(a) As used in this Code section, the term:

(1) "After-school program" means any academic program conducted after regular school hours to serve only students who have previously dropped out of school or students who are in a regular day time school who have previously failed courses.

(2) "Course" means an instructional course for which a program count is permissible under Code Section 20-2-160.

(3) "FTE" or "full-time equivalency" means the program cost obtained under the method described in paragraph (2) of subsection (b) of Code Section 20-2-160.

(4) "Student" means a person who is otherwise eligible to be included in a program count under Code Section 20-2-160.

(b) Three or more local school systems which jointly establish any after-school program for at-risk students shall be eligible to receive a state grant, not to exceed $175,000.00 per year, which is equal to the amount of direct instructional costs which would be earned by such students if they were enrolled in equivalent courses in the remedial education program during the school day and counted as FTE students under the method described in paragraph (2) of subsection (b) of Code Section 20-2-160. No student in the after-school program who is actually included in a regular after-school FTE program count pursuant to Code Section 20-2-160 may be counted in determining the amount of a grant under this Code section. The State Board of Education is directed to prescribe a method of determining full-time equivalency of such programs in keeping with paragraph (2) of subsection (b) of Code Section 20-2-160 and shall calculate the funds needed for such programs as part of its annual budget request.