(a) Scholarships shall be awarded to students who will enroll as first-time, full-time students in the academic year following award of the scholarship.
(b) Scholarships shall be awarded in an amount sufficient to meet the costs of tuition, required fees, room, board and books at the institution specified.
(c) Selection of scholarship recipients shall be based on criteria established by the Office that shall include the qualities of academic achievement, community service, participation in extracurricular activities and promise of academic success in college.
(d) Where several students are judged to be equally qualified for the scholarships, financial need may be considered in making scholarship awards.
(e) Awards shall be renewable within the limits of appropriations for the program, to a maximum of 4 awards, provided the student meets the academic progress standards set by the Office and communicated in writing to the recipient at the time the initial award is granted.