Because the scholarships are paid from limited funds appropriated to the program, payments are subject to the following priorities:

(1) First priority is to recipients attending during the regular academic year who are identified to the higher education coordinating board by the college or university on or before the twentieth day of the fall term as enrolled, or planning to enroll later, during the same academic year. The phrase "regular academic year" means the time frame which includes the fall, winter, and spring academic terms.

(2) Second priority is to recipients identified to the higher education coordinating board by the college or university after the twentieth day of the fall term as enrolled, or planning to enroll later, during the same regular academic year.

(3) Third priority is for recipients enrolled for the summer term, if funds are available. Due to limited funds availability, WAVE scholarships for summer term study may be prorated and are paid on a first-come, first-served basis.

(4) In the event that funds appropriated to the program are fully expended, or reduced in a fiscal year or biennial budget, or if payment of the scholarships at full value is expected to exceed available dollars, the scholarships will be proportionally reduced or eliminated to remain within available funds.