Sec. 11. An individual who:
(1) received a scholarship under this chapter;
(2) is no longer enrolled in an accredited postsecondary educational institution approved by the commission under section 10 of this chapter; and
(3) did not receive a baccalaureate degree from an accredited postsecondary educational institution approved by the commission under section 10 of this chapter;
shall repay the amount of the scholarship awarded to the individual under this chapter in a timely fashion, as determined by the commission.