A recipient may hold a scholarship for a fifth undergraduate academic year or for a semester subsequent to the end of a fourth undergraduate academic year if the recipient: Requests a scholarship from the Senator for a fifth undergraduate academic year or for a semester subsequent to the end of a fourth undergraduate academic year; Is a full–time student; Continues to be eligible for in–State tuition under this article; Continues to be a student at the institution and takes courses leading to a degree; and Has exhausted the funds available under § 18–406(a) of this subtitle.