(a) For an applicant to be eligible for a grant under AS 14.43.400 — 14.43.420, the applicant must be
- (1) a resident of this state;
(2) enrolled or about to be enrolled
(A) at an institution located in the state that is
- (i) accredited by an institutional accrediting body recognized by the United States Secretary of Education; or
- (ii) approved to participate in the Alaska performance scholarship program as a qualified postsecondary institution under AS 14.43.830; and
- (B) on at least a half-time basis; and
- (3) able to demonstrate financial need in accordance with standards for determining financial need established by the commission.