(A) Legislative Incentives for Future Excellence (LIFE) Scholarships are established which must be offered by the State. These scholarships cover the cost of attendance as defined by the Commission on Higher Education by regulation up to a maximum of two thousand dollars a year to eligible resident students attending four-year public or independent institutions as defined in subsection (B), and to cover the cost of attendance up to a maximum of one thousand dollars a year to eligible resident students attending two-year public or independent institutions as defined in subsection (B).
(B) For purposes of this chapter, a "public or independent institution" which a student may attend to receive a LIFE Scholarship includes the following:
(1) a South Carolina public institution defined in Section 59-103-5 and an independent institution as defined in Section 59-113-50.
(2) a public or independent bachelor's level institution chartered before 1962 whose major campus and headquarters are located within South Carolina; or an independent bachelor's level institution which has attained 501(c)(3) tax status and is accredited by the Southern Association of Colleges and Secondary Schools or the New England Association of Colleges and Schools; or a public or independent two-year institution which has attained 501(c)(3) tax status. Institutions whose sole purpose is religious or theological training, or the granting of professional degrees do not meet the definition of 'public or independent institution' for purposes of this chapter.
(C) These LIFE Scholarships must be granted and awarded as provided in this chapter.