The Oklahoma Tuition Equalization Grant gives $2,000 stipends for state students attending certain qualified private and independent, not-for-profit colleges and universities.
The governor signed Senate Bill 600, by Sen. Jason Smalley and Rep. Katie Henke, this week to clarify that eligible institutions must have been granted not-for-profit status by the Internal Revenue Service and the U.S. Department of Education before July 1, 2012.
Smalley said the change closes a loophole that was allowing certain institutions not intended for the grant to qualify for it.
Subject to the availability of funds in the Oklahoma Tuition Equalization Grant Trust Fund, the State Regents can award a $2,000 grant per academic year or $1,000 per academic semester from the Oklahoma Tuition Equalization Grant Trust Fund. The program began in the 2003-2004 school year.
Eligible institutions include Bacone College, Family of Faith College, Mid-America Christian University, Oklahoma Baptist University, Oklahoma Christian University, Oklahoma City University, Oklahoma Wesleyan University, Oral Roberts University, Southern Nazarene University, Southwestern Christian University, St. Gregory’s University, the University of Tulsa and Randall University.