(a) An academic institution seeking funding under this section shall submit an application, on a form prescribed by the commissioner, identifying the number of eligible students matriculated and attending the academic institution as verified by the president, or the equivalent title, of the academic institution, and the estimated amount of funds requested to support each student. Subject to the annual appropriation, the department will authorize payment to the applying academic institution in an amount not to exceed $4,000 for each student for each academic year on a first-come, first serve basis.

1. (1) For the fall semester, the academic institution shall submit completed applications and all required documentation to the department by November 1st of the academic year for which funds are requested.
2. (2) For the spring semester, the academic institution shall submit completed applications and any required documentation to the department by March 1st of the academic year for which funds are requested.
3. (3) For the summer semester, the academic institution shall submit completed applications and any required documentation to the department by July 1st of the academic year for which funds are requested.

(b) Timeline for submission of applications.