(1) The agency shall annually select from among current secondary school graduates and shall rank according to ability those students who, in the agency's sole discretion, show the greatest potential to perform at the highest level of academic achievement in approved postsecondary educational programs of study.

(2) The agency shall annually select from among current secondary school graduates those students who, in the agency's sole discretion, are able to do postsecondary study, who are in greatest financial need for assistance to pursue their course of study and shall rank the same according to their financial need for assistance.

(3) The agency shall select from among current applicants those students currently enrolled or accepted for enrollment in approved postsecondary programs, who in the agency's sole discretion, are successfully pursuing a course of study or who have been accepted as first year undergraduate students and who are in greatest need of financial assistance to complete their educational programs.

(4) The agency shall have the power to create, under clauses (1), (2) and (3) of this section, categories of scholarship recipients according to the type of institution which they are attending or according to any other criteria which the agency in its sole discretion deems advisable, and to allocate any or all of the funds in each of the clauses to the categories so created: Provided, however, That within each category the awards shall be based on the criteria set forth in clauses (1), (2) and (3) of this section.