261.95  Amount of grant.
  1.  The amount of a grant to a qualified full-time student for an academic year shall be as follows:
  a.  For a student who qualifies under section 261.93, subsection 2, paragraph “a”, the lesser of the student’s financial need for that period or up to one thousand dollars.
  b.  For a student who qualifies under section 261.93, subsection 2, paragraph “b”, the lesser of the student’s financial need for that period or not more than the resident tuition rate established for institutions of higher learning under the control of the state board of regents.
  2.  The amount of a grant to a qualified part-time student enrolled in a course of study shall be equal to the average amount of a grant to a full-time student times a number which represents twenty-four semester hours, or the trimester or quarter equivalent, divided by the number of hours in which the part-time student is actually enrolled.
  3.  A grant may be made annually for both the fall and spring semesters or the trimester equivalent. Payments under the grant shall be allocated equally among the semesters or trimesters and shall be paid at the beginning of each semester or trimester, upon certification by the accredited higher education institution that the student is admitted and in attendance. If the student discontinues attendance before the end of the semester or trimester after receiving payment under the grant, the entire amount of any refund due that student, up to the amount of any payments made under the annual grant, shall be paid by the accredited higher education institution to the state.
  4.  If a student receives financial aid under any other program except a federal, state, or institutional work-study program, the full amount of the other financial aid shall be considered part of the student’s financial resources available in determining the amount of the student’s financial need for that period. In no case may the total financial aid for the student’s education, including financial aid under any other state program, exceed the student’s financial need at the institution which the student attends.
90 Acts, ch 1272, §62; 2012 Acts, ch 1138, §28