Benefits authorized in this subchapter may be utilized for attendance at:
(1) An institution financially supported by the State;
(2) If the desired major or training is not available in such an institution, then at a private institution in Delaware;
(3) If there is no institution in Delaware offering such major or training, at a public or private institution in another state; or
(4) If an eligible student chooses to attend an institution out of the sequence described herein, the value of the benefit will be reduced as described in this subchapter.