1.    The state board of higher education shall administer a dual-credit tuition scholarship program to offer a tuition scholarship to students. The board shall adopt procedures to administer the program.

2.    An eligible student may apply to the board to receive a scholarship toward the cost of tuition and fees at the accredited in-state public, private, or tribal institution of higher education at which the student is enrolled. To be eligible to receive a scholarship, an individual must:

a.    Be enrolled and have completed at least one semester, quarter, or term at a public, private, or tribal institution of higher education with a physical presence in the state; b.    Have:

(1) Graduated from a high school in the state; (2) Graduated from a high school in a bordering state under chapter 15.1-29; (3) Graduated from a nonpublic high school in a bordering state while residing with a custodial parent in this state; or

(4) Completed a program of home education under chapter 15.1-23; and

     c.    Have successfully completed at least one dual-credit course provided by an accredited public, private, or tribal institution in the state while enrolled in high school or a program of home education in the state.

3.    The state board of higher education shall provide an eligible student with a tuition scholarship equal to two hundred fifty dollars for one successfully completed dual-credit course, five hundred dollars for two successfully completed dual-credit courses, or seven hundred fifty dollars for three or more successfully completed dual-credit courses. The dual-credit courses must be provided by an accredited public, private, or tribal institution in the state, and completed by the student while in high school or a program of home education. A scholarship received by a student during any semester, quarter, or term of enrollment under this section may not exceed the cost of tuition and fees for the semester, quarter, or term.