Each male applicant for any scholarship or loan funded in whole or in part by this state, whether granted by the board of trustees of state institutions of higher learning, the post-secondary education financial assistance board, or otherwise granted by any state-supported college or university, and whether to be used at a state-supported institution of higher learning or at a private institution, shall within six (6) months after he attains the age of eighteen (18) years submit to the person, commission, board or agency in which his application for scholarship or loan is or has been made satisfactory evidence of his compliance with the draft registration requirements of the military selective service act. Such evidence shall consist of a signed affirmation under penalty of perjury from the scholarship or loan applicant that he has complied with the requirements of the federal selective service act. If an applicant for or holder of any such scholarship or loan fails to submit a copy of his draft registration acknowledgment letter in the manner and within the time allowed therefor, any pending application of such person for the award, grant or renewal of any such scholarship or loan shall be denied, and any such scholarship or loan currently held by such person shall be revoked to the extent that no further payments under that scholarship or loan may be made to him or on his behalf. The person, commission, board or agency to which an application for the award, grant or renewal of such scholarship or loan is made, or by or through which any such scholarship or loan is administered or issued shall notify the applicant or holder and the chief executive officer of any institution at which a holder of a scholarship or loan so revoked is enrolled of its action, and upon request of the scholarship or loan applicant or holder shall afford him the opportunity, either in person, in writing or by counsel of his choice to present evidence against such action.