(a) There is established the Arkansas Future Grant Program within the Department of Higher Education.

(b) A student is eligible for an Arkansas Future Grant if the student is an Arkansas resident who:

(1) Meets one (1) of the following requirements:

(A) Has either:

(i) Graduated from an Arkansas:

(a) Public high school;

(b) Private high school; or

(c) Home school under § 6-15-501 et seq.; or

(ii) Received a high school equivalency diploma approved by the Department of Career Education; or

(B) Verifies that he or she has resided in Arkansas for the three (3) years immediately preceding application for the grant and has either:

(i) Graduated from an out-of-state:

(a) Public high school;

(b) Private high school; or

(c) Home school recognized by another state; or

(ii) Received a high school equivalency diploma approved by another state;

(2) Is enrolled part-time or full-time at an approved institution of higher education in a program of study that leads to an associate degree or a certification in a:

(A) Science, technology, engineering, or mathematics field, including computer science; or

(B) Regional high-demand field; and

(3) Has completed and submitted to the United States Department of Education a Free Application for Federal Student Aid (FAFSA) or a subsequent application required by the United States Department of Education for federal financial aid.

(c) A student may continue to be eligible until the student has:

(1) Received the grant for five (5) academic semesters;

(2) Obtained an associate degree;

(3) Failed to maintain satisfactory academic progress, as determined by the approved institution of higher education in which the student is enrolled; or

(4) Failed to complete the mentoring or community service requirements under § 6-82-1804.