Each eligible student wishing to receive a grant pursuant to this subpart shall submit a grant application in accordance with procedures prescribed by the commission. The commission is authorized to define such terms and prescribe such rules, regulations, and procedures as may be reasonable and necessary to carry out the purposes of this subpart. In the event a student on whose behalf a grant is paid does not enroll as a full-time student for the academic semester for which the grant is paid, the qualified institution shall make a refund to the commission in accordance with regulations of the commission.