A. Any graduate student shall be eligible to receive a Commonwealth Award pursuant to this article if such student (i) on or after the term's census date, is enrolled on a full-time basis in an eligible program and (ii) satisfies one or a combination of the following: (a) demonstrates financial need or (b) meets such other criteria determined by the institution making the award.
B. The amount of the award shall be determined by the institution making the award; however, the institution shall annually notify the Council of the maximum value of a graduate award that is paid from funds appropriated for such purpose.
C. Each eligible graduate student who receives an award under this section shall be eligible for renewal of his award if such graduate student:
1. Maintains satisfactory academic progress; and
2. Continues to be enrolled on a full-time basis in an eligible program.