|(a) Tuition and fee exemption amounts. Selected recipients may receive an exemption for the amount of their actual tuition and fee charges at their institution for up to four full academic years (including summer terms when funds are available) while enrolled as undergraduates. If the student's program of study extends to more than four years, the exemption will not be extended to that additional time period. (b) Room and Board exemption amounts. Selected recipients may receive an exemption for an amount equal to their actual dormitory room and Board expenses but not to exceed the average on-campus room and Board figure reflected in the college's typical student budget on file at the Board for up to two years. If the student is not living in campus housing, but the institution does have such housing, the amount to be awarded as a room and Board exemption is the average charged for a student in that institution's campus housing. If the institution does not have campus housing, the exemption may equal the average room and Board allowance reported to the Board by public universities for that year for students who are receiving some type of financial assistance. (c) Exemptions and reimbursements to students. If student selection is completed prior to the payment of tuition and fees or room and Board for a particular term, the institution is to exempt the selected students from the payment of the appropriate charges. If selection is completed after the payment of such charges, the Board shall reimburse students for the appropriate amounts as indicated in subsections (a) and (b) of this section. (d) Reimbursements for institutions. Each term, after selected students have enrolled at their institutions, the institutions may send the Board, on a form provided by the Board, a request for reimbursement for the exempted charges. The Board, as soon as possible, will issue checks to the institutions for the indicated amounts.