Benefits

Students entitled to awards pursuant to this Article shall receive the following benefits:

(a)Tuition and Fees at the University of Guam and the Guam Community College. Tuition and fees for each academic year will be paid by the Student Financial Assistance Fund for a period of not more than four

(4)years in an undergraduate program at either the University of COL6/24/2021 CH. 28 STUDENT FINANCIAL ASSISTANCE PROGRAMS FOR HIGHER EDUCATION Guam, or the Guam Community College, or both. Merit award recipients, including recipients that sign the University of Guam Merit Award Promissory Note and Merit Award Rules and Regulations contract effective as of the Fanuchånan Semester of 2020, who are eligible for and receive the Federal Pell Grant under 20 U.S.C. § 1070a of the Higher Education Act of 1965, as amended, shall have their merit award applied to their tuition and fees first for each academic year.

(b)Stipend. Award recipients are entitled to a monthly stipend to be disbursed in nine

(9)monthly installments during the academic year, as follows:

(1)First Year and Second Year Students: Three Hundred Dollars ($300.00) per month.

(2)Third Year and Fourth Year Students: Five Hundred Dollars ($500.00) per month.

(c)Allowance for Textbooks and School Supplies. Each student receiving an award under this Article beginning with students who sign the contract beginning in the Fanuchånan Semester of 2020 at the University of Guam or the Guam Community College shall be entitled to an additional Three Hundred Fifty Dollars ($350.00) per semester for textbooks and school supplies.

(d)Optional Inter-Session Allowed.

(1)Summer Semester. Each student shall be entitled to tuition for full time enrollment, fees, and textbooks.

(2)Between Fall and Spring Semesters. Each student shall be entitled for tuition for full time enrollment, fees, and textbooks. Students attending inter-session between Fall and Spring Semesters shall not be entitled to an additional stipend.