dakota Freedom Scholarship, pursuant to § 13-55A-15, if the student:

(1) Is a state resident for at least one year prior to application for the scholarship;

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(2) Attends an eligible institution in pursuit of a baccalaureate degree;

(3) Establishes financial need, as determined by the eligible institution and the board described in § 13-55A-15;

(4) Commits, in writing, to live and work in this state for a period of three years after graduation, or following military service or graduate education, if applicable;

(5) Maintains a GPA of at least 2.0 while enrolled at an eligible institution; and

(6) Agrees, through a promissory note or other agreement, that failure to comply with this section results in the scholarship being converted to an interest-bearing loan.

A student is eligible to receive a scholarship under this section for five years. If a student fails to complete a baccalaureate degree within five years from the date of initial attendance, the board may convert any amounts awarded to the student into an interest-bearing loan.

Notwithstanding the provisions of this section, the board may temporarily or permanently waive the requirements of this section if factors, as determined by the board, prevent a student from satisfying the requirements in this section.

Source: SL 2021, ch 83, § 7, eff. Mar. 18, 2021; SL 2022, ch 48, § 2.