Sec. 8. "Eligible student" means a student who:
(1) is enrolled as a full-time or part-time student at an approved institution of higher education in Indiana;
(2) completes a Free Application for Federal Student Aid;
(3) meets financial eligibility requirements based on the student's financial aid application, regardless of the date on which the application is filed; and
(4) meets any other criteria established by the commission.