Subject to the availability of appropriations and under the authorities of the Mutual Educational and Cultural Exchange Act of 1961 [
22 U.S.C.
2451 et seq.], the Secretary of State shall establish and carry out a program in each fiscal year to award grants of up to $5,000, to individuals who meet the requirements of subsection (b) of this section, toward the cost of up to one academic year of undergraduate study abroad. Grants under this Act shall be known as the “Benjamin A. Gilman International Scholarships”.