(1) Each award of student assistance is renewable by TSAC annually for the equivalent of four (4) academic years or until such earlier time as a student receives a baccalaureate degree or has expended eight (8) semesters or twelve (12) quarter terms of enrollment. TSAC shall renew an award only upon the student's application and upon verification that the applicant has completed satisfactorily the work of the preceding year, that the applicant remains a resident of the state, and that the applicant's financial situation continues to warrant the award under the applicable provisions of this part and the policies and rules of TSAC.
(2) TSAC may grant a leave of absence to recipients entering military service.
(3) Each grant for students attending private business schools or private trade and technical schools is renewable by TSAC annually for the equivalent of two (2) academic years, or until such earlier time as a student receives a degree or has expended six (6) quarter terms of enrollment, or until such time as the student receives a diploma or has expended twelve (12) months' time in pursuance of a diploma or expended six (6) months' time in pursuance of a certificate.