(a) Subject to appropriations made specifically for the purposes of this part, to receive a Georgia Foster Care Scholarship, an eligible student shall:

(1) Complete a simplified application process established by the Georgia Student Finance Authority, which shall include completion of the Free Application for Federal Student Aid (FAFSA) to determine the level of need and eligibility for state and federal financial aid programs;

(2) Remain in good standing with the eligible postsecondary institution in which he or she is enrolled or to which he or she has been accepted for admission;

(3) Maintain satisfactory academic progress in accordance with the standards and practices used for federal Title IV programs by the eligible postsecondary institution at which the student is enrolled; and

(4) Comply with the rules, regulations, and procedures prescribed by the Georgia Student Finance Authority in accordance with this part.

(b)(1) The total per-semester amount of a Georgia Foster Care Scholarship awarded to each eligible student shall not exceed the costs of the eligible student’s tuition, room, board, meal plan, and books associated with his or her matriculation at such student’s eligible postsecondary institution less an amount equal to the total of any federal or other state grants, scholarships, or tuition waivers for which he or she is eligible to receive.

(2) The total per-year amount of a Georgia Foster Care Scholarship awarded to each eligible student shall not exceed $30,000.00.

(c) An eligible student may continue to receive a Georgia Foster Care Scholarship until the first of these events:

(1) The student has earned a bachelor’s degree;

(2) The student has attempted at any postsecondary institution a total of 190 quarter hours or 127 semester hours; or

(3) The student has received the Georgia Foster Care Scholarship for ten years.

(d) In the event a student on whose behalf a Georgia Foster Care Scholarship is paid does not enroll as a full-time or part-time student for the academic semester for which the scholarship is paid, the eligible postsecondary institution shall make a refund to the Georgia Student Finance Authority in accordance with the rules and regulations of the Georgia Student Finance Authority.