(1)(a) The Coordinating Commission for Postsecondary Education, in collaboration with private colleges that elect to participate, shall award a Nebraska Career Scholarship that does not exceed a maximum of ten thousand dollars per year to any private college student who achieved a composite score on a standard college admission test equivalent to a score of at least eighteen out of a maximum score of thirty-six or who had a high school grade-point average of 3.0 or greater on a four-point scale and who is enrolled in an eligible program of study.

(b) Each participating private college, acting as an agent of the state, shall determine the eligibility of students enrolled in the private college, receive and process applications for awards to individual students, and disburse funds directly to scholarship recipients during the fiscal year. Eligibility criteria shall include being a first-time freshman or a transfer student and enrollment in an eligible program of study.

(c) For purposes of this section, an eligible program of study means:

(i) Through academic year 2023-24, a program of study at a private college in mathematics, health care, and computer information systems; and

(ii) Beginning with academic year 2024-25, a program of study in education or engineering and a program of study in shortage areas designated by the Coordinating Commission for Postsecondary Education, in consultation with the State Department of Education, the Department of Labor, the Department of Economic Development, and any advisory committee established by the Coordinating Commission for Postsecondary Education for such purpose, based on periodic reviews of workforce needs in the state.

(2) Each scholarship recipient shall register with the appropriate campus office to obtain a Nebraska-based internship, apprenticeship, clinical position, or employment in a major-related field prior to completion of the student's eligible program of study.

(3) A Nebraska Career Scholarship may be used by the scholarship recipient for tuition, fees, required tools and equipment, and room and board.

(4) Each scholarship awarded under this section shall be automatically renewed on an annual basis if the student remains enrolled in good standing in the eligible program of study for which such scholarship was awarded, except that no student shall receive a scholarship renewal after four years of participation in such eligible program of study.

(5) Each participating private college shall collect information on each scholarship recipient who has been awarded a Nebraska Career Scholarship by such private college and shall share such information with the Coordinating Commission for Postsecondary Education.

(6) The Coordinating Commission for Postsecondary Education shall report electronically to the Clerk of the Legislature and the Governor on or before December 1 of each year the following information for each eligible program of study at a private college in the current or prior academic year:

(a) The total number of students enrolled in the program in the immediately prior academic year and the total number of students enrolled in the program as of September 30 for the current academic year;

(b) The total number of scholarship recipients in the program as of September 30 for the current academic year and the total number of such scholarship recipients who are newly enrolled in the program for such academic year;

(c) The total number of students retained in the program and a comparison of the retention rates between scholarship recipients and nonscholarship students;

(d) The number of students participating in an internship, an apprenticeship, a clinical position, or employment in a major-related field during the immediately prior academic year and a comparison of participation rates for scholarship recipients and nonscholarship students;

(e) The total number of graduates for the immediately prior academic year, the number of scholarship recipient graduates for such academic year, and a comparison of the graduation rates for scholarship recipients and nonscholarship students; and

(f) The number of graduates from the immediately prior academic year who obtained employment in a major-related field in the state within four months after graduation and the average starting salary for such graduates.

(7) The Coordinating Commission for Postsecondary Education shall allocate the amount appropriated to the commission to carry out this section to private colleges that elect to participate under the Nebraska Career Scholarship Act. The commission shall establish a separate budget subprogram for such allocations.