(a) Each academy attendee enrolled in an Arkansas Teacher Academy program at an eligible postsecondary institution shall be awarded an annual scholarship up to the actual cost of the:

1. (1) Eligible postsecondary institution’s tuition and fees, for a maximum of:

   1. (A) Two (2) academic years or four (4) academic semesters for academy attendees who are graduate students;
   2. (B) Four (4) academic years or eight (8) academic semesters for academy attendees who are undergraduate students; and
   3. (C)

(i) Two (2) academic years or four (4) academic semesters for academy attendees at a community college.

1. (ii) Academy attendees enrolled at a community college shall receive continued eligibility for two (2) additional academic years or four (4) additional academic semesters at an undergraduate institution; and
2. (2) Obtainment of a teaching license issued by the State Board of Education, including without limitation the actual cost of one (1) exam required by the state board.

(b)

1. (1) A scholarship shall be distributed to academy attendees only after all other financial gifts, aid, and grants have been received by an academy attendee.

2. (2) The total scholarship amount awarded to each academy attendee shall not exceed the total cost of tuition and fees at any public institution of higher education.

   1. (c) Each academy attendee enrolled in an Arkansas Teacher Academy shall:

3. (1)

   1. (A) Agree to teach at least one (1) full school year in Arkansas at a public school, or a school that serves primarily public school students with disabilities, for each academic year the academy attendee successfully completes and receives a scholarship for all or part of his or her tuition and fees.
   2. (B) For an academy attendee who teaches and receives the scholarship concurrently, the academy attendee’s commitment period to teach in an Arkansas public school shall begin after graduation from an Arkansas Teacher Academy;

4. (2) Reimburse the Division of Higher Education:

   1. (A) For the total amount of scholarship funds received for tuition and fees for an academic year the academy attendee does not successfully complete the academic year in good academic standing; and
   2. (B) Proportional to the amount of the scholarship funds received by the academy attendee that corresponds to the number of school years the academy attendee agreed to teach, but did not teach; and

5. (3) Not include time enrolled in a summer term when calculating his or her commitment period required for teaching in an Arkansas public school.

   1. (d) Academy attendees must apply for the Arkansas Teacher Academy scholarship during the open application period via the division's Scholarship Application Management System portal.