In this section the following words have the meanings indicated. “Eligible institution” means a public or private nonprofit institution of higher education in the State that possesses a certificate of approval from the Commission. “Fund” means the Charles W. Riley Firefighter and Ambulance and Rescue Squad Member Scholarship Fund. “Scholarship” means the Charles W. Riley Firefighter and Ambulance and Rescue Squad Member Scholarship. There is a Charles W. Riley Firefighter and Ambulance and Rescue Squad Member Scholarship. An individual may apply to the Office for the scholarship if the individual: Is a resident of Maryland; Is accepted for admission or enrolled in a course offered at an eligible institution; and Is actively engaged as a career or volunteer firefighter or ambulance or rescue squad member in an organized fire department or ambulance or rescue squad in the State. A scholarship awarded under this section: May be used for the tuition and mandatory fees at any eligible institution; and May be up to: 100% of the equivalent annual tuition and mandatory fees of a resident student at a 2–year public institution of higher education established under Title 16 of this article with the highest annual expenses for a full–time resident student; or 50% of the equivalent annual tuition and mandatory fees of a resident undergraduate student 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. Any student financial aid, other than a student loan, awarded to a scholarship recipient shall be credited to the recipient’s tuition before the calculation of any award amount provided through the scholarship. Initial awards shall be provided to scholarship recipients on a first–come, first–served basis. A scholarship recipient shall maintain a grade point average of at least 2.5 on a 4.0 scale. Each recipient of a scholarship under this section may hold the award for 5 years of full–time study or 8 years of part–time study. A Senator or Delegate may authorize the Office to award all or a portion of the funds authorized under Subtitles 4 and 5 of this title to eligible recipients of scholarships awarded under this section. Funds for the Charles W. Riley Firefighter and Ambulance and Rescue Squad Member Scholarship shall be as provided in the annual budget of the Commission by the Governor. There is a Charles W. Riley Firefighter and Ambulance and Rescue Squad Member Scholarship Fund in the Commission. The Commission shall administer the Fund. The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article. The State Treasurer shall hold the Fund separately and the Comptroller shall account for the Fund. The Commission: May accept any gift or grant from any person or corporation for the Fund; Shall use any gift or grant that it receives for a scholarship from the Fund; and Shall deposit any gift or grant that it receives for the Fund with the State Treasurer. At the end of the fiscal year, the Commission shall prepare an annual report on the Fund that includes an accounting of all financial receipts and expenditures to and from the Fund. The Commission shall submit a copy of the report to the General Assembly in accordance with § 2–1257 of the State Government Article. A recipient of a scholarship shall work for at least 1 year as a volunteer or career firefighter or ambulance or rescue squad member in an organized fire department or ambulance or rescue squad in the State after completion of study at an eligible institution. A scholarship recipient shall repay the Commission the funds received under this section if the recipient does not perform the service obligation required under subsection (i) of this section.