(1) Be accepted for admission in a regular undergraduate program at an eligible institution in the State;

(2) Be a resident of the State;

(3) Earn an overall grade point average of at least 3.0 on a 4.0 scale or its equivalent after completion of the first semester of the senior year;

(4) Begin attending an eligible institution within 2 years of completing high school or, failing to do so, provide evidence satisfactory to the Office of extenuating circumstances;

(5) Enroll as a full-time student at an eligible institution;

(6) Have an annual total family income of $95,000 or below;

(7) Accept any other conditions attached to the award; and

(8) Satisfy any additional criteria the Maryland Higher Education Commission may establish.