(a) The coordinating board shall award scholarships to eligible students under this subchapter.
(b) An institution of higher education shall provide to a student who receives a scholarship under the program for a semester or other academic term:
(1) a credit in the amount of the scholarship, to be applied toward the payment of any amount of educational costs charged by the institution for that semester or term; and
(2) a check, electronic transfer, or other disbursement of any remaining scholarship amount.

(c) An amount paid under Subsection (b)(2) may be applied only to any usual and customary cost incurred by the student to attend the institution of higher education.