(a) A grant recipient may attend any approved institution of higher education. An institution is not required to accept a grant recipient for enrollment, but may exact compliance with its own admission requirements, standards and policies.
(b) Grants may only be awarded to undergraduate students.
(c) Each grant is renewable until the course of study is completed, but not to exceed an additional three academic years beyond the first year of the award. The academic years are not required to be consecutive years, and the grant will be terminated if the student receives a bachelor's degree in a shorter period of time.
(d) Qualifications for renewal include the following, as determined by the vice chancellor:
(1) Maintaining satisfactory academic standing;