(1) Eligible students may receive the passport scholarship.

(2) The scholarship shall not exceed the student's financial need.

(3) The office sets the scholarship award on an annual basis not to exceed resident undergraduate tuition and fees at the highest-priced public institution of higher education in the state.

(4) In calculating need, initially based on an established cost of attendance, the institution of higher education and any contracted nongovernmental organization administering passport to careers apprenticeship is encouraged to further examine the student's costs on a case-by-case basis to identify any extenuating circumstances, so actual costs borne by the individual are recognized.