Sec. 10. Out of funds available after commitments have been met under sections 8 and 9 of this chapter, awards shall be issued to persons who have successfully completed at least one (1) academic year but not more than three (3) academic years in approved postsecondary educational institutions if they meet the eligibility requirements of:
(1) sections 1, 2, and (if applicable) 9(a)(5) or 9(a)(6) of this chapter; or
(2) sections 4 and (if applicable) 9(a)(5) or 9(a)(6) of this chapter.
The awards shall be handled on the same basis as renewals under section 9 of this chapter.