|(a) The amount of tuition to be rebated to a student under
this program is $1,000, unless the total amount of undergraduate tuition paid
by the student to the institution awarding the degree was less than $1,000,
in which event the amount of tuition to be rebated is an amount equal to the
amount of undergraduate tuition paid by the student to the institution.
(b) A student who paid the institution awarding the degree
an amount of undergraduate tuition less than $1,000 may qualify for an increase
in the amount of the rebate, not to exceed a total rebate of $1,000, for any
amount of undergraduate tuition the student paid to other Texas public institutions
of higher education by providing the institution awarding the degree with
proof of the total amount of that tuition paid to other institutions.
(c) Tuition rebates shall be reduced by the amount of any outstanding
student loan, including an emergency loan, owed to or guaranteed by this state,
including the Texas Guaranteed Student Loan Corporation. If a student has
more than one outstanding student loan, the institution shall apply the amount
of the rebate to the loans as directed by the student. If the student fails
to provide timely instructions on the application of the amount, the institution
shall apply the amount of the rebate to retire the loans with the highest
interest rates first.