B. Except as otherwise provided by law, to be eligible to participate in the Arizona promise program and to qualify for an award under this section, a student shall meet all of the following requirements:

1. 1. Qualify for in-state student status as prescribed in section 15-1802.
2. 2. Have graduated from a high school in this state with a minimum 2.5 cumulative grade point average on a 4.0 scale for all work attempted in grades nine through twelve.
3. 3. Satisfy the admission standards as determined by an eligible postsecondary institution.
4. 4. Complete and submit the free application for federal student aid and meet the eligibility criteria for the federal pell grant.
5. 5. Secure admission to, and be enrolled in, an eligible postsecondary institution for at least full-time status as determined by federal student financial aid guidelines.

C. To retain eligibility while pursuing the program of higher learning in which the student is enrolled, the student shall meet all of the following requirements:

1. 1. Maintain satisfactory academic progress as required for eligibility for federal student financial aid.
2. 2. Complete and submit the free application for federal student aid.
3. 3. Maintain at least full-time status as determined by federal student financial aid guidelines.
4. 4. Comply with the standards related to maintenance of eligibility as adopted by the governing board of the eligible postsecondary institution.

G. The Arizona promise program fund is established consisting of legislative appropriations and any other monies for the purpose of administering the Arizona promise program and distributing award monies. The Arizona board of regents shall administer the fund, including developing and implementing centralized administrative processes for distributing monies in the fund to eligible postsecondary institutions each fiscal year. The Arizona board of regents may accept and spend federal monies and private grants, gifts, contributions and devises, including private, philanthropic, public and other sources of monies, to assist in carrying out the purposes of this section. Monies in the fund are continuously appropriated and are exempt from the provisions of section 35-190 relating to lapsing of appropriations. Monies in the fund may be used for any of the following:

1. 1. Reimbursing Arizona promise program awards that cover the balance of tuition and fees for eligible participants enrolled in an eligible postsecondary institution after all other gifts and aid received.
2. 2. Administering the Arizona promise program, including hiring and retaining additional personnel. The administration of the program includes data collection, reporting, tracking and analyzing the program.
3. 3. Designing and implementing a marketing and promotion plan for the Arizona promise program.

J. For the purposes of this section:

1. 1. "Eligible postsecondary institutions" means universities under the jurisdiction of the Arizona board of regents.
2. 2. "Tuition and fees" means tuition, mandatory fees and program fees that are associated with a program in the eligible postsecondary institution and that are charged by an eligible postsecondary institution.