A. The Arizona board of regents shall serve as the state higher education agency as identified in 20 United States Code § 1003(22) and as the state scholarship grant agency to exchange data electronically with the United States department of education in the student aid internet gateway.

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B. The Arizona board of regents shall administer the applicable programs as identified in this article and as established by the higher education amendments of 1998 (P.L. 105-244; 112 Stat. 1581) for the state higher education agency and the state scholarship grant agency.