Scholarship amounts must be at least $10,000 per year; however, no individual may receive a scholarship for any year that exceeds the yearly cost of attendance at the institution (as defined in section 472 of the Higher Education Act of 1965 (20 U.S.C. 1087ll)).

Scholarship recipients must be U.S. citizens or nationals, or permanent resident aliens, must be majoring in mathematics, engineering, or a science discipline, and must be in the last 2 years of a baccalaureate degree program.

It is expected that these students will graduate with a major in a STEM discipline (mathematics, a science discipline, or engineering) and will obtain teacher certification or licensing.

Students enrolled in institutions requiring a fifth year or post-baccalaureate program for teacher certification may apply the scholarship to the post-baccalaureate program.

Recipients of scholarships must commit to completion of two years of service as a mathematics or science teacher for each year the scholarship is received.

Service must be completed within 8 years after graduation from the program for which the scholarship was awarded and must be performed in a high-need local educational agency as defined in section 201 of the Higher Education Act of 1965 (20 U.S.C. 1021):

The term "high need local educational agency" means a local educational agency that serves an elementary or secondary school located in an area in which there is:

1. a high percentage of individuals from families with incomes below the poverty line;

2. a high percentage of secondary school teachers not teaching in the content area in which the teachers were trained to teach; or

3. a high teacher turnover rate.