(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.
