1. (a) This section applies only to an eligible applicant who attends a state educational institution.

2. (b) The amount of the exemptions under this chapter is equal to one

   1. (1) of the following amounts:
   2. (1) If the applicant does not receive financial assistance specifically designated for educational costs, the amount determined under sections 2 through 6 of this chapter.

   3. (2) If the applicant receives any financial assistance, including federal assistance, specifically designated for educational costs:

      1. (A) the amount determined under sections 2 through 6 of this chapter; minus

      2. (B) the financial assistance specifically designated for educational costs.

         [Pre-2007 Higher Education Recodification Citation: 20-12-19-2.]

As added by P.L.2-2007, SEC.255. Amended by P.L.169-2011, SEC.20; P.L.112-2019, SEC.13; P.L.240-2023, SEC.9.