(a) Subject to appropriations made specifically for the purposes of this part, the Georgia Student Finance Authority shall establish the Georgia Foster Care Scholarship program to provide grants on a per-semester basis to eligible students for undergraduate level postsecondary education at eligible postsecondary institutions.

(b) The Georgia Student Finance Authority shall be authorized to provide for eligibility criteria and grant amounts as determined to be the most appropriate for particular eligible postsecondary institutions and its student population in accordance with this part and the rules and regulations of the Georgia Student Finance Authority. The Georgia Student Finance Authority shall also establish criteria necessary for eligible students to continue to receive such grants in accordance with this part.

(c) The Georgia Student Finance Authority may contract with a grant coordinating organization authorized to do business in this state to implement and administer the Georgia Foster Care Scholarship program; provided, however, that such contract shall require the grant coordinating organization to ensure that 100 percent of funds appropriated for such program shall be expended on grants to eligible students.

(d) The Georgia Student Finance Authority is authorized to define such terms and prescribe such rules, regulations, and procedures as may be reasonable and necessary to carry out the purposes of this part.