Sec. 5. (a) Subject to this chapter, a student's adult student grant may be renewed if the student does the following:
(1) Successfully completes at least eighteen (18) credit hours or their equivalent toward a certificate, nursing diploma, associate degree, or baccalaureate degree in the previous academic year.
(2) Demonstrates continuing financial need.
(b) An adult student grant may not be renewed more than the number of terms that equals eight (8) undergraduate academic years, as determined by the commission.