Upon the award of a scholarship, the recipient is eligible for a credit at the enrolling institution of higher learning or accredited career and technical education program with a physical presence in this state. The scholarship may be applied to tuition, fees, room and board, books and supplies, and other educational expenses not to exceed six hundred sixty-seven dollars per quarter or clock-hour term or one thousand dollars per semester. Awards may not exceed two thousand dollars in any academic year. The board for Native American scholarships may reduce the amount of any scholarship to accord with individual financial need or funds available. The board for Native American scholarships may set a priority application date. At the beginning of each quarter, clock-hour term, or semester, the North Dakota university system shall verify enrollment and other eligibility criteria set forth by the state board for Native American scholarships for awarded applicants before issuing payment to the enrolling institution. After the enrolling institution has deducted the amount due to the institution, the remaining balance must be distributed to the awarded applicant for necessary expenses during the quarter, clock-hour term, or semester.