Here is the section from the 2015-2016 NCAA Division 1 Handbook. Students must meet ONE of the criteria listed to potentially be an exception to the financial aid rule.
15.5.3.2.4.1 Academic Honor Awards—Based on High School Record. Academic honor awards that are part of an institution’s normal arrangements for academic scholarships, based solely on the recipient’s high school record and awarded independently of athletics interests and in amounts consistent with the pattern of all such awards made by institutions, are exempt from an institution’s equivalency computation, provided the recipient was ranked in the upper 10 percent of the high school graduating class or achieved a cumulative grade-point average of at least 3.500 (based on a maximum of 4.000) or a minimum ACT sum score of 105 or a minimum SAT score of 1200 (critical reading and math). (Adopted: 1/12/99 effective 8/1/99, Revised: 1/14/08 effective 8/1/08, 1/16/10 effective 8/1/10)
15.5.3.2.4.1.1 Additional Requirements. The following additional requirements shall be met: (Adopted: 1/12/99 effective 8/1/99, 1/18/14 effective 8/1/14)
(a) The awards may include additional, nonacademic criteria (e.g., interviews, essays, need analysis), provided the additional criteria are not based on athletics ability, participation or interests, and the awards are consistent with the pattern of all such awards provided to all students;
(b) No quota of awards shall be designated for student-athletes;
(c) Athletics participation shall not be required before or after collegiate enrollment;
(d) No athletics department staff member shall be involved in designating the recipients of such awards; and
(e) Any additional criteria shall not include athletics ability, participation or interests.
15.5.3.2.4.1.2 Renewals. The renewal of an academic honor award (per Bylaw 15.5.3.2.4.1) may be exempted from an institution’s equivalency computation regardless of whether the recipient qualified for exemption in his or her initial academic year enrollment, provided: (Adopted:1/12/99 effective 8/1/99, Revised: 3/18/10)
(a) The recipient achieves a cumulative grade-point average of at least 3.000 (based on a maximum of 4.000) at the certifying institution; and
(b) The recipient meets all NCAA, conference and institutional progress-toward-degree requirements.
http://www.ncaapublications.co...ownloads/D116OCT.pdf