§ 15-1703 — Arizona leveraging educational assistance program; grants; criteria

A. The Arizona leveraging educational assistance program is established to provide student financial assistance in the form of need-based grants to eligible students to attend postsecondary educational institutions in this state. The Arizona board of regents shall administer the program.

B. A student is eligible to participate in the Arizona leveraging educational assistance program established by this section if the student meets all of the following criteria:

1. Is a resident of this state.

2. Demonstrates financial need under the criteria established by the Arizona board of regents for the program.

3. Is attending, on at least a half-time basis, an approved program at a properly accredited postsecondary educational institution in this state.

C. A participating postsecondary educational institution may receive matching monies from the postsecondary educational fund established by section 15-1704 to provide eligible students with financial assistance in the form of need-based grants. To be eligible to receive state matching monies, each participating postsecondary educational institution, public or private, shall provide an amount of matching monies that equals the amount of monies provided to the institution by this state from the postsecondary educational fund.

D. The Arizona board of regents may require participating postsecondary educational institutions to report on the use of monies distributed under this section, including the number of grants provided and the demographics of students receiving the grants.