NAHANT-The new Nahant Community Scholarship program at Northeastern University is offering a four-year scholarship that would pay half the cost of tuition at Northeastern University for a Nahant scholar.Selectman Richard Lombard said he is thrilled the town and Northeastern University reached an agreement Monday.?This is just outstanding,” he said. “I am very pleased Northeastern University stepped up to the plate for the town of Nahant. This is my baby. It’s something I have been working to make happen for at least four years.”The Nahant Community Scholarship at Northeastern University will be awarded at the beginning with the 2008-2009 academic year. According to the guidelines, to be considered for the scholarship the applicant must be a Nahant resident, be in the top 10 percent of their high school graduating class and have an SAT score of 1300 or more. The scholarship will be renewed for up to eight academic semesters provided the student maintains a 3.0 grade point average.The Northeastern University Student Financial Services Office will work in cooperation with the town of Nahant to select an eligible student to receive the award. The selection process is expected to begin in January and be complete by March.Northeastern University Vice-President of Public Affairs Bob Gittens could not be reached for comment Monday.Nahant Town Administrator Mark Cullinan said all the details of the scholarship haven’t been finalized, but the scholarship is worth approximately $80,000 over a four-year period.Lombard has raised the issue of Northeastern University’s involvement with the town at numerous Selectmen meetings over the years because Northeastern University’s Marine Science Center is located at East Point in Nahant. Because it is an educational institution, Northeastern University does not pay taxes to the town.?It’s nice to see Northeastern University giving back to the community,” he said. “This is a wonderful opportunity for one of our students.”