The Scholarship Committee shall by June 1 of each year, in cooperation with scholarship committees of appropriate universities, colleges, academies or other institutions of higher learning within Maryland, determine to provide or deny grants or loans to new applicants or continuing students. The Committee shall in proper cases award, to the extent funds are available, such grant or loan to an eligible applicant or student participating in a course related to fire or health services including, but not limited to, fire sciences or emergency medical services.
The Scholarship Committee shall, in its discretion, award available funds as grants or loans to any person or persons it shall deem worthy. The Committee may use funds provided through resources of the MSFA or from other sources. The Committee is authorized to solicit funds for grants or loans from any source it deems proper. The Committee shall, from time to time, promulgate rules and regulations relating to its duties, eligibility of applicants or recipients, acceptable sources of funds to be solicited or regulations dealing with liability of a given recipient to repay any part or all of any grant or loan.