(a)
(1) An Arkansas Future Grant shall be in an amount equal to the tuition, fees, and other charges incurred by a student who meets the requirements under § 6-82-1802 to attend an approved institution of higher education less the amount the student receives in:
(A) State-supported student financial assistance;
(B) Federal student financial assistance; and
(C) Private scholarships.
(2) If the approved institution of higher education in which the student is enrolled is a four-year institution of higher education, the total amount of tuition, fees, and other charges under subdivision (a)(1) of this section shall be calculated as the average cost of tuition, fees, and other charges at approved institutions of higher education that are two-year institutions of higher education.
(b) The Division of Higher Education shall disburse the grant directly to the approved institution of higher education.
(c) The division shall award grants under this subchapter in the order in which the division receives applications from eligible students.