As used in ORS 399.245 to 399.265:
(1) “Qualified applicant” means an Oregon resident who:
(a) Is a member of the Oregon National Guard;
(b) Maintains minimum academic standards at the qualified institution of higher education;
(c) Meets participation standards in the Oregon National Guard as prescribed by the Oregon Military Department;
(d) Is a full-time student; and
(e) Serves one year in the Oregon National Guard for each year a scholarship is granted.
(2) “Qualified institution of higher education” means any two-year or four-year, nonprofit, generally accredited institution of higher education located in this state, including community colleges and accredited schools of nursing located in this state.
(3) “Scholarship” means a scholarship equal in value to $800 to be used to pay the educational expenses of the applicant at a qualified institution of higher education during the period for which the scholarship is granted, of which no more than 100 scholarships shall be awarded annually.