§ 669-g. The New York state achievement and investment in merit
scholarship (NY-AIMS). 1. Purpose. The New York state achievement and
investment in merit scholarship (NY-AIMS) is hereby established for the
purpose of granting merit based scholarship awards to New York state
high school graduates who achieve academic excellence.

2. Eligibility. To be eligible for such awards, an applicant must have
graduated from a New York state high school, enrolled in an approved
undergraduate program of study in a New York state post-secondary
institution beginning in the two thousand fifteen--two thousand sixteen
academic year or thereafter, and achieved at least two of the following
during high school:

a. graduated with a grade point average of 3.3 or above;

b. graduated with a "with honors" distinction on a New York state
regents diploma or received a score of 3 or higher on two or more
advanced placement examinations; or

c. graduated within the top fifteen percent of their high school
class, provided that actual class rank may be taken into consideration.

3. Priority. a. Such awards shall be made to eligible applicants in
the following priority:

(i) first, to applicants who have received payment of an award
pursuant to this section in a prior year and remain in good academic
standing; and

(ii) second, to applicants in descending order based on the unmet need
to reach the full cost of attendance as indicated on the financial aid
award letter.

However, in the program's first year, first priority shall be in
accordance with subparagraph (ii) of this paragraph.

b. In the event that there are more applicants who have the same
priority than there are remaining scholarships, the president shall
distribute the remaining number of such scholarships by means of a
lottery or other form of random selection.

c. In each year, the awards made shall be proportionate to the total
applications received for students accepted for undergraduate study at
public and private not-for-profit degree granting institutions.

4. Awards. Within amounts appropriated therefor, the president shall
grant an annual award to eligible applicants on a competitive basis
pursuant to subdivisions two and three of this section in the amount of
five hundred dollars for not more than four academic years of
undergraduate study, or five academic years, if the program of study
normally requires five years as defined by the commissioner pursuant to
article thirteen of this chapter. Up to five thousand awards may be
granted to new recipients annually.

5. Offset. Such awards may be used to offset the applicant's total
cost of attendance determined for federal Title IV student financial aid
purposes.

6. Rules. The corporation is authorized to promulgate rules and
regulations, and may promulgate emergency regulations, necessary for the
implementation of the provisions of this section.