The children of veterans tuition grant program is created, to be administered by the authority. The authority shall do all of the following:

  (a) Provide tuition grants to eligible students under this act.

  (b) Establish an application form and application timetable for eligible students to apply for tuition grants under this act.

  (c) Within 120 days after the effective date of this act, notify recipients of benefits under 1935 PA 245, MCL 35.111 to 35.112, of the repeal of that act and the availability of tuition grants under this act.

  (d) Promulgate rules to implement and administer this act under the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328. The rules may include additional standards of eligibility for students to receive tuition grants under this act.