The students of the senior class of each accredited private, parochial or public high school in the Virgin Islands may apply for a grant under the provisions of this chapter for the purpose of defraying not more than one-half of the expenses of an educational or cultural trip abroad by such class. Applications for such grants shall be made in writing to the Virgin Islands Board of Education prior to March 15. The application shall set forth the complete details of the planned trip abroad and shall state the total amount of funds earned by such class for the purpose of defraying at least one-half of the expense of such trip.