The Commission for Higher Education has until December to establish the selection process for who gets the scholarship.
The report found Ivy Tech graduation rates are significantly lower than the national average.
The school is the first public school in Indiana to offer a "competency-based" degree.
The Class120 app uses GPS track college students and notify their parents if they aren't in class.
A large increase is anticipated in the number of students taking advantage of the scholarship program over the next two years.
President Obama wants to bring down the cost of community college tuition, and advocates in Indiana are excited about a platform for a national conversation.
The legislature will begin meeting in January to write a new state budget.
A new campaign pushes students to take at least 15 credit hours a semester and a vaccine could slow a disease that killed an estimated 8 million pigs.
Indiana's Commission for Higher Ed launched a new campaign this week to help more students graduate on time by encouraging them to take 15 credits per semester.
About 66 percent of high school graduates in Indiana went to college in 2012, compared to 64 percent in 2011.