Sec. 4. An individual qualifies for an initial scholarship from the fund if the individual:
(1) is a student who resides in an underserved county;
(2) is admitted to an eligible institution as a full-time student or already attends an eligible institution as a full-time student;
(3) either:
(A) intends to pursue; or
(B) in the case of a student who is already attending an eligible institution, pursues;
a course of study that would enable the student, upon graduation, to teach in a state accredited school accredited under IC 20-31-4.1 in an underserved county in Indiana;
(4) agrees, in writing, to apply for a teaching position in a state accredited school accredited under IC 20-31-4.1 in an underserved county in Indiana following that student's certification as a teacher, and, if hired, to teach for at least three (3) years; and
(5) meets any other minimum criteria established by the commission.