(a) Except as set forth in §§ 49-4-919, 49-4-930, 49-4-931 and 49-4-937, a student may receive a Tennessee HOPE scholarship until the first of the following events:

(1) The student has earned a baccalaureate degree; or

(2) Five (5) years have passed from the date of the student's initial enrollment at any postsecondary institution.

(b) Notwithstanding subsection (a), and except as set forth in subsections (c) and (d) and §§ 49-4-919, 49-4-920 and 49-4-941, a student who first receives a Tennessee HOPE scholarship in the fall semester of 2009 or later, may receive the scholarship until the first of the following events occurs:

(1) The student has earned a baccalaureate degree;

(2) Five (5) years have passed from the date of the student's initial enrollment at any postsecondary institution; or

(3) The student has attempted a total of one hundred twenty (120) semester hours or has received the Tennessee HOPE scholarship for eight (8) full-time equivalent semesters at any postsecondary institution, whichever occurs later.

(c) A student who first receives a Tennessee HOPE scholarship in the fall semester of 2009 or later and who is enrolled in an undergraduate degree program required to be more than one hundred twenty (120) semester hours in length may receive a Tennessee HOPE scholarship until the first of the following events occurs:

(1) The student has earned a baccalaureate degree;

(2) Five (5) years have passed from the date of the student's initial enrollment at any postsecondary institution; or

(3) The latter of the following events has occurred:

(A) The student has attempted the number of semester hours required to earn the undergraduate degree or a total of one hundred thirty-six (136) semester hours at any postsecondary institution, whichever is less; or

(B) The student has completed eight (8) full-time equivalent semesters.

(d) Notwithstanding subsections (b) and (c), the five-year, total full-time equivalent semester, and total semester hour limitations for a student who first receives a Tennessee HOPE scholarship for nontraditional students pursuant to § 49-4-931 beginning with the fall semester of 2009 or thereafter, shall be based on the sum of years, total full-time equivalent semesters, or total semester hours attempted while receiving the Tennessee HOPE scholarship or the Tennessee HOPE scholarship for nontraditional students.

(e) Notwithstanding the provisions of this section to the contrary limiting the receipt of a HOPE scholarship to a five-year period beginning at the time of a student's initial enrollment at any postsecondary institution, a student who has a documented medical disability and whose eligibility for a HOPE scholarship has not terminated due to meeting another limitation on eligibility applicable to the student under this section, may petition for an extension of the five-year period if, because of the disability, the student can only attend an eligible postsecondary institution part-time. Such extension shall not extend beyond ten (10) years from the date of the student's initial enrollment at any postsecondary institution. TSAC shall promulgate rules and regulations for the approval of extensions of time for receipt of a HOPE scholarship because of medical disabilities. All such rules and regulations shall be promulgated in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5.