1.  The Silver State Opportunity Grant Program is hereby created for the purpose of awarding grants to eligible students to pay for a portion of the cost of education at a community college or state college within the System.

2.  The Board of Regents shall administer the Program.

3.  In administering the Program, the Board of Regents shall for each semester, subject to the limits of money available for this purpose, award a grant to each eligible student to pay for a portion of the cost of education at a community college or state college within the System.

4.  To be eligible for a grant awarded under the Program, a student must:

(a) Except as otherwise provided in this section, be enrolled, or accepted to be enrolled, during a semester in at least 12 credit hours at a community college or state college within the System;

(b) Be enrolled in a program of study leading to a recognized degree or certificate;

(c) Demonstrate proficiency in English and mathematics sufficient for placement into college-level English and mathematics courses pursuant to regulations adopted by the Board of Regents for such placement;

(d) Be a bona fide resident of the State of Nevada for the purposes of determining pursuant to NRS 396.540 whether the student is assessed a tuition charge or have graduated from a high school located in this State; and

(e) Except as otherwise provided in subsection 6, complete the Free Application for Federal Student Aid provided for by 20 U.S.C. § 1090.

5.  A student who is enrolled, or accepted to be enrolled, in the final semester of his or her program of study in less than 12 credit hours at a community college or state college within the System is eligible for a grant awarded under the Program.

6.  To the extent money is available, the Board of Regents may prescribe an alternative determination for financial aid for a student who is prohibited by law from completing the Free Application for Federal Student Aid provided for by 20 U.S.C. § 1090 pursuant to paragraph (e) of subsection 4. If the Board of Regents prescribes an alternative determination for financial aid, a student who is prohibited by law from completing the Free Application for Federal Student Aid shall complete the alternative determination for each semester of participation in the Program on or before the deadline prescribed by the Board of Regents.