Sec. 1. (a) This section applies to the board of trustees of the following state educational institutions:

(1) Ball State University.

(2) Indiana University.

(3) Indiana State University.

(4) Purdue University.

(5) University of Southern Indiana.

(b) The board of trustees of a state educational institution may award financial aid to students and groups of students out of the available resources of the state educational institution through:

(1) scholarships;

(2) fellowships;

(3) loans; and

(4) remissions of fees, tuition, charges, or other funds;

on the basis of financial need, excellence of academic achievement or potential achievement, or any other basis that the board of trustees finds to be reasonably related to the educational purposes and objectives of the institution.

(c) When determining financial eligibility for need based financial aid available to a veteran student (as defined in IC 21-41-12-2), each state educational institution shall exclude any financial benefit or financial resources received by the veteran student from any of the following sources:

(1) The Servicemen's Readjustment Act of 1944, as amended, and other acts of Congress granting a right, privilege, or benefit to veterans.

(2) The federal Rehabilitation Act of 1973 (29 U.S.C. 701 et seq.) and amendments to that statute, including programs administered by the division of disability and rehabilitative services established by IC 12-9-1-1 under the federal act.

(3) The federal Social Security Act.

[Pre-2007 Higher Education Recodification Citation: 20-12-1-2(a)(8) part.]

As added by P.L.2-2007, SEC.256. Amended by P.L.22-2018, SEC.2.