Section 15.06. Terms of grants.

 

(1)  Eligible institutions shall enter into a five-year contract with the board using the established financial aid distribution process. Annual program funds for the Wisconsin Covenant Scholars grant program shall be allocated through these contracts for a period of five academic years following the high school graduation of each class of Wisconsin Covenant Scholars.

(2)  Grant amounts shall be determined by the Estimated Family Contribution (EFC) calculated by the Free Application for Federal Student Aid (FAFSA) based on the following designations. Scholars shall receive the full grant amounts listed below regardless of the scholars' unmet need except in case where awarding the full amount conflicts with federal laws related to over-awarding in the financial aid process. In that instance, the grant may be reduced in order to comply with federal law.

(a) For students attending an eligible institution full time:

1. Scholars with an EFC of $0 shall receive $1,000 annual grant for the first two years of postsecondary education. For the second two years of postsecondary education, the office shall develop and submit to the board a formula for awarding grants for the upcoming academic years to scholars enrolled in an eligible institution. The formula shall account for expected parental and student contributions and shall be consistent with generally accepted definitions and nationally approved needs analysis methodology.

a. This award amount assumes that the Wisconsin Covenant Foundation shall continue to grant $1,500 annually for the first two years of postsecondary education for students with an EFC of $0.

b. If the Wisconsin Covenant Foundation does not award at least $1,500 annually for the first two years of postsecondary education, then students with a $0 EFC shall receive $1,500 annually rather than $1,000 for the first two years of postsecondary education.

2. Scholars with an EFC of $1 to $3,499 shall receive $1,500 annual grant for the first two years of postsecondary education. For the second two years of postsecondary education, the office shall develop and submit to the board a formula for awarding grants for the upcoming academic years to scholars enrolled in an eligible institution.

3. Scholars with an EFC of $3,500 to $11,999 shall receive $1,000 annual grant for the first two years of postsecondary education. For the second two years of postsecondary education, the office shall develop and submit to the board a formula for awarding grants for the upcoming academic years to scholars enrolled in an eligible institution.

4. Scholars with an EFC of $12,000 or greater shall receive $250 annual grant for the first two years of postsecondary education. For the second two years of postsecondary education, the office shall develop and submit to the board a formula for awarding grants for the upcoming academic years to scholars enrolled in an eligible institution.

(b) For students attending an eligible institution half time:

1. Scholars with an EFC of $0 to $3,499 shall receive $750 annual grant for the first two years of postsecondary education. For the second two years of postsecondary education, the office shall develop and submit to the board a formula for awarding grants for the upcoming academic years to scholars enrolled in an eligible institution.

2. Scholars with an EFC of $3,500 to $11,999 shall receive $500 annual grant for the first two years of postsecondary education. For the second two years of postsecondary education, the office shall develop and submit to the board a formula for awarding grants for the upcoming academic years to scholars enrolled in an institution.

3. Scholars with an EFC of $12,000 or greater shall receive $125 annual grant for the first two years of postsecondary education. For the second two years of postsecondary education, the office shall develop and submit to the board a formula for awarding grants for the upcoming academic years to scholars enrolled in an eligible institution.

CR 10-027 : cr. Register September 2010 No. 657 , eff. 10-1-10.