(1) There is created a Mississippi Eminent Scholars Grant Program, to be administered by the Mississippi Postsecondary Education Financial Assistance Board established under Section 37-106-9. The board shall set the dates that will serve as the deadlines for applying for an award under this section and award scholarships to each Mississippi student who:

(a)

(i) Is recognized by the merit or achievement programs of the National Merit Scholarship Corporation or the National Achievement Scholarship as a semifinalist or finalist, and has obtained a minimum cumulative grade point average of 3.5 calculated on a 4.0 scale in high school subjects acceptable for credit toward a diploma, after seven (7) semesters certified by the high school counselor or other authorized school official on the application and graduation from high school verified by the institution before disbursement of award; or

(ii) Has scored twenty-nine (29) on the American College Testing Program or its equivalent and has obtained a minimum cumulative grade point average of 3.5 calculated on a 4.0 scale after seven (7) semesters certified by the high school counselor or other authorized school official on the application and graduation from high school verified by the institution before disbursement of award, or the equivalent in high school subjects acceptable for credit toward a diploma; or

(iii) Has attended a home education program during grade levels 9 through 12 and has scored twenty-nine (29) on the American College Testing Program or its equivalent.

(b) Meets the general requirements for student eligibility, except as otherwise provided in this section.

(c) Files, before the deadline, an application for an award during his last year in high school, or before the expiration of the third school year succeeding the year of his high school graduation.

(d) Attends, on a full-time basis, any state institution of higher learning or public community or junior college, or any regionally accredited, state-approved, nonprofit two-year or four-year college or university located in the State of Mississippi approved by the board.

(e) Enrolls as a “first-time in college” student in Mississippi. Postsecondary academic credit earned prior to or during the summer immediately subsequent to receiving a high school diploma, or while dually enrolled in secondary and postsecondary educational institutions, or while enrolled in the early admission program of a postsecondary institution shall not be considered when determining if a student is enrolling for the first time. However, any student who earns postsecondary academic credit at an institution of higher learning located outside the state shall meet the requirements on grade point average and maximum credit hours set forth in subsection (2)(b) of this section.

(f) Is a resident of the State of Mississippi.

(2)

(a) Except for students who earn credits at institutions of higher learning located outside the state, students who apply for awards but do not accept their initial awards may apply to receive awards during subsequent application periods occurring before the expiration of the third school year succeeding the year of their high school graduation. The eligibility of these applicants shall be determined in the same manner as first-time applicants.

(b) Students who receive initial awards and who later do not accept renewal awards may apply to receive awards during subsequent application periods occurring before the expiration of the third school year succeeding the year of their high school graduation. Reinstatement applications will be accepted from these students according to dates set by the Mississippi Postsecondary Education Financial Assistance Board. The eligibility of these applicants shall be determined in the same manner as first-time applicants, except that these students shall be required to have maintained the equivalent of a 3.5 cumulative grade point average on a 4.0 scale for all college work attempted and if the student attended an out-of-state institution, to have completed no more than thirty-six (36) credit hours. The board shall not make awards to reinstatement applicants who submit applications that are received after the deadline set by the Mississippi Postsecondary Education Financial Assistance Board.

(c) The board shall create a renewal application for each student who received the award for one or more terms during the immediately preceding academic year.

(3)

(a) The annual award to a student shall be up to Two Thousand Five Hundred Dollars ($2,500.00) for tuition and fees. Payment of the Mississippi Eminent Scholars Grant shall be made payable to the recipient and the educational institution and mailed directly to the institution, to be applied first to tuition.

(b) Within six (6) weeks of the end of regular registration, inclusive of a drop-add period, institutions shall certify to the board the eligibility status of each awarded student. The eligibility status of each student to receive a disbursement shall be determined by each institution as of this date. Institutions shall not be required to reevaluate a student’s eligibility status after this date for purposes of amending eligibility determinations previously made. However, an institution shall be requested to make refunds for students who receive award disbursements and terminate enrollment for any reason during the academic term when an institution’s refund policies permit a student to receive a refund under the circumstances.

(c) Institutions shall certify to the board the amount of funds disbursed to each student and shall remit to the board any undisbursed advances within sixty (60) days of the end of regular registration.

(4) A recipient shall maintain the equivalent of a 3.5 cumulative grade point average on a 4.0 scale, or shall maintain an approved equivalent student progress evaluation plan, on at least twelve (12) hours per quarter, trimester or semester in order to be eligible for a continuation of the award. No student may receive a Mississippi Eminent Scholars Grant for more than the equivalent semesters or quarters required to complete one (1) degree or certificate program per institution. The award may be renewed annually upon certification of eligibility by the eligible institutions that the recipient meets the necessary qualifications. If any recipient transfers from one university, community college or junior college to another, his award will be transferable, provided he is otherwise eligible for the award. If a student fails to maintain continuous enrollment, and is not granted an exception for cause by the administering board, the student is ineligible to receive the Mississippi Eminent Scholars Grant during the following semester or trimester or term of the regular academic year.

(5) The board may conduct its own annual audits of any institution participating in the Mississippi Eminent Scholars Grant Program. The board may suspend or revoke an institution’s eligibility to receive future monies under the program if it finds that the institution has not complied with the provisions of this section.

(6) For purposes of this section, certificated shall mean, but not be limited to, all postsecondary vocational programs in eligible institutions approved by the board.