Upon the availability of funds to award financial aid grants from the private career school student benefit account, there shall be established an advisory committee to the executive director consisting of seven members appointed by the executive director, including a representative of the private career schools, a representative from the Office of Higher Education and five members chosen from business or industry, state legislators, private career school alumni and the general public. Three of the members first appointed to the committee shall be appointed for a term of three years and four of the members first appointed shall be appointed for a term of two years. Thereafter, all members shall be appointed for a term of two years. The executive director shall administer the private career school student benefit account, established pursuant to section 10a-22u, with the advice of the advisory committee in accordance with the provisions of this section and sections 10a-22s and 10a-22t and may assess the account for all direct expenses incurred in the implementation of this section. The account shall be used to award financial aid grants for the benefit of private career school students. The grants shall be paid to the private career school designated by the grant recipient to be applied against the tuition expenses of such recipient. If the balance of the student protection account is five per cent or less of the annual net tuition income of the schools which make payments to the account pursuant to section 10a-22u, any unallocated funds in the student benefit account shall be transferred to the private career school student protection account.