NC S546

Establishes a new merit scholarship program for needy students who demonstrate academic excellence by earning a cumulative grade point average of at least 3.0.

Awards up to $1,000 per academic semester to eligible students, with scholarships limited to a maximum of four full academic years.

Allows students who initially fail to meet the 3.0 GPA requirement at high school graduation to become eligible by completing a semester with at least 12 credit hours and achieving a 3.0 cumulative GPA, with one opportunity to regain eligibility if they later lose it.

Requires students to enroll in at least 12 credit hours per semester and maintain a 3.0 cumulative GPA to continue receiving the scholarship.

Appropriates $5 million for the 2013-2014 fiscal year and $5 million for the 2014-2015 fiscal year to fund the program, effective July 1, 2013.