To be eligible for a scholarship under this subchapter, a student must:
(1) have graduated from a public or accredited private high school in this state while ranked in the top 10 percent or as the valedictorian of the student’s graduating class, subject to § 56.487(b);
(2) have completed the recommended or advanced high school curriculum established under § 28.025 or its equivalent;
(3) have applied for admission as a first-time freshman student for the 2010-2011 academic year or a subsequent academic year to an institution of higher education that has elected to offer admissions for that academic year to applicants as provided by § 51.803(a-1);
(4) enroll as a first-time freshman student in an institution of higher education not later than the 16th month after the date of the student’s high school graduation;
(5) have been awarded a TEXAS grant under Subchapter M for the same semester or other academic term for which the scholarship will be awarded;
(6) be a Texas resident under § 54.052; and
(7) comply with any other eligibility requirements established by coordinating board rule.