(a) A recipient who graduated from high school after December 31, 2000, shall receive a scholarship for one (1) academic year renewable for up to three (3) additional academic years if the recipient meets the following continuing eligibility criteria:
(1) The recipient earns a cumulative grade point average of 2.75 or higher based on a 4.0 scale at an approved institution;
(2) The recipient has completed a total of at least twenty-seven (27) hours during the first full academic year and a total of at least thirty (30) hours per academic year thereafter; and
(3) The recipient meets any other continuing eligibility criteria established by the Division of Higher Education.
(b)
(1) Beginning with awards made for the 2005-2006 academic year and thereafter for recipients who graduated from high school after December 31, 2001, the amount of the annual scholarship awarded to each recipient shall be graduated as follows:
(A) A recipient in his or her freshman year shall be awarded an amount not to exceed two thousand five hundred dollars ($2,500);
(B) A recipient in his or her sophomore year shall be awarded an amount not to exceed two thousand seven hundred fifty dollars ($2,750);
(C) A recipient in his or her junior year shall be awarded an amount not to exceed three thousand dollars ($3,000); and
(D) A recipient in his or her senior year shall be awarded an amount not to exceed three thousand five hundred dollars ($3,500).
(2) A recipient under this subchapter shall receive the greater of the award under subdivision (b)(1) of this section or the award amount for the same academic year for a full-time recipient under the Arkansas Academic Challenge Scholarship Program — Part 2, § 6-85-201 et seq.