Given below are two statements

Statement I: With Academic Bank of Credit facility in place, a student will be able to customize and design own degree, provided 50% of credit are from the higher education institutions awarding the degree.

Statement II: Credits once used or redeemed by a student cannot be used for any other formal purpose or course wavers.

In light of the above statements, choose the most appropriate answer from the options given below

1
Both Statement I and Statement II are correct
2
Both Statement I and Statement Il are incorrect
3
Statement I is correct but Statement II is incorrect
4
Statement I is incorrect but Statement Il is correct

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