The Division of Higher Education may make initial and continuing grants to students under the following conditions:
(1) Grant recipients shall be bona fide residents of the State of Arkansas, as defined by the Division of Higher Education;
(2) Grant recipients shall maintain current certification with the Division of Elementary and Secondary Education, allowing them to be employed by the public schools in Arkansas;
(3) Grant recipients shall be currently employed as teachers or administrators in Arkansas and declare an intention to continue that employment in Arkansas;
(4) Grant recipients shall be enrolled in an eligible accredited college or university in Arkansas;
(5) Grant recipients shall be enrolled in college-level courses directly related to their employment as certified by the Commissioner of Elementary and Secondary Education; and
(6) Grant recipients shall maintain a grade point average in their college work of no less than 2.5 on a 4.0 scale or maintain an appropriate equivalent as determined by the Division of Higher Education.