Subject to review by the Board of Public Works, the Maryland Higher Education Commission shall adopt standards and procedures, not inconsistent with this subtitle, to implement and administer the aid program provided for by this subtitle, including standards and procedures for: Submitting applications for aid; Verifying full-time equivalent student enrollment by institutions that apply for aid; Submitting reports or data on the use of this money by the institutions that receive it; and Paying the aid to the institutions during the fiscal year.