Subject to the provisions of this article and within the limits of appropriations made by the Legislature, the vice chancellor may:

1. (1) Prepare and supervise the issuance of public information concerning the grant program;
2. (2) Prescribe the form and regulate the submission of applications for grants;
3. (3) Select qualified recipients of grants;
4. (4) Award grants;
5. (5) Accept grants, gifts, bequests and devises of real and personal property for the purposes of the grant program;
6. (6) Administer federal and state financial loan programs;
7. (7) Cooperate with approved institutions of higher education in the state and their governing boards in the administration of the grant program;
8. (8) Make the final decision pertaining to residency of an applicant for grant or renewal of grant;
9. (9) Employ, fix the duties of and compensate such employees as may be necessary to assist the vice chancellor in the performance of his or her duties; and
10. (10) Administer the higher education adult part-time student grant program established in section seven of this article.