Section 53B-13a-104 - Promise grants(1)(a) As part of the Utah Promise Program and in accordance with this section, the board shall allocate available money to each institution to use to award promise grants to eligible students to pay the eligible student's cost of attendance.(b) An eligible student may apply for a promise grant in accordance with procedures established by board rule.(c) The amount of a promise grant to an eligible student may not exceed the amount equal to the difference between:(i) the eligible student's cost of attendance; and(ii) the total value of other financial aid that the eligible student receives toward the eligible student's cost of attendance.(d) An eligible student may transfer a promise grant to one or more other institutions.(2) In administering this section, the board shall use a packaging approach that ensures that institutions combine loans, grants, employment, and family and individual contributions toward financing the cost of attendance.(3) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, that board shall make rules establishing: (a) an application process;(b) eligibility criteria, including:(i) criteria related to academic achievement and enrollment status; and(ii) a requirement that an applicant demonstrate completion of the Free Application for Federal Student Aid, unless the student or the student's parent opts out in accordance with board rule;(c) how a student demonstrates financial need;(d) a formula to determine the allocation of money to institutions in accordance with Subsection (1), taking into account:(i) the cost of attendance for programs offered by institutions; and(ii) the number of eligible students who attend each institution; and(e) a methodology for prioritizing award of promise grants based primarily on financial need.(4) A student is eligible for a promise grant until the student: (a) earns a first bachelor's degree; or(b) completes 120 credit hours.(5) The board or an institution may not represent to a recipient or a potential recipient of a promise grant that promise grants will remain available in perpetuity.(6)(a) The board may require an institution to enter into a participation agreement before the institution may award promise grants.(b) In a participation agreement, the board shall include a requirement that the institution: (i) provide to the board information necessary to administer the promise grants;(ii) comply with this section and board rules related to the promise grants;(iii) submit reports related to the promise grants as required by board rule; and(iv) cooperate in any review or financial audit related to the promise grants that the board determines necessary.(7)(a) The board may use up to 2% of the money appropriated for promise grants for costs related to administering the promise grants.(b) An institution may use up to 3% of the money the institution receives for promise grants for costs related to administering the promise grants.(8) The board may supplement state appropriations for the program with private contributions.Amended by Chapter 137, 2023 General Session ,§ 1, eff. 5/3/2023.Amended by Chapter 370, 2022 General Session ,§ 12, eff. 5/4/2022.Amended by Chapter 196, 2020 General Session ,§ 4, eff. 5/12/2020.Amended by Chapter 11, 2011 General Session.