This bill establishes a merit-based scholarship program for eligible students who graduate from high school in Maine and who are admitted to one of the institutions of the University of Maine System or the Maine Community College System. Students must have graduated in the top 10% of their classes in high school and family income must be less than $70,000 a year. The scholarships are for the full or partial cost of tuition less any financial aid, awards or grants that reduce the level of tuition. Students must retain a 3.0 grade point average in college in order to remain in the program. This merit-based scholarship program will be administered by the Finance Authority of Maine. The Finance Authority of Maine, which is given routine technical rule-making authority, may adjust these eligibility requirements to control expenditures or increase participation in the program.