Allows a student, as an alternative to high school graduation requirements, to receive a high school diploma if the student: (1) Successfully completes the minimum credits for admission to a public four-year institution of higher education adopted by the higher education coordinating board, which includes meeting the required college academic distribution requirements;

(2) Earns a cumulative average grade of at least a three on a four-point scale, for certain required courses; and

(3) Completes a culminating project and a high school and beyond plan according to rules adopted by the state board of education.