(a) An eligible student attending an eligible private postsecondary institution and receiving a HOPE grant during the 1995-1996 academic year under the terms and conditions of eligibility effective for students of eligible private postsecondary institutions during such term will be eligible to continue receiving HOPE grant funds under the same terms and conditions until the earlier of the following:

(1) The end of the spring term of 1999; or

(2) Graduation.

(b) A student who received the HOPE grant at a private postsecondary institution for at least one semester or quarter beginning with the summer term of 1995 through the spring term of 1997 is not eligible for the HOPE scholarship at an eligible postsecondary institution until a quarter or semester beginning with or after the summer term of 1999.