Sec. 5. (a) The commission, in coordination with the Marian University College of Osteopathic Medicine, shall select from among the qualified students who will receive a scholarship under this chapter. The commission may not create or use a waiting list for scholarships under this chapter.
(b) The amount of the scholarship that may be awarded to a qualified student for a particular school year shall be determined by the commission, in coordination with the Marian University College of Osteopathic Medicine, and may not exceed the following:
(1) If the scholarship is awarded in the first class year, a maximum of fifteen thousand dollars ($15,000) per year for four (4) class years.
(2) If the scholarship is awarded in the second class year:
(A) a maximum of seven thousand five hundred dollars ($7,500) for the first class year; and
(B) a maximum of ten thousand dollars ($10,000) per year for the second through fourth class years.
(3) If the scholarship is awarded in the third class year:
(A) a maximum of five thousand dollars ($5,000) for the first class year;
(B) a maximum of seven thousand five hundred dollars ($7,500) for the second class year; and
(C) a maximum of ten thousand dollars ($10,000) per year for the third and fourth class years.
(4) If the scholarship is awarded in the fourth class year:
(A) a maximum of two thousand five hundred dollars ($2,500) for the first class year;
(B) a maximum of five thousand dollars ($5,000) for the second class year;
(C) a maximum of seven thousand five hundred dollars ($7,500) for the third class year; and
(D) a maximum of ten thousand dollars ($10,000) for the fourth class year.
(c) A qualified student may not qualify for a scholarship for more than four (4) school years.