Given the potential benefit to students and the community, it is proposed that the scholarship be awarded to eligible students beginning with the graduating class of 2006. Students graduating prior to this date will not be awarded the College Bound scholarship even if that student meets all other eligibility criteria.
The objective of the College Bound scholarship program is to provide up to 100% tuition for eligible students. The initial value of the College Bound scholarship will equal the cost of 30 credit hours (per year) of tuition at Indiana University, Bloomington. Since the cost of tuition and number of participants may increase, and the amount of funding available could fluctuate, the City will establish the exact monetary value by June 1st annually for that yearís graduating class. The annualized value shall also be used to determine the amount of award for those schools on a trimester or quarter basis of study.
The scholarship is renewable (subject to compliance with the programís continuing eligibility) for up to four consecutive years to an accredited college or university in the state of Indiana. The College Bound Program will issue an annual report, available through the Cityís web site, listing the names of all scholarship recipients, the schools attended and the amounts received.