((a)) ** Requirements; terms, assurances, and conditions** Any applicant which desires to receive a grant under this part shall submit an application approved under to the Secretary, at such time, in such manner, and accompanied by such additional information as the Secretary may reasonably require. Each such application shall—

((1)) describe the activities for which assistance under this part is sought;

((2)) provide assurances that not more than 5 per centum of the amount received by the applicant in any fiscal year may be expended on administrative expenses;

((3)) with respect to each program for which assistance is sought, provide assurances that—

((A)) 30 per centum of the funds for each such project will be furnished by business concerns within the community;

((B)) 20 per centum of the funds will be supplied by—

((i)) the State,

((ii)) the institution of higher education or the local educational agency, as the case may be, participating in the program; and

((iii)) the other parties participating in the program;

((C)) no stipend will be paid directly to employees of a profitmaking business concern; and

((D)) teachers participating in the exchange program may not be employed by the participating business concern with which the teacher served within three years after the end of the exchange program unless the teacher repays the full cost of the exchange program to the State and local educational agency, as the case may be; and

((4)) provide assurances that whenever the program for which assistance is sought includes scholarships, the scholarships be awarded to undergraduate students at institutions of higher education within the State who wish to pursue a course of study in mathematics or science, engineering or computer science, and that each student awarded a scholarship under this part will receive a stipend which shall not exceed the cost of tuition at the institution of higher education plus a stipend of not to exceed $750 for each academic year of study for which the scholarship is awarded;

((5)) set forth policies and procedures to assure that whenever the application includes a local educational agency, to the extent consistent with the number and location of children in the school district of such agency who are enrolled in private elementary and secondary schools, provision is made for the participation of such children in the program assisted under this part;

((6)) provide assurances that consideration is given to programs and activities designed to meet the needs of underrepresented and underserved populations;

((7)) provide assurances that in the consideration of applications submitted under that equitable consideration is given to applications submitted by private and public institutions of higher education; and

((8)) provide such additional assurances as the Secretary determines essential to ensure compliance with the requirements of this part.

((b)) ** Regional joint application** A regional consortium of applicants in two or more States may file a joint application under the provisions of subsection (a) of this section.