(a) Funds awarded through this program may include any gifts, grants and donations of real or personal property from any entity, subject to limitations or conditions set by law, for the purposes of this chapter.
(b) Award Amount and Disbursements.
  (1) The minimum and maximum annual award for a student through this program shall be an amount established by the board and announced to institutions in the allocation announcement sent out for the relevant year.
  (2) An individual student's scholarship shall be paid out in the form of at least one disbursement per semester.
(c) No scholarship disbursed to a student shall be used for any purpose other than for meeting the cost of attending an approved institution.
(d) The duration of the scholarship shall be a maximum of three years awarded by semester or term.
(e) At the time an award is made to a student, it shall not exceed the student's need.

Source Note: The provisions of this §520.5 adopted to be effective December 9, 2009, 34 TexReg 8728; amended to be effective April 10, 2013, 38 TexReg 2224; amended to be effective February 8, 2017, 42 TexReg 429; amended to be effective April 18, 2018, 43 TexReg 2275; amended to be effective October 4, 2023, 48 TexReg 5668