(2) Scholarships shall be awarded on the basis of the student’s:
(a) Demonstrated ability to profit either from career and technical education or from college transfer courses; and
(b) Need for financial assistance.
(3) In addition to the qualifications specified in subsection (2) of this section, the board awarding the scholarship may prescribe qualifications that are of such nature that scholarships awarded under this section will benefit both the student and the people of this state. [Formerly 341.485]