A recipient may hold a scholarship for a fifth undergraduate academic year or for a semester subsequent to the end of a fourth undergraduate academic year if the recipient:
(1) Requests a scholarship from the Senator for a fifth undergraduate academic year or for a semester subsequent to the end of a fourth undergraduate academic year;
(2) Is a full-time student;
(3) Continues to be eligible for in-State tuition under this article;
(4) Continues to be a student at the institution and takes courses leading to a degree; and
(5) Has exhausted the funds available under § 18-406(a) of this subtitle.