(1) The amount of the grant to be paid to a full-time student each academic year shall be determined annually by the legislature.

  (2) Prorated payments shall be made at the beginning of each semester or term to the student or to the college or university for credit to the student’s account for the purposes of tuition and fees.

  (3) A student shall not be awarded differential grants for more than 10 semesters of undergraduate education or its equivalent in trimesters, or equivalent as determined by the authority for less than full-time students.

  (4) If a student possessing an undergraduate degree enrolls for a second undergraduate degree, the authority shall include differential grants received by the student when enrolled for the previous degree, in determining the student’s eligibility pursuant to subsection (3).