§ 18A:62-65 — Definitions relative to institutional financial aid.

1. As used in this act: "Financial need" means cost of attendance as defined pursuant to 20 U.S.C. s.1087ll. "Institutional financial aid" means need-based and merit-based grants, scholarships, tuition waivers, and all other forms of financial assistance provided by a public institution of higher education that are not loans or work-study programs. "Private scholarships" means scholarships awarded by businesses, private foundations, nonprofit organizations, and service groups. Private scholarships shall not include awards funded by a private organization which is affiliated with a public institution of higher education and requests the institution's assistance in selecting the recipients of scholarships. L.2021, c.223, s.1; amended 2023, c.317.