(1) Graduated from an Arkansas public high school and has a minimum composite score of nineteen (19) on the ACT or the equivalent score on an ACT equivalent;

(2) Has a disability identified under the Individuals with Disabilities Education Act, 20 U.S.C. § 1400 et seq., as it existed on July 1, 2009, and graduated from an Arkansas public high school, and either:

(A) Had a minimum composite score of nineteen (19) on the ACT or the equivalent score on an ACT equivalent; or

(B) Scored proficient or higher on all state-mandated end-of-course assessments, including without limitation end-of-course assessments on:

(i) Algebra I;

(ii) Geometry;

(iii) Biology; and

(iv) Literacy;

(3) Achieved a minimum composite score of nineteen (19) on the ACT or the equivalent score on an ACT equivalent and:

(A) Graduated from a private high school, an out-of-state high school, or a home school high school; or

(B) In the year in which the student would have been a junior or senior in high school, completed the requirements for high school graduation and obtained a high school equivalency diploma approved by the Department of Career Education instead of receiving a diploma; or

(4) Meets the following criteria:

(A) Was enrolled at an institution of higher education in the immediately preceding academic year as a full-time, first-time freshman;

(B) Did not receive a scholarship under this subchapter as a full-time, first-time freshman;

(C) Successfully completed at least twenty-seven (27) semester hours of courses as a full-time, first-time freshman; and

(D) Achieved a postsecondary grade point average of at least 2.5 on a 4.0 scale as a full-time, first-time freshman.