(a) The annual scholarship award shall be:
(1) At a public senior higher education institution in the State that has a department, school, or college of education, 100% of the equivalent annual tuition, mandatory fees, and room and board of a resident undergraduate student or graduate student, as appropriate, at the public senior higher education institution; or
(2) Subject to subsection (b) of this section, at a private nonprofit institution of higher education in the State that has a department, school, or college of education, an amount equal to:
(i) The lesser of:
1. 100% of the equivalent annual tuition and mandatory fees of a resident undergraduate student or graduate student, as appropriate, at the University of Maryland, College Park Campus; or
2. 50% of the equivalent annual tuition and mandatory fees of a resident undergraduate or graduate student, as appropriate, at the eligible private nonprofit institution of higher education; and
(ii) 100% of the room and board of a resident undergraduate student or graduate student, as appropriate, at the eligible private nonprofit institution of higher education in the State.
(b) A private nonprofit institution of higher education shall provide a matching scholarship award in an amount equal to the award calculated in subsection (a)(2)(i) of this section.
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