A student who receives a state competitive scholarship award under Act No. 208 of the Public Acts of 1964, being sections 390.971 to 390.981 of the Michigan Compiled Laws, or who receives other scholarships, work-study funds, or grant awards, may be eligible for a MEOG under this act if the total amount of the student's scholarships and grants is less than the student's educational costs. The MEOG, in combination with other student aid, shall not exceed the amount of the student's financial need as determined by uniform criteria of need established pursuant to section 5(1).