Students desiring to receive a loan under the provisions of this Chapter shall meet all of the following requirements:
(1) Be a resident of Louisiana as defined by the commission.
(2) Be a United States citizen, national, or eligible permanent resident of the United States.
(3) Be enrolled full time at any state public postsecondary institution or any institution that is a member of the Louisiana Association of Independent Colleges and Universities and be making satisfactory academic progress, or be accepted for initial enrollment at such institution.
(4) Not be in default on any other student loans or owe a refund to any financial aid program.