A foster care student is eligible for a fostering futures scholarship if all of the following apply:

    (a) Due to child abuse or child neglect, the foster care student was in foster care after his or her thirteenth birthday.

    (b) The foster care student is attending an institution of higher education in this state as determined by the department.

    (c) The foster care student has an unmet financial education need.

    (d) The foster care student has completed the application and provided the department with the required documentation.

    (e) The foster care student maintains satisfactory academic progress as determined by the department.