Each applicant for a state scholarship in accordance with the rules and regulations of the board of regents shall:
(a) Be responsible for the submission to the board of regents of the results of an examination of educational ability which is given by the board of regents or in a manner approved by the board of regents;
(b) Complete and file an application for a state scholarship;
(c) Be responsible for the submission of a financial needs analysis statement to the board of regents;
(d) Report promptly to the board of regents any information requested relating to administration of this act;
(e) File a new application and financial needs analysis statement annually on the basis of which his or her eligibility for a state scholarship shall be evaluated and determined.