Sec. 7. A school corporation or charter school that is awarded a grant under section 6 of this chapter:
(1) shall provide stipends to:
(A) program participants; and
(B) teachers who act as mentors to program participants under the teacher residency program; and
(2) may use money from the grant award to pay the approved postsecondary educational institution with which the school corporation or charter school has partnered for administrative costs incurred by the approved postsecondary educational institution in developing and implementing the teacher residency program.