173.262.  Competitiveness scholarship program (Marguerite Ross Barnett program), definition — duties of coordinating board — eligibility requirements — transfer or withdrawal, effect. — 1.  There is hereby established the "Marguerite Ross Barnett Competitiveness Scholarship Program", and any moneys appropriated by the general assembly for this program shall be used to provide scholarships for Missouri citizens to attend a Missouri college or university of their choice pursuant to the provisions of this section.

  2.  The definitions of terms set forth in section 173.205 shall be applicable to such terms as used in this section.  The term "competitiveness scholarship" means an amount of money paid by the state of Missouri to a qualified college or university student pursuant to the provisions of this section.

  3.  The coordinating board for higher education shall be the administrative agency for the implementation of the program established by this section, and shall:

  (1)  Promulgate reasonable rules and regulations for the exercise of its functions and the effectuation of the purposes of this section;

  (2)  Prescribe the form and the time and method of awarding competitiveness scholarships, and shall supervise the processing thereof; and

  (3)  Select qualified recipients to receive competitiveness scholarships, make such awards of competitiveness scholarships to qualified recipients and determine the manner and method of payment to the recipient.

  4.  A student shall be eligible for initial or renewed competitiveness scholarship if, at the time of his application and throughout the period during which he is receiving such assistance, he is a part-time student who:

  (1)  Is eighteen years of age or older;

  (2)  Is employed twenty hours or more per week;

  (3)  Is a citizen or a permanent resident of the United States;

  (4)  Is a resident of the state of Missouri, as determined by reference to standards promulgated pursuant to section 173.140;

  (5)  Is enrolled, or has been accepted for enrollment, as a part-time undergraduate student in an approved private or public institution; and

  (6)  Establishes financial need.

  5.  A recipient of competitiveness scholarship awarded under the provisions of this section may transfer from one approved Missouri public or private institution to another without losing eligibility for the scholarship.  If a recipient of the scholarship at any time withdraws from an approved private or public institution so that under the rules and regulations of that institution he is entitled to a refund of any tuition, fees or other charges, the institution shall pay the portion of the refund attributable to the scholarship for that term to the coordinating board for higher education.