The State scholarship program is to be administered by the “Pennsylvania Higher Education Assistance Agency,” hereinafter referred to as the agency. This agency shall prepare and supervise the issuance of public information concerning the provisions of the scholarship program. It will prescribe the form and regulate the submission of applications for scholarships; conduct any conferences and interviews with applicants which may be appropriate; administer or contract for the administration of appropriate examinations; determine the “financial need” and eligibility of applicants; select qualified recipients; award the appropriate scholarships; and determine eligibility for, and annual renewal of scholarships. The agency is authorized to make all necessary and proper rules, consistent with this act, for the efficient exercise of the foregoing functions. The agency is hereby authorized to accept grants, gifts, bequests and devises of real and personal property for the purpose of conducting research, pilot and demonstration projects, and similar activities to determine the need for financial assistance from the agency to pursue higher education on the part of residents of the Commonwealth. The results and findings of such projects and research shall be made available to the members of the General Assembly. The agency will further assume the same duties, responsibilities, and relationships for this act as for those of the act of August 7, 1963 (P.L. 549), entitled “An act creating the Pennsylvania Higher Education Assistance Agency; defining its powers and duties; conferring powers and imposing duties on the Governor, President Pro Tempore of the Senate, Speaker of the House of Representatives, Superintendent of Public Instruction¹ and the Department of Banking; and making appropriations.”² The Pennsylvania Higher Education Assistance Agency is authorized to disburse funds to such institutions from funds specifically appropriated for the purpose of assisting such institutions to secure Federal funds for the use of direct financial aid to students.