|(a) For students at public and private or independent
four-year institutions, the maximum amount of loan for a semester
or term shall be the amount determined by the Board as the average
amount of tuition and required fees for a full-time course load for
resident undergraduate students enrolled in baccalaureate degree programs
at general academic teaching institutions.
(b) In a manner prescribed by the Board for purposes
of this subchapter, each eligible institution that is a private or
independent institution of higher education is entitled to receive
an allocation only from the general revenue appropriations made for
that academic year to eligible private or independent institutions
of higher education for the purposes of this subchapter.
(c) In January of each year, the program's annual loan
limit for the following academic year shall be posted on the Board's