(a) With the assistance of an advisory committee established by the governing board, the governing board of the general academic teaching institution shall:
(1) determine the eligibility requirements for scholarships or internship funding; and
(2) select students to receive the scholarships or internship funding.
(b) A student is not eligible for a student endowment scholarship or student endowment internship funding if the student is on disciplinary or academic probation or if the student is not enrolled at the institution.
(c) The institution may provide financial assistance under this subchapter to students in any field or major designated by the institution.