An award shall be automatically renewed on an annual basis, pending the annual submission of a Free Application for Federal Student Aid (FAFSA) application, up to a maximum of 5 years of full-time study or 8 years of part-time study if sufficient funding is available and the student: Continues to meet all of the eligibility requirements set forth in Regulation .02 of this chapter; Maintains satisfactory academic progress at the institution attended; and Maintains a grade point average of at least 2.5 on a 4.0 scale. An award shall be canceled if the recipient fails to meet and maintain each eligibility requirement. A recipient who is academically ineligible shall forfeit the award and may reapply as an initial applicant in a subsequent award year if they meet and maintain each eligibility requirement. A student transferring from one institution to another may continue to receive the award if the student meets all of the scholarship eligibility requirements.