(1) The loan amounts under this subchapter shall be the lesser of: Five thousand dollars ($5,000) per academic year; or
(2) The total cost of attendance for an academic year at the institution of higher education in which the individual is enrolled less any other scholarships or grants received by the individual for that academic year.
(3) The total amount of loans awarded to an individual under this subchapter shall not exceed ten thousand dollars ($10,000).
(4) A loan made to an individual under this subchapter shall be: For one (1) academic year; and
(5) Renewable annually until the individual graduates from the institution of higher education and receives a degree, if the individual: Continues to meet the eligibility requirements under § 6-81-1702; and
(6) Meets the satisfactory academic progress standards required to receive other financial aid at the institution of higher education where the individual is enrolled, as determined by the Division of Higher Education in conjunction with the institution of higher education.