20-26-616. STEM scholarship amounts -- renewal requirements. (1) A student who meets the requirements of 20-26-615 will receive a $1,000 scholarship for the first academic year the student is enrolled at a postsecondary institution.

(2) A student who meets the requirements of this subsection will receive an additional scholarship for up to 3 subsequent academic years. To be eligible for the STEM scholarship in a subsequent academic year, the student must:

(a) have completed at least:

(i) 30 credit hours in the first academic year to be eligible for a $1,500 scholarship in the second academic year;

(ii) 60 credit hours by the end of the second academic year to be eligible for a $1,500 scholarship in the third academic year; and

(iii) 90 credit hours by the end of the third academic year to be eligible for a $2,000 scholarship in the fourth academic year;

(b) have maintained a grade point average of at least 3.0;

(c) be enrolled full time at the postsecondary institution in the current academic year; and

(d) continue to pursue a STEM or health care major.

(3) The legislature intends scholarships to be awarded at the full amounts provided for in this section. If the funds in the account established in 20-26-617 are insufficient to fully fund the program for a year, scholarships shall be prorated and awarded pursuant to 20-26-617(4).