(a) The University of Hawaii shall award a scholarship grant in an amount up to $10,000 per academic year to a student enrolled full-time in an approved educational institution pursuing a graduate degree in nursing through an approved course of study.
(b) The grant shall be for a maximum of three academic years if the student is enrolled in a master's degree program, or a maximum of four academic years if the student is enrolled in a doctoral program. To qualify for renewals beyond three years, the student shall comply with the requirements of section [304A-3302(d)], and the University of Hawaii shall determine that the student is making satisfactory progress toward completing a master's or doctoral degree.