A public institution of higher education in the State, or a private nonprofit institution of higher education that is eligible for State aid under § 17–103 of this article, may verify the eligibility of an applicant for, and on verification of the eligibility administer, a Guaranteed Access Grant in accordance with this section. An institution may verify: The eligibility of an applicant who: Is identified by the Office as potentially eligible for a Guaranteed Access Grant under § 18–303 of this subtitle; and Applies for admission to the institution; or The renewal eligibility of a student who: Received a Guaranteed Access Grant under § 18–303 of this subtitle in the prior award year; and Is an admitted student at the institution in the current award year. An institution shall: Verify that an applicant qualifies for a Guaranteed Access Grant under the requirements of § 18–303 of this subtitle; Evaluate the applicant’s income eligibility criteria using federal standards for verification and in accordance with the income eligibility criteria established by the Office; Maintain records used by the institution to determine the eligibility of applicants for a period of 5 years after the end date of the award year associated with the student’s last award; and Provide the Commission with an audit, in accordance with rules adopted by the Commission, to show that awards verified and administered under this section have been made properly. Subject to paragraph (2) of this subsection, a verification obtained by an applicant under subsection (b) of this section may be used at any eligible institution described under § 18–305 of this subtitle. The amount of the Guaranteed Access Grant awarded to an applicant may be adjusted in accordance with the cost of attendance at the institution at which the applicant uses the award.