A. The Arizona board of regents shall serve as the state higher education agency as identified in 20 United States Code § 1003(22) and as the state scholarship grant agency to exchange data electronically with the United States department of education in the student aid internet gateway.

B. The Arizona board of regents shall administer the applicable programs as identified in this article and as established by the higher education amendments of 1998 (P.L. 105-244; 112 Stat. 1581) for the state higher education agency and the state scholarship grant agency.