A new rule is being proposed to establish criteria for the award of Latin American and Caribbean Scholarships. This new rule: (1) permits universities to create a Latin American and Caribbean Scholarship; (2) establishes minimum student eligibility requirements; (3) designates all recipients of the Latin American and Caribbean Scholarship as residents for tuition purposes; (4) classifies which state and federal funds may be used to fund Latin American and Caribbean Scholarships; (5) establishes minimum scholarship amounts; (6) lists which countries qualify as Latin American and Caribbean; and (7) provides university reporting requirements.