Higher education stipends for students

. (a) An eligible former foster youth shall be eligible for a higher education stipend after reaching the age of majority, and the higher education stipend for that former foster youth shall be paid to an intermediary contracted by the department, to the former foster youth, or to the former foster youth's former resource caregivers, adoptive parents, or legal custodians, as appropriate; provided that: (1) The former foster youth is twenty-six years old or younger; (2) The former foster youth has submitted a completed application for a higher education stipend six months prior to the youth's twenty-seventh birthday; and (3) The former foster youth is attending or has been accepted to attend an accredited institution of higher education. (b) The higher education stipend may be issued and applied to costs incurred while the former foster youth is attending an accredited institution of higher education on a full-time basis or on a part-time basis, in accordance with rules adopted by the department. (c) The duration of the total higher education stipend shall not exceed a cumulative total of sixty months. (d) The amount of the higher education stipend shall be based on the financial support the department provides in accordance with rules adopted by the department. (e) The department's standards relating to income resources of foster children shall be applicable to this section. (f) Higher education stipends shall be provided subject to the availability of state and federal funds.