In this section, “academic year” means: The fall, spring, and summer semesters; and Any semester shorter in length than the term of a regular semester. An institution of higher education shall determine the amount of each Guaranteed Access Award based on the financial need of the applicant. In determining the amount of financial need, the institution of higher education shall consider regional cost–of–living differences. In determining the percent of financial need used to calculate an award for a community college student receiving a Guaranteed Access Award, the institution of higher education shall use not less than 60%. Except as provided in paragraphs (2) and (3) of this subsection, a Delegate Howard P. Rawlings Educational Excellence Award may be awarded in $100 increments. The amount of an Educational Assistance Grant made to a student in the student’s first 2 academic years of enrollment may not be less than $400 or more than $3,000. Beginning in the third academic year of enrollment and for each academic year thereafter: If the student successfully completed at least 30 credits in the prior academic year, the amount of an Educational Assistance Grant made to a student may not be less than $400 or more than $3,000; or If the student successfully completed at least 24 but less than 30 credits in the prior academic year, the award amount shall be equal to the amount the student would have otherwise received multiplied by the ratio of the number of credits successfully completed divided by 30. All applicants who fulfill the requirements established in § 18–303(a) and (b) of this subtitle shall receive a Guaranteed Access Grant. Except as provided in subparagraph (iv) of this paragraph, the amount of a Guaranteed Access Grant made to a student in the student’s first 2 academic years of enrollment shall be equal to 100 percent of the student’s financial need as determined by the institution of higher education, not to exceed the equivalent annual expenses of a full–time resident undergraduate at the 4–year public institution of higher education within the University System of Maryland, other than the University of Maryland Global Campus and University of Maryland, Baltimore Campus, with the highest annual expenses for a full–time resident undergraduate. Except as provided in subparagraph (iv) of this paragraph, beginning in the third academic year of enrollment and for each academic year thereafter: If the student successfully completed at least 30 credits in the prior academic year, the award amount shall be equal to 100 percent of the student’s financial need as determined by the institution of higher education, not to exceed the equivalent annual expenses of a full–time resident undergraduate at the 4–year public institution of higher education within the University System of Maryland, other than the University of Maryland Global Campus and University of Maryland, Baltimore Campus, with the highest annual expenses for a full–time resident undergraduate; or If the student successfully completed at least 24 but less than 30 credits in the prior academic year, the award amount shall be equal to 100 percent multiplied by the ratio of the number of credits successfully completed divided by 30. If a recipient of a Guaranteed Access Grant becomes ineligible because of a change in family income, the recipient shall remain eligible for the full award for the full award term applicable to the recipient under this subtitle if the recipient remains eligible to receive a federal Pell Grant. Each institution of higher education shall include in the financial aid award notification to a student the availability of the Educational Assistance Award administered by the Office, including: A description of the Office and the Educational Assistance Award; Information on Educational Assistance Award timelines; and A point of contact at the Office for students. Beginning in fiscal year 2024 and each fiscal year thereafter, the Governor shall include in the annual budget bill an appropriation of at least $112,000,000 for Delegate Howard P. Rawlings Educational Excellence Awards made under this subtitle.