Benacquisto and Credit Cap

I would like to confirm how I am reading the length of time that the Benacquisto scholarship is offered. It says "This program will provide funds for 100 percent of the number of credit hours required to complete a baccalaureate degree program, or until completion of a baccalaureate degree program, whichever comes first. " I don’t know how to interpret this if a student comes in with AP/DE credits.

Option 1:
A student comes in with the max AP credits of 45, they would have 5 semesters of funding if they took 15 credits/semester? This is regardless if you finish your degree or not. I am also assuming that if you are a OOS student, every credit above 120 would be billed at the out of state rate.

Option 2:
Same student. However, the Benacquisto will pay up to 120 credits at UF. Therefore, if it takes 165 credit for the student to complete all degree requirements, they full cost is covered.

Understanding this is important for OOS students to make sure that they don’t have a surprise at the end of their program.

Option 2 is correct. Most degrees take 120 hours, and Benacquisto will pay for all 120 as long as you take at least 12 hours per semester. (No summer school.) If you take only 12 hours each semester, the scholarship can go for up to 10 semesters provided you don’t meet graduation requirements until the last semester.