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.
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