Renewal Awards. Priority of scholarships shall be given to prior year recipients who remain eligible under Regulation .05 of this chapter. If funds remain after awards are made to students under §A of this regulation, eligible applicants shall be ranked on the basis of cumulative grade point average. Grades for credits earned for an applicant attending a public or private nonprofit institution 3 years prior to graduation shall be used to calculate the cumulative grade point average. Awards shall be made to applicants based on cumulative grade point average ranked highest to lowest. Awards shall be issued until the total funds appropriated for the program have been depleted. Recipients shall be notified through the Maryland College Aid Processing System (MDCAPS) of the scholarship awards. A recipient shall accept the award online through MDCAPS by the date specified in the award notice, or the award shall be forfeited. Eligible applicants who do not receive an award shall be notified and placed on a waiting list and considered if funds become available.