In addition to the prerequisites of Section 33-7-405, the following requirements must be met:
The active member must have completed basic training, be a commissioned officer, be a cadet or be an officer candidate.
He must be a member in good standing with the active Mississippi National Guard, as prescribed by regulations promulgated by the Department of the Army, the Department of the Air Force and the Military Department of Mississippi, at the time of application and during the entire semester/quarter for which benefits are received.
The active member must not be eligible for veterans' educational assistance pursuant to 38 USCS Sections 1601 through 1643 or pursuant to 38 USCS Sections 1651 through 1698.
The active member must not (i) be eligible for educational assistance pursuant to 10 USCS Sections 2131 through 2135, or (ii) have qualified for an enlistment bonus pursuant to 37 USCS 308c within the past six (6) years. Nothing in this paragraph shall be construed to render ineligible any active member who is eligible for or has received a reenlistment bonus pursuant to 37 USC 308b. The Adjutant General is authorized and empowered, in his discretion, to waive the disqualifications for assistance, or any one of them, established in items (i) and (ii) of this paragraph upon a determination by him that all monies appropriated to fund the National Guard Educational Assistance Law will not be expended to provide benefits for eligible active members and that it would be in the best interests of the Mississippi National Guard to assist other active members who, but for the disqualifications established in this paragraph, would be eligible to receive assistance pursuant to this article.