Sec. 1. (a) This section applies to the following scholarships and tuition and fee remission statutes: (1) IC 10-12-2-6 . (2) IC 10-12-2-11 . (3) IC 10-17-7 . (4) IC 21-14-4 . (b) Except as provided in subsection (c), a grant or reduction in tuition or fees, including all renewals and extensions, under any of the laws listed in subsection (a) may not exceed one hundred twenty-four (124) undergraduate credit hours or its equivalent, as determined by the commission and must be used within eight (8) years after the date the individual first applies and becomes eligible for benefits under the applicable law. (c) The commission may, subject to availability of funds, extend eligibility under subsection (b) for a recipient who used a grant or reduction in tuition or fees under any of the statutes listed in subsection (a) at a postsecondary educational institution that has closed. The extension of eligibility may not exceed the number of credit hours used by the recipient at the postsecondary educational institution that closed.
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