Sec. 8. (a) Subject to subsections (b) and (c), if an applicant meets the requirements under this chapter, the commission may award, for not more than four (4) academic years, a scholarship to the applicant in an amount of ten thousand dollars ($10,000) for each academic year that the applicant attends the accredited postsecondary educational institution approved by the commission under section 10 of this chapter.
(b) The commission may not award a scholarship under this chapter in an amount of more than a total of forty thousand dollars ($40,000) to an individual applicant.
(c) If the total amount to be distributed from the fund in a state fiscal year exceeds the amount available for distribution, the amount to be distributed to each eligible applicant shall be proportionately reduced so that the total reductions equal the amount of the excess.