1. The state board of higher education shall provide to each eligible student a financial assistance grant in an amount not exceeding: a. One thousand three hundred seventy-five dollars per semester; or b. Nine hundred seventeen dollars per quarter.

2. a. A student is not entitled to receive grants under this chapter for more than the equivalent of: (1) Eight semesters of full-time enrollment; or (2) Twelve quarters of full-time enrollment. b. Notwithstanding subdivision a, a student is not entitled to receive a grant under this chapter after the student obtains a baccalaureate degree.

3. The board shall forward grants payable under this chapter directly to the institution in which the student is enrolled.

4. The board may not issue a grant under this chapter which is in excess of the total cost of attendance, as determined by the institution of higher education, when considering all financial aid sources.