(1) The amount of the grant to be paid for each semester or trimester shall be determined by the Michigan higher education assistance authority based upon an evaluation of the family’s financial resources. In determining financial resources the authority shall use the same criteria as used in Act No. 208 of the Public Acts of 1964, as amended, being section 390.971 to 390.981 of the Michigan Compiled Laws. The evaluation shall make allowance for other members of the applicant’s family enrolled in an approved institution of higher education.

    (2) A grant shall not be made under this act to a student who is enrolled in a program of study leading to a degree in theology, divinity, or religious education.

    (3) Prorated payments shall be made at the beginning of each semester or term to the student or to the college or university for credit to the student’s account.