In cooperation with the institutions of higher education in the State, the Commission shall establish and administer a Graduate and Professional Scholarship Program to provide financial assistance to full–time and part–time students in the fields of medicine, dentistry, law, pharmacy, nursing, social work, and veterinary medicine. A recipient of a graduate and professional scholarship shall: Be a resident of the State; Demonstrate financial need according to criteria established by the Commission; and Attend one of the following institutions: The University of Maryland School of: Medicine; Dentistry; Law; Pharmacy; or Social Work; The University of Baltimore School of Law; The Johns Hopkins University School of Medicine; Virginia–Maryland Regional College of Veterinary Medicine; The Meritus School of Osteopathic Medicine; The University of Maryland Eastern Shore enrolled in one of the following degree programs: Master of Medical Science in Physician Assistant Studies; Doctor of Pharmacy; Doctor of Physical Therapy; or Doctor of Veterinary Medicine; Any institution of higher education in the State offering a master’s degree in nursing; Any institution of higher education in the State offering a master’s degree in social work; or Any institution of higher education in the State offering a first professional degree in pharmacy. A graduate and professional scholarship award for a single school year may not be less than $1,000 or more than $5,000. A recipient may not receive an award for longer than 8 semesters. The Commission shall allocate grants for the Program to the institutions of higher education specified in subsection (b)(3) of this section based on the proportion of State residents enrolled in eligible programs at each institution. An institution of higher education that receives a grant under this section shall provide the Commission with an annual audit describing the disposition of the funds. The Commission shall: Establish guidelines for the awarding of graduate and professional scholarships by the institutions of higher education to the students; and Adopt regulations necessary for the implementation of this section. Funds for the Maryland Graduate and Professional Scholarship Program shall be as provided in the State budget.