(1) Individuals awarded the WAVE scholarship may receive up to six academic quarters, or four semesters, or the equivalent combination of academic quarters and semesters, of scholarship for undergraduate level coursework.

(2) Recipients have three years to begin using the WAVE scholarship and six years to complete using the scholarship. This means that a WAVE recipient must:

(a) Begin using the scholarship no later than the fall term three years after designation as a WAVE recipient. Failure to do so results in forfeiture of all eligibility to use the scholarship. For example, a student named as a WAVE recipient in spring 2008 must receive the scholarship for at least one academic term no later than the end of fall term 2011.

(b) Complete using the scholarship no later than the fall term six years after designation as a WAVE recipient. Any unused portion of the scholarship is forfeited at the end of the sixth year. For example, a student named as a WAVE recipient in spring 2008 must complete use of the full scholarship no later than the end of fall term 2014. Any unused eligibility is forfeited by the recipient at the end of fall 2014.