(1) As used in this section, unless the context otherwise requires, "prisoner of war" or "person missing in action" means any person who was a resident of the state of Colorado at the time such person entered the United States armed forces and who, while serving in said United States armed forces, has been declared to be a prisoner of war or a person missing in action, as established by the secretary of defense of the United States.

(2) Any dependent of a prisoner of war or a person missing in action, upon being accepted for enrollment into any institution, shall be permitted to pursue studies leading toward a bachelor's degree or a certificate of completion, free of tuition, for so long as said dependent achieves and maintains standards as set by the institution for its students generally, but said benefits shall not be extended beyond twelve academic quarters or eight academic semesters, as the case may be. Such dependents pursuing studies at an institution that is not a state institution shall be eligible for assistance not to exceed the average cost of undergraduate instruction calculated for a full-time equivalent student at a comparable state institution for the previous year. The institution or the commission shall provide tuition assistance to such qualified students from appropriated student financial assistance funds.

(3) Any person qualifying as a dependent under this section shall not be deprived of the benefits provided by this section because of the return of a parent or the reported death of a parent.

(4) Benefits under this section shall be allowed only to those qualified dependents who are not eligible for educational benefits provided by the federal government.