The higher education coordinating board:

(1) Serves as fiscal agent for payment of the WAVE scholarship for undergraduate coursework to recipients selected after June 30, 1994.

(2) Is responsible for policy related to scholarship payment and fiscal issues, in consultation with the workforce training and education coordinating board.

(3) Enters into the necessary agreements with eligible participating institutions for payment of the scholarship.

(4) Adopts all necessary rules and guidelines for payment of WAVE scholarships.

(5) Maintains payment records on all WAVE recipients.

(6) Monitors ongoing student eligibility to receive and maintain the scholarship.

(7) Provides the workforce training and education coordinating board with relevant recipient usage information.