Benefits

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

(a)A grant amount between Five Hundred Dollars ($500) to Three Thousand Dollars ($3,000) per year based on financial need. “Financial need” means the difference between the student’s cost of attendance at the University of Guam and the student’s expected family contribution (EFC). Expected Family Contribution

(EFC)shall be determined using the federal methodology pursuant to subdivision

(a)of Section 69506 (as established by Title IV of the federal Higher Education Act of 1965, as amended (20 U.S.C. Sees. 1070 et seq.) and applicable rules and regulations adopted by Board.

(1)Final awards shall be determined by the Board based on a combination of fund availability, financial need and application priority due dates.

(2)Award recipients shall remain eligible for award renewal only if he or she remains a Guam resident, in attendance, and making satisfactory academic progress at the University of Guam, as determined by the Board.

(3)Award recipients shall not receive more than one

(1)type of award concurrently under this Chapter.