Each applicant for a state scholarship in accordance with the rules and regulations of the board of regents shall: (a) Be responsible for the submission to the board of regents of the results of an examination of educational ability which is given by the board of regents or in a manner approved by the board of regents; (b) Complete and file an application for a state scholarship; (c) Be responsible for the submission of a financial needs analysis statement to the board of regents; (d) Report promptly to the board of regents any information requested relating to administration of this act; (e) File a new application and financial needs analysis statement annually on the basis of which his or her eligibility for a state scholarship shall be evaluated and determined.
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