(a) An Underwood-Smith Teaching Scholars award shall be used in preparation for becoming an elementary, middle or secondary teacher in a critical teacher shortage field in the public schools of this state. Each award shall be in the amount of $10,000 annually, and is available for a maximum of four academic years for the completion of a bachelor"s degree.

(b) An individual may not receive a scholarship award under this article which exceeds the cost of attendance at the institution the individual is attending. The cost of attendance shall be based upon the actual cost of tuition and fees, and reasonable allowances for books, educational supplies, room and board and other expenses necessitated by individual circumstances, in accordance with the program guidelines. For the purposes of establishing an award amount, the Vice Chancellor for Administration shall take into account the amount of financial aid assistance the recipient has or will receive from all other sources. If the amount of the Underwood-Smith Teaching Scholars award and the amount of scholarship and grant awards which the recipient has received from all other sources exceed the cost of attendance, the institution"s financial aid officer, in consultation with the scholar, will determine what aid is to be reduced and shall do so in a manner to the best advantage of the scholar.

(c) The amendments to this article during the 2019 First Extraordinary Session of the Legislature shall be effective for academic years beginning on or after July 1, 2019, and the provisions of this article existing immediately prior to the 2019 first extraordinary session of the Legislature remain in effect for academic years beginning prior to July 1, 2019.