(a) The Alaska performance scholarship program is established to provide scholarships for high school graduates who are Alaska residents to attend a qualified postsecondary institution in the state.
(b) The department shall, in consultation with the commission, adopt regulations necessary to implement the Alaska performance scholarship program. The commission shall administer the daily operations of the Alaska performance scholarship program and financing of the Alaska performance scholarship program, including the procedures for applying for the scholarships, establishing standards for and ensuring continuing compliance with programmatic standards, and requiring students to apply for other nonloan financial aid, consistent with federal law.