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I went to UMass Amherst on a similar program in the '80s, it used to be called the Board of Regents scholarship. It was given to the 2 students who went to a state college or university with the top SAT scores in each state senate district.
As mentioned above, it only covers tuition, which is far from a full ride. Fees, room and board make up the bulk of the costs, but at least it's something.
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