(1) A scholarship may be awarded annually for a period not to exceed an academic year.
(2) A scholarship shall correspond to academic terms, semesters, quarters, or equivalent time periods at the eligible institutions.
(3) In no instance may the entire amount of a grant for an educational year be paid to or on behalf of such student in advance.
(4) A scholarship shall be awarded for one (1) academic year and renewed annually for up to three (3) additional academic years if the student maintains not less than a 3.0 grade point average on a 4.0 scholastic grading scale, or an equivalent academic standing, and meets other criteria as established by the Division of Career and Technical Education.