In this subtitle the following words have the meanings indicated. “Dually enrolled student” means a student who is dually enrolled in: A secondary school in the State; and An institution of higher education in the State. “Grant” means the Early College Access Grant. There is an Early College Access Grant that provides financial assistance to dually enrolled students in the State. In cooperation with institutions of higher education in the State, the Commission shall administer the Grant. A recipient of a grant shall: Be a dually enrolled student; and Demonstrate financial need according to criteria established by the Commission. For courses completed under the Grant, a recipient is not required to receive credit from a secondary school and an institution of higher education at the same time.

Funds for the Grant shall be allocated by the Commission to an institution of higher education based on the number of dually enrolled students receiving credit for courses completed at the institution. Funds for the Grant shall be as provided in the annual budget of the Commission by the Governor.

The Commission shall: Establish guidelines for awarding the Grant to dually enrolled students; and Adopt any other guidelines or regulations necessary for the administration of this subtitle.

Each county board shall make all high school students who meet mutually agreed on enrollment requirements aware of the opportunity to dually enroll under this subtitle.

An institution of higher education that receives State funds under this subtitle shall provide the Commission with an annual audit of the use of the funds.