A scholarship may be reawarded to a student who:

A. has been an award recipient of a New Mexico graduate scholarship the previous year;

B. remains in good academic standing as determined by the institution;

C. is enrolled as a full-time graduate student as determined by the institution;

D. is pursuing the second year of a master’s degree or the second or third year of a doctoral degree; and

E. agrees to serve in an unpaid internship or assistantship at the eligible institution, a government agency or private industry approved by his major department for ten hours per week during the academic year.