(a) To be eligible for a HOPE teacher's scholarship, a student shall:

(1) Meet the residency requirements by:

(A) In the case of a student attending a unit of the University System of Georgia, meeting the requirements to be eligible for in-state tuition under the policy set by the board of regents; or

(B) In the case of a student attending an eligible private postsecondary institution, being classified as a legal resident of Georgia for the purposes of a tuition equalization grant;

(2) Be admitted into graduate school and into an advanced degree or approved teacher education program in a critical shortage field of study leading to certification;

(3) Be one of the following:

(A) A teacher working in a public or private accredited school in Georgia who has a baccalaureate degree and is seeking an advanced degree in his or her current field which is a critical shortage field or in a new critical shortage field;

(B) An individual with a baccalaureate degree who is seeking an advanced degree in a critical shortage field;

(C) An individual with a master's degree in a critical shortage field who is seeking certification as a specialist or a doctorate in his or her current critical shortage field;

(D) An individual with a master's degree in a field which is not a critical shortage field who is seeking an advanced degree in a critical shortage field;

(E) An individual who has certification as a specialist in a critical shortage field who is seeking a doctorate in his or her current critical shortage field; or

(F) A teacher working in a public or private accredited school in Georgia who is seeking to complete an approved program in a critical shortage field for which degree programs are not generally offered; and

(4) Agree to teach in his or her critical shortage field in a public school in Georgia at the preschool, elementary, middle, or secondary level for one academic year for each $2,500.00 in HOPE teacher scholarship funds awarded and sign a promissory note that stipulates the cash repayment obligation incurred if the teaching service is not fulfilled.

(b)(1) Except as otherwise provided in paragraphs (2) and (3) of this subsection, for students eligible for a HOPE teacher's scholarship, no minimum number of hours of enrollment is required for eligibility for a HOPE teacher's scholarship.

(2) The program of study a student is attempting shall be completed within five years, beginning with the first term for which scholarship funds are awarded.

(3) A student's eligibility for a HOPE teacher's scholarship expires if the student has a break in enrollment at an eligible institution of more than 12 months.

(c) Subject to the amounts appropriated by the General Assembly and provisions relating to the scholarship shortfall reserve subaccount in Code Section 50-27-13, a HOPE teacher's scholarship award amount for a student shall not exceed $10,000.00 for the student's program of study.