(1) Each school board shall allow the part-time enrollment of students, for all courses selected by the students, who are residents of the school district pursuant to subsections (1) and (2) of section 79-215 and who are also enrolled in a private, denominational, or parochial school or in a school which elects pursuant to section 79-1601 not to meet accreditation or approval requirements and shall establish policies and procedures for such part-time enrollment. Such policies and procedures may include provisions permitting the part-time enrollment of such students who are not residents of such school districts to the extent permitted pursuant to section 79-215 and may require part-time students to follow school policies that apply to other students at any time the part-time student is present on school grounds or at a school-sponsored activity or athletic event. Part-time enrollment shall not entitle a student to transportation or transportation reimbursements pursuant to section 79-611.

(2) Each school board shall establish policies and procedures to allow any student who is a resident of the school district pursuant to subsection (1) or (2) of section 79-215 and who is enrolled in a school which elects pursuant to section 79-1601 not to meet accreditation or approval requirements to participate in any extracurricular activities as defined in section 79-2,126, including, but not limited to, interschool competitions, to the same extent and subject to the same requirements, conditions, and procedures as a student enrolled in a public school governed by such board, except that any school which elects pursuant to section 79-1601 not to meet accreditation or approval requirements shall set the standards for satisfactory academic performance for a student from the school to participate in extracurricular activities pursuant to this subsection and shall provide assurances of compliance with such academic standards.

(3) School board policies and procedures adopted pursuant to subsection (2) of this section (a) shall require any student participating in extracurricular activities pursuant to such subsection to be enrolled in no more and no less than five credit hours offered by the school district in any semester, (b) shall not allow any preference in the selection of a student for participation in an extracurricular activity based on such student's status as a full-time student in the school district, and (c) may require any student participating in extracurricular activities pursuant to such subsection to follow school policies that apply to other students when present on school grounds or at a school-sponsored activity or athletic event. Participation in extracurricular activities pursuant to subsection (2) of this section shall not entitle a student to transportation, except to and from practices and events to the same extent as public school students participating in such activities, or transportation reimbursement pursuant to section 79-611.

(4) Nothing in this section shall be construed to exempt any student from the compulsory attendance provisions of sections 79-201 to 79-210.