(a) The ability to make awards each year is contingent upon the availability of funds.
(b) Funds are to be distributed evenly amongst the qualified applicants per year, with the loan award committee meeting annually to oversee the allocation of funds.
(c) Notwithstanding subsection (b) of this section, if there there are insufficient funds to make an award to every applicant who satisfies the requirements of this subchapter, the loan award committee shall give priority to applicants having the greatest financial need.
(d) The applicants having the greatest financial need is determined in the sole discretion of the loan award committee. The Council shall request all of the following information, but the weight to be given to the information shall be determined in the sole discretion of the loan award committee:
(1) The applicant's income.
(2) The applicant's spousal income.
(3) The number of the applicant's dependents.
(4) The total amount of the applicant's qualified educational loans.
(5) The applicant's monthly loan payment amount.
(e) The Council shall make payment directly to the applicant's lending agency on behalf of the applicant.
(f) An applicant may receive only 1 award per year and may receive no more than 10 awards in the applicant's lifetime. An award may be made as a single annual payment or disbursed over periodic intervals, at the Council's discretion.
(g) Applicants who make over $110,000 a year are ineligible for an award under this subchapter.