CHEYENNE, Wyo. (AP) — The Hathaway Scholarship program to help eligible Wyoming students pay their college tuition is backed by a $500 million fund that has been growing faster than the amount of money being awarded to students.

But state lawmakers are being cautious in deciding whether to increase scholarship awards to keep pace with rising tuition.

A bill that would have increased scholarship awards failed in the Legislature this winter.

Instead, the Joint Education Interim Committee has been tasked with studying the scholarship program over the summer and fall. Issues the panel will look at include increasing the scholarship awards and reviewing eligibility requirements. In addition, a fiscal analysis of the scholarship fund will be done.

The Hathaway Scholarship offers up to $3,200 a year to Wyoming residents who attend state colleges.