6. a. A New Jersey World Trade Center scholarship shall not be awarded to an applicant unless the applicant has demonstrated to the satisfaction of the board that the applicant:
(1) will be or is enrolled in a full-time undergraduate program of study leading to a degree at an institution of higher education; and
(2) has complied with all rules and regulations adopted pursuant to this act for the award, regulation and administration of scholarships from the fund.
b. Eligibility for a scholarship, in the case of a surviving spouse, shall be limited to a period of eight years from the date of death of the person for initial receipt of the benefits under the program. In the case of a dependent child, eligibility shall be limited to a period of eight years following graduation from high school.