(b)

1. (1) The scholarships are renewable for up to eight (8) semesters.
2. (2) Semesters do not have to be consecutive.

(c)

1. (1) Award amounts will be based on the college or university status of the student as a freshman, sophomore, junior, or senior.
2. (2) Awards are awarded by semester.

(d)

1. (1) Award amounts are:

   1. (A) Freshman, five hundred dollars ($500);
   2. (B) Sophomore, seven hundred fifty dollars ($750);
   3. (C) Junior, one thousand dollars ($1,000); and
   4. (D) Senior, one thousand dollars ($1,000).
2. (2) Note. The above amounts may be increased over time, subject to funding received from Acts 2011, No. 292.