(a) The annual scholarship award shall be in the amount of $1,000 for a student enrolled at a 2-year eligible institution or $3,000 for a student enrolled in a 4-year eligible institution.

(b) A student who transfers from a 2-year eligible institution to a 4-year eligible institution may receive an annual scholarship award in the amount of $3,000 once the student is enrolled at the 4-year eligible institution.