H.F. 283 Section 1. Section 261.87, subsection 3, Code 2015, is 1 amended by striking the subsection and inserting in lieu 2 thereof the following: 3 3. Extent of scholarship. A qualified student at an 4 eligible institution may receive scholarships for not more than 5 the equivalent of two full-time academic years of undergraduate 6 study, excluding summer semesters, or the equivalent. 7 Scholarships awarded pursuant to this section shall be awarded 8 on an annual basis and shall not exceed the lesser of the 9 following, as determined by the commission: 10 a. The student’s financial need. 11 b. One-half of the average resident tuition rate and 12 mandatory fees established for institutions of higher learning 13 governed by the state board of regents. 14 c. The resident tuition and mandatory fees charged for the 15 program of enrollment by the eligible institution at which the 16 student is enrolled. 17 EXPLANATION 18 The inclusion of this explanation does not constitute agreement with 19 the explanation’s substance by the members of the general assembly. 20 This bill authorizes a qualified student at an eligible 21 institution, which is defined in the Code as a community 22 college or regents university, to receive an all Iowa 23 opportunity scholarship for not more than two full-time 24 academic years of undergraduate study, excluding summer 25 semesters. The scholarship must be awarded by the college 26 student aid commission to the student on an annual basis. 27 Under current law, a qualified student who receives the 28 scholarship must each year meet the eligibility requirements 29 established in the Code. 30 -1- LSB 1622HV (2) 86 kh/sc 1/ 1