(A) To be eligible for a LIFE Scholarship, a student must be either a member of a class graduating from a high school located in this State on or after May, 1995, a home school student who has successfully completed a high school home school program in this State in the manner required by law on or after May, 1995, or a student graduating from a preparatory high school outside this State on or after May, 1995, while a dependent of a parent or guardian who is a legal resident of this State and has custody of the dependent, and these students must also meet the requirements of subsection (B). In addition, beginning with the 1998-99 school year for those students who graduate from high school on or after May, 1998, the student must have graduated from high school with a minimum of a 3.0 cumulative grade average on a 4.0 scale, and have scored 1000 or better on the Scholastic Aptitude Test (SAT) or have the equivalent ACT score, 1050 or better beginning with school year 2000-2001, and 1100 or better beginning with school year 2002-2003; provided that if the student is to attend such a public or independent two-year college or university in this State, including a technical college, the SAT requirement does not apply. If a student chooses to attend such a public or independent institution of this State and does not make the required SAT score or the required high school grade point average, as applicable, the student may earn a LIFE Scholarship after his freshman year if he meets the grade point average and semester credit hour requirements of subsection (B).
(B) Students receiving a LIFE Scholarship to retain it and students currently enrolled in an eligible institution to receive such a scholarship must earn a 3.0 cumulative grade point average on a 4.0 scale each year and earn at least thirty credit hours each year for the maximum of semesters permitted at that institution by Section 59-149-60.
(C) Students who were LIFE Scholarship recipients seeking a degree at such a public or independent institution of this State during their freshman or other year who failed to earn a cumulative 3.0 at the end of the term they attempted the requisite number of hours required by subsection (B) may regain eligibility if their cumulative grade average is a 3.0 at the end of the term they have attempted at least sixty hours if they are a sophomore or ninety hours if they are a junior.