The state board of higher education shall administer the North Dakota student financial assistance program for the purpose of providing a grant to an individual who demonstrates significant financial need and who:

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1.     a.    Graduated from a high school in this state; b.    Graduated from a high school in a bordering state, pursuant to chapter 15.1-29; c.    Graduated from a nonpublic high school in a bordering state while residing with a custodial parent in this state; d.    Completed a program of home education supervised in accordance with chapter 15.1-23; or

e.    Received a general educational development high school diploma from the superintendent of public instruction; 2.     a.    Is enrolled at an accredited institution of higher education in this state, provided the institution offers a program of instruction equal to at least two academic years; or

b.    Because of a medically certifiable disability is enrolled at an accredited institution of higher education outside of this state which offers the individual special services or facilities not available in this state, provided the institution offers a program of instruction equal to at least two academic years; and

3.    Is pursuing a course of study determined by the state board of higher education to be at least quarter-time.