The board may award a grant of up to $2,000 to a resident undergraduate student to assist in paying the costs associated with the student’s study abroad if the student satisfies all of the following criteria:
(1) The student demonstrates financial need for the grant, as determined by the board.
(2) The student is enrolled full-time in the system in the semester preceding the student’s study abroad.
(3) The student is enrolled in a program leading to an associate or bachelor’s degree.