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WES MOORE, Governor Ch. 717

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(III) THE NUMBER OF UNDERGRADUATE FULL–TIME EQUIVALENT STUDENTS SHALL BE CALCULATED USING TOTAL UNDERGRADUATE CREDIT HOUR PRODUCTION DIVIDED BY 30.

(IV) 1. EXCEPT AS PROVIDED IN SUBSUBPARAGRAPH 2 OF THIS SUBPARAGRAPH, THE NUMBER OF GRADUATE FULL–TIME EQUIVALENT STUDENTS SHALL BE CALCULATED BASED ON A METHODOLOGY AGREED TO BY THE UNIVERSITY SYSTEM OF MARYLAND OFFICE, MORGAN STATE UNIVERSITY, AND ST. MARY’S COLLEGE OF MARYLAND, IN CONSULTATION WITH THE COMMISSION.

2. IF A METHODOLOGY IS NOT AGREED TO ON OR BEFORE SEPTEMBER 16, 2024, THE COMMISSION SHALL DETERMINE THE METHODOLOGY USED TO CALCULATE THE NUMBER OF GRADUATE FULL–TIME EQUIVALENT STUDENTS.

(V) THE COMMISSION SHALL CERTIFY THE NUMBER OF FULL–TIME EQUIVALENT STUDENTS FOR EACH INSTITUTION ON OR BEFORE OCTOBER 1 EACH YEAR.

(2) IN FISCAL YEAR 2025 AND EACH FISCAL YEAR THEREAFTER, THE MARYLAND HIGHER EDUCATION COMMISSION SHALL COMPUTE THE AMOUNT OF THE ANNUAL APPORTIONMENT FOR EACH INSTITUTION THAT QUALIFIES UNDER THIS SUBTITLE BY MULTIPLYING THE NUMBER OF FULL–TIME EQUIVALENT UNDERGRADUATE STUDENTS ENROLLED AT THE INSTITUTION DURING THE FALL SEMESTER OF THE FISCAL YEAR PRECEDING THE FISCAL YEAR FOR WHICH THE AID APPORTIONMENT IS MADE, AS DETERMINED BY THE MARYLAND HIGHER EDUCATION COMMISSION, BY AN AMOUNT NOT LESS THAN 15.5% 16.6% 16.1% OF THE STATE’S GENERAL FUND STATE FUNDS PER FULL–TIME EQUIVALENT STUDENT APPROPRIATION TO THE 4–YEAR PUBLIC INSTITUTIONS OF HIGHER EDUCATION IN THIS STATE FOR THE SAME FISCAL YEAR.