(1) There is established the Arkansas Future Grant Program within the Division of Higher Education.
(2) A student is eligible for an Arkansas Future Grant if the student is an Arkansas resident who: Meets one (1) of the following requirements: Has either: Graduated from an Arkansas: Public high school;
(3) Private high school; or
(4) Home school under § 6-15-501 et seq.; or
(5) Received a high school equivalency diploma approved by the Adult Education Section; or
(6) Verifies that he or she has resided in Arkansas for the three (3) years immediately preceding application for the grant and has either: Graduated from an out-of-state: Public high school;
(7) Private high school; or
(8) Home school recognized by another state; or
(9) Received a high school equivalency diploma approved by another state;
(10) Is enrolled part-time or full-time at an approved institution of higher education in a program of study that leads to an associate degree or a certification in a: Science, technology, engineering, accounting, finance, nursing, education, or mathematics field, including without limitation computer science, information technology, data analysis, or graphic design;
(11) Regional high-demand field; or
(12) State high-demand field; and
(13) Has completed and submitted to the United States Department of Education a Free Application for Federal Student Aid (FAFSA) or a subsequent application required by the United States Department of Education for federal financial aid.
(14) A student may continue to be eligible until the student has: Received the grant for five (5) academic semesters;
(15) Obtained an associate degree;
(16) Failed to maintain satisfactory academic progress, as determined by the approved institution of higher education in which the student is enrolled; or
(17) Failed to complete the mentoring or community service requirements under § 6-82-1804.