1. (a) To receive funds, a student must:

   1. (1) be enrolled on at least a half-time basis at an approved institution;
   2. (2) maintain satisfactory academic progress in his or her program of study as defined by the institution; and
   3. (3) have completed at least 120 credit hours of college work, including at least 15 hours of accounting;
   4. (4) sign a written statement confirming his/her intent to take the written examination conducted by the Texas State Board of Public Accountancy for the purpose of granting a certificate of "certified public accountant";
   5. (5) confirm he or she has not yet taken the CPA examination;
   6. (6) maintain a cumulative grade point average, as determined by the institution, that is equal to or greater than the grade point average required by the institution for graduation;
   7. (7) be enrolled in the additional hours of study required by Texas Occupation Code, §901.256(2)(A) (concerning Work Experience Requirements);
   8. (8) be a resident of Texas; and
   9. (9) have a statement on file with the institution of higher education indicating the student is registered with the Selective Service System as required by federal law or is exempt from Selective Service registration under federal law.

2. (b) In selecting recipients the Program Officer shall consider at a minimum the following factors relating to each applicant:

   1. (1) financial need, which acts as an upper limit to the amount the student may receive and cannot equal less than the amount calculated in accordance with the formula provided institutions in the application instructions;
   2. (2) scholastic ability and performance as measured by the student's cumulative college grade point average as determined by the institution in which the student is enrolled; and
   3. (3) ethnic or racial minority status.

Source Note:The provisions of this §22.164 adopted to be effective August 16, 2004, 29 TexReg 7987; amended to be effective August 25, 2008, 33 TexReg 6817.