(a) To be eligible to participate in the program, a scholarship applicant shall satisfy all of the following:

(1) Be in the legal custody of the foster care program of the department at the time of graduation from high school or earning a General Educational Development (GED) high school equivalency certification; or in the permanent legal custody of the foster care program of the department when his or her adoption is finalized, at 14 years of age or older, and has graduated from high school or earned a GED certification.

(2) Have net personal assets worth less than thirty thousand dollars ($30,000), subject to adjustment by the Commissioner of the Department of Human Resources to account for inflation.

(3) Is younger than 26 years of age at the start of the semester, training program, or certification program for which tuition or fees are requested from the program.

(4) Is accepted for enrollment in a degree-granting, training, or certification program, or is enrolled and working toward a degree, certificate, or completion of a job training program, at a public two-year or four-year institution of higher education or publicly funded training program in the state.

(5) Is making adequate progress toward the completion of a degree, certification, or training program as determined by rule promulgated by the department.

(6) Has completed and submitted to the United States Department of Education a Free Application for Federal Student Aid (FAFSA), or the equivalent, before each year in which he or she receives a Fostering Hope scholarship. He or she shall have applied for all federal student financial aid grants, including Pell grants, Supplemental Education Opportunity Grants, and Education and Training Vouchers, identified as being available for the student's application by the department or by Federal Student Aid, an office of the United States Department of Education, or its successor agency.

(b) To be eligible to participate in the program after the first year of participation, an applicant shall also satisfy all of the following:

(1) Complete, after the first academic year in which he or she receives a Fostering Hope scholarship, annual volunteer service requirements or employment requirements pursuant to rules promulgated by the department.

(2) Remain in good standing with the policies established by the college, university, or other training or certification program in the state in which he or she is enrolled.

(c) Scholarship funds may be disbursed only if sufficient funding for the Fostering Hope program is available.