(a) A student is eligible to receive an Arkansas Workforce Challenge Scholarship for an academic year if the student applies to the Division of Higher Education by a date determined by the Division of Higher Education preceding the academic year and:
(1) Is an Arkansas resident or, if the student is less than twenty-one (21) years of age, either the student or one (1) parent of the student is an Arkansas resident;
(2) Meets either of the following requirements:
(A) Graduated from a:
(i) Public high school in Arkansas or another state;
(ii) Private high school in Arkansas or another state; or
(iii) Home school under § 6-15-501 et seq. or recognized by another state; or
(B) Received a high school equivalency diploma approved by the Adult Education Section or another state;
(3) Is not receiving a scholarship under the Arkansas Academic Challenge Scholarship Program — Part 2, § 6-85-201 et seq.;
(4) Is accepted for admission in a program of study at an approved institution of higher education that leads to an associate degree or a certificate program in one (1) of the following high-demand fields:
(A) Industry;
(B) Health care; and
(C) Information technology; and
(5)
(A) Whose program of study or certificate program will result in the student's being qualified to work in an occupation identified by the Division of Workforce Services under subdivision (a)(5)(B)(i) of this section.
(B)
(i) The Division of Workforce Services shall provide annually to the Division of Higher Education by March 1 a list that identifies the five (5) most in-demand occupations in this state in each high-demand field under subdivision (a)(4) of this section that require the completion of a program of study that leads to an associate degree or a certificate program.
(ii) The Division of Workforce Services shall publish on its website the list under subdivision (a)(5)(B)(i) of this section and data supporting the list.
(b)
(1) A student who received a scholarship under this subchapter and successfully completed a program of study or certificate program that meets the requirements under subdivision (a)(4) of this section is eligible to reapply for a scholarship under this subchapter if the student is accepted for admission in a different program of study or certificate program that meets the requirements under subdivision (a)(4) of this section.
(2) A student who received a scholarship under this subchapter and does not successfully complete the program of study or certificate program is eligible to reapply for and receive a scholarship one (1) time only.