Section 16 of Chapter 15A of the General Laws is hereby amended by adding the following new paragraph after paragraph five:-

There shall be a Great State of Mind Scholarship Program to provide scholarships to cover the entire cost of tuition and fees for the last year leading to an associate or bachelor’s degree at a Massachusetts public college or university to residents of the Commonwealth in need of financial assistance.  The council shall establish guidelines governing said program which shall include but not be limited to eligibility requirements and selection criteria, including requiring that the applicant show that he or she will be eligible to graduate by the end of the scholarship year and has, with exceptions granted for illness, military service or other valid reasons, been a student in good standing continuously since first enrolling in a public college or university; provided, further, that no funds from this scholarship program may be used to pay the tuition or fees for any course or program offered or administered by a non-public entity and that no student shall be eligible to receive a scholarship from this program more than one time.  If funds appropriated for this program are insufficient to cover its costs, the Council shall develop a pilot program that will provide assistance to a subset of the eligible students.