1. For each eligible student, the Board of Regents or a designee thereof shall:

(a) Calculate the maximum amount of the grant which the student is eligible to receive. The maximum amount of such a grant must not exceed the amount equal to the cost of education of the student minus the amounts determined for the student contribution, family contribution and federal contribution to the cost of education of the student.

(b) Determine the actual amount of the grant which will be awarded to each student, which amount must not exceed the maximum amount calculated pursuant to paragraph (a), but which may be in a lesser amount if the Board of Regents or a designee thereof, as applicable, determines that the amount of money available for all grants for any semester is insufficient to award to all eligible students in a category prescribed in subsection 2 the maximum amount of the grant which each student is eligible to receive.

2. The Board of Regents or a designee thereof shall award to eligible students a grant in the amount determined pursuant to paragraph (b) of subsection 1 in the following order of priority:

(a) First, to eligible students who are enrolled in at least 15 credit hours at a community college or state college within the System;

(b) If money is available after awarding grants to all eligible students described in paragraph (a), to remaining eligible students who are enrolled, or accepted to be enrolled, in the final semester of a program of study at a community college or state college within the System; and

(c) If money is available after awarding grants to all eligible students described in paragraphs (a) and (b), to remaining eligible students.

3. Money received from a grant awarded under the Program must be used by a student only to pay for the cost of education of the student at a community college or state college within the System and not for any other purpose.

(Added to NRS by 2015, 2190; A 2019, 3964)