A. If monies are appropriated to the Arizona community colleges promise program fund established by subsection E of this section, each district in this state shall establish and administer a community college promise scholarship fund consisting of monies received pursuant to subsection E of this section, grants, gifts and contributions and devises. Monies in the community college promise scholarship fund are continuously appropriated and may be used for providing financial assistance to eligible students. Each district may use up to ten percent of the monies the district receives pursuant to subsection E of this section for administrative expenses and student support services. If there are insufficient monies in the community college promise scholarship fund to provide financial assistance to all eligible students, the district shall consider the following factors when establishing scholarship priorities:

1. 1. Socioeconomic factors that pose barriers to student success, as determined by the district.
2. 2. A student's community engagement, including participation in community service projects.
3. 3. Additional factors as determined by the district.

B. A student is eligible for a financial aid award pursuant to this section if the student:

1. 1. For an initial award:

   1. (a) Qualifies for resident student status as prescribed in section 15-1802.01.
   2. (b) Satisfies the admission standards as determined by the community college.
   3. (c) Completes and submits the free application for federal student aid and meets the income eligibility criteria for a federal pell grant.
   4. (d) Is admitted to and enrolled in the community college.

2. 2. To maintain eligibility after receiving an initial award:

   1. (a) Annually completes and submits the free application for federal student aid.
   2. (b) Maintains enrollment at a community college.
   3. (c) Maintains satisfactory academic progress.
   4. (d) Complies with the standards related to maintenance of eligibility adopted by the district, district board or community college.

E. The Arizona community colleges promise program fund is established consisting of monies deposited pursuant to section 15-1809, subsection E and legislative appropriations. The Arizona board of regents shall administer the fund. Monies in the fund are continuously appropriated and exempt from section 35-190 relating to lapsing of appropriations. The Arizona board of regents shall distribute monies in the fund to each district as follows:

1. 1. Twenty percent of the monies appropriated for each fiscal year shall be divided equally among all districts in this state.
2. 2. Eighty percent of the monies appropriated for each fiscal year shall be divided proportionately among all districts in this state based on each district's full-time equivalent student enrollment relative to the statewide audited full-time equivalent student enrollment for the preceding fiscal year, as prescribed in section 15-1466.01.

F. For the purposes of this section:

1. 1. "Community college" has the same meaning prescribed in section 15-1401.
2. 2. "District" means a community college district established pursuant to sections 15-1402 and 15-1403.
3. 3. "District board" has the same meaning prescribed in section 15-1401.