The higher education coordinating board shall:

     (1) With the assistance of the office of the superintendent of public instruction, implement and administer the Washington college bound scholarship program;

     (2) Develop and distribute, to all schools with students enrolled in grade seven or eight, a pledge form that can be completed and returned electronically or by mail by the student or the school to the higher education coordinating board;

     (3) Develop and implement a student application, selection, and notification process for scholarships;

     (4) Track scholarship recipients to ensure continued eligibility and determine student compliance for awarding of scholarships;

     (5) Subject to appropriation, deposit funds into the state educational trust fund;

     (6) Purchase tuition units under the advanced college tuition payment program in chapter 28B.95 RCW to be owned and held in trust by the board, for the purpose of scholarship awards as provided for in this section; and

     (7) Distribute scholarship funds, in the form of tuition units purchased under the advanced college tuition payment program in chapter 28B.95 RCW or through direct payments from the state educational trust fund, to institutions of higher education on behalf of scholarship recipients identified by the board, as long as recipients maintain satisfactory academic progress.

[2007 c 405 § 5.]