Sec. 4. A student who:
(1) participates in:
(A) a nursing diploma program that is accredited by the Indiana state board of nursing and operated by a hospital;
(B) a technical certificate or associate degree program at Ivy Tech Community College;
(C) a technical certificate or associate degree program at Vincennes University; or
(D) an associate degree program at a postsecondary credit bearing proprietary educational institution that qualifies as an approved postsecondary educational institution; and
(2) meets the requirements in sections 1 and 2 of this chapter for a first year higher education award except the requirement of satisfactory progress toward a first baccalaureate degree;
is eligible to receive a state higher education award under this chapter. However, the student must make satisfactory progress toward obtaining the diploma, technical certificate, or associate degree to remain eligible for the award.