[§304-16.6] Student scholarship and assistance special fund. (a) There is established the student scholarship and assistance special fund to be administered by the University of Hawaii. This fund shall be used to provide financial assistance to qualified students enrolled at any campus of the University of Hawaii.

(b) Revenues deposited into this fund shall include but not be limited to state, federal, and private funds, and funds transferred by the university from the tuition and fees special fund pursuant to section 304-16.5.

(c) The board of regents, or its designated representatives, is authorized to grant, modify, or suspend scholarship and assistance funds. The University of Hawaii shall report annually to the legislature on the sources of revenue into and expenditures made from the special fund no later than twenty days before the convening of each regular session of the legislature. This report shall include but not be limited to the number of tuition waivers, scholarships, and stipends.

[(d)] This fund is not intended to provide loans or keep track of payback provisions. [L 2004, c 138, §2]