TITLE IV--STUDENT ASSISTANCE
Part A--Grants to Students
SEC. 404. ACADEMIC ACHIEVEMENT INCENTIVE SCHOLARSHIPS
Chapter 3 of subpart 2 of part A of title IV (20 U.S.C. 1070a-31 et seq.) is amended to read as follows:
`CHAPTER 3--ACADEMIC ACHIEVEMENT INCENTIVE SCHOLARSHIPS
`SEC. 406A. SCHOLARSHIPS AUTHORIZED.
`The Secretary is authorized to award scholarships to students who graduate from secondary school after May 1, 2000, to enable the students to pay the cost of attendance at an institution of higher education during the students first 2 academic years of undergraduate education, if the students--
`(1) are eligible to receive Federal Pell Grants for the year in which the scholarships are awarded; and
`(2) demonstrate academic achievement by graduating in the top 10 percent of their secondary school graduating class.
`SEC. 406B. SCHOLARSHIP PROGRAM REQUIREMENTS.
`(a) AMOUNT OF AWARD-
`(1) IN GENERAL- Except as provided in paragraph (2), the amount of a scholarship awarded under this chapter for any academic year shall be equal to 100 percent of the amount of the Federal Pell Grant for which the recipient is eligible for the academic year.
`(2) ADJUSTMENT FOR INSUFFICIENT APPROPRIATIONS- If, after the Secretary determines the total number of eligible applicants for an academic year in accordance with section 406C, funds available to carry out this chapter for the academic year are insufficient to fully fund all awards under this chapter for the academic year, the amount of the scholarship paid to each student under this chapter shall be reduced proportionately.
`(b) ASSISTANCE NOT TO EXCEED COST OF ATTENDANCE- A scholarship awarded under this chapter to any student, in combination with the Federal Pell Grant assistance and other student financial assistance available to such student, may not exceed the student's cost of attendance.
`SEC. 406C. ELIGIBILITY OF SCHOLARS.
`(a) PROCEDURES ESTABLISHED BY REGULATION- The Secretary shall establish by regulation procedures for the determination of eligibility of students for the scholarships awarded under this chapter. Such procedures shall include measures to prevent any secondary school from certifying more than 10 percent of the school's students for eligibility under this section.
`(b) COORDINATION- In prescribing procedures under subsection (a), the Secretary shall ensure that the determination of eligibility and the amount of the scholarship is determined in a timely and accurate manner consistent with the requirements of section 482 and the submission of the financial aid form required by section 483. For such purposes, the Secretary may provide that, for the first academic year of a student's 2 academic years of eligibility under this chapter, class rank may be determined prior to graduation from secondary school, at such time and in such manner as the Secretary may specify in regulations prescribed under this chapter.
`SEC. 406D. STUDENT REQUIREMENTS.
`(a) IN GENERAL- Each eligible student desiring a scholarship under this chapter shall submit an application to the Secretary at such time, in such manner, and containing such information as the Secretary may reasonably require.
`(b) CONTINUING ELIGIBILITY- In order for a student to continue to be eligible to receive a scholarship under this chapter for the second year of undergraduate education, the eligible student shall maintain eligibility to receive a Federal Pell Grant for that year, including fulfilling the requirements for satisfactory progress described in section 484(c).
`SEC. 407E. AUTHORIZATION OF APPROPRIATIONS.
`There are authorized to be appropriated to carry out this chapter $200,000,000 for fiscal year 1999 and such sums as may be necessary for each of the 4 succeeding fiscal years.'.
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