A need-based grant program is hereby established to aid students who need financial assistance and are pursuing undergraduate studies and give promise of completing satisfactorily a degree program, or who have been accepted for admission to an approved postsecondary education institution for undergraduate studies. The Board may establish rules, regulations, and standards for the awards under this subchapter. (Added 1965, No. 198, § 5(a); amended 2003, No. 86 (Adj. Sess.), § 11.)