This section applies beginning with the 2029–2030 financial aid award year. Beginning when financial aid information is available each year, but not later than October 1 each year, the Office shall compile and certify lists for the entire State that rank applicants for the Guaranteed Access Grant award by financial need. Regularly, the Office shall provide to each institution of higher education in the State the lists compiled and certified in accordance with paragraph (1) of this subsection. Each institution of higher education shall use the lists provided by the Office in accordance with subsection (b) of this section, and the requirements under §§ 18–303 and 18–304 of this subtitle, to determine the applicants who shall be offered a Guaranteed Access Grant award by the institution and the amount of the award. The institution shall send the financial aid award notification to an applicant to offer the applicant a Guaranteed Access Grant award. An applicant may accept the offer of a Guaranteed Access Grant award from an institution of higher education. Each semester, each institution of higher education shall submit to the Office a list of the students who were awarded a Guaranteed Access Grant for the semester and the amounts awarded. The Office shall reimburse each institution for the Guaranteed Access Grant awards on the list submitted in accordance with paragraph (1) of this subsection. The Office shall compile and certify lists of students who previously received a Guaranteed Access Grant award and are eligible for a renewal award. The Office shall provide to each institution of higher education in the State the lists compiled and certified in accordance with subparagraph (i) of this paragraph. Each institution of higher education shall use the lists provided by the Office in accordance with paragraph (1) of this subsection, and the requirements under §§ 18–303 and 18–304 of this subtitle, to determine the students who shall be offered a Guaranteed Access Grant renewal award by the institution. The institution shall send the financial aid award notification to a student to offer the student a Guaranteed Access Grant renewal award. The Office shall reimburse each institution of higher education for the Guaranteed Access Grant renewal awards made in accordance with paragraph (1) of this subsection. The Office shall adopt regulations to implement this section.