ENTITLEMENT; CALCULATION OF AID; EXPIRATION

(a) The coordinating board shall award to each eligible student state credit in an amount equal to: (1) for a student who graduated from high school two or more semesters or the equivalent earlier than the student's high school cohort, the maximum annual TEXAS grant award determined by the coordinating board for the applicable academic year under Section 56.307; or (2) for a student who graduated from high school less than two semesters or the equivalent earlier than the student's high school cohort, half of the amount described by Subdivision (1). (b) The amount of state credit awarded to a student under the program may not be considered in the calculation of any state or institutional need-based aid awards or the calculation of the student's overall financial need, unless the combination of the credit and other federal, state, and institutional financial aid for which the student would otherwise be eligible exceeds the estimated total cost of attendance at the eligible institution at which the student is enrolled. (c) The coordinating board shall issue to the student a certificate indicating the amount of the state credit awarded under this section. (d) State credit awarded to a student under this section expires at the end of the first academic year following the student's graduation from high school.