(a) The coordinating board shall adopt any rules necessary to:
(1) establish eligibility criteria for educator preparation programs in accordance with § 56.503 and for scholarship recipients in accordance with Sections 56.504 and 56.505;
(2) establish procedures for the application process and for selecting scholarship recipients from among eligible applicants; and
(3) administer the scholarship program.
(b) In establishing criteria for eligible educator preparation programs under § 56.503, the coordinating board shall consult with the State Board for Educator Certification. The coordinating board shall consider the standards used by the State Board for Educator Certification in identifying effective, high-quality educator preparation programs grounded in evidence-based best practices and, to the maximum extent possible, align the eligibility criteria to those standards.

(c) In establishing criteria for eligible persons under Sections 56.504 and 56.505, the coordinating board shall consult with representatives of the educator preparation programs from eligible institutions.
(d) In developing rules related to distributing a scholarship, the coordinating board shall consult with financial aid coordinators of eligible institutions.
(e) The total amount of scholarships awarded may not exceed the amount available for the program from appropriations, gifts, grants, or other funds.
(f) From money appropriated by the legislature for the purposes of this subchapter, the coordinating board annually shall determine the allocation of money available for scholarships among eligible institutions and shall distribute the money accordingly.
(g) In determining who should receive a scholarship under this subchapter, the coordinating board shall give priority to awarding scholarships to:
(1) persons who demonstrate the greatest financial need and whose expected family contribution, as determined according to the methodology used for federal student financial aid, does not exceed 60 percent of the average statewide amount of tuition and required fees;
(2) first-generation college students, as defined by coordinating board rule; and
(3) persons who demonstrate a commitment both to entering a teaching field identified by the commissioner of education as experiencing a critical shortage of teachers and to teaching in a public school in this state in which a majority of students enrolled are educationally disadvantaged.