As used in this subpart, the term:

(1) “Eligible student” means a person:

(A) Whose family income is considered economically disadvantaged, based on criteria established by the commission, or who has a financial aid gap;

(B) Who meets any academic or other standards established by the commission;

(C) Who is eligible for a scholarship or grant pursuant to Code Section 20-3-519.1;

(D) Who has completed the Free Application for Federal Student Aid (FAFSA); and

(E) Who has completed:

(i) Seventy percent of the credit requirements toward the credential of his or her program of study, if such program is a four-year program; or

(ii) Forty-five percent of the credit requirements toward the credential of his or her program of study, if such program is a two-year program.

(2) “Financial aid gap” means the monetary amount remaining after other funding, as determined by the commission, for the cost of attendance certified by a qualified institution.

(3) “Qualified institution” means an institution of the University System of Georgia, an institution of the Technical College System of Georgia, or a nonproprietary institution of higher education eligible for tuition equalization grants in accordance with subparagraph (A) of paragraph (2) of Code Section 20-3-411.