Territorial Scholarships under this section may be of varied character according to the needs of the student and his or her educational program. The maximum award for graduates and undergraduates is $6,000.00. Limited total award of $4.600.00 for UVI undergrad students; grant amount not exceed $3,500.00 and $6,000.00 for off-island colleges/universiities; grant amount not exceed $4,500.00. Limited total award of $5,000.00 for on-line courses; grant not to exceed $4,000.00. liThe amount of the scholarship renewal to the same individual may be increased or decreased as the Board deems necessary and appropriate.