From the NASA website:
"Students propose to participate in USLI during the fall. Once selected, teams design their rocket and payload throughout the academic year. USLI requires a NASA review of the teams' preliminary and critical designs. The project also requires flight readiness and safety reviews before the rockets and payloads are approved for launch. Teams complete a Post-Launch Assessment Review to include conclusions from their science or engineering experiment and the overall flight performance."Over 50 teams are competing this year, including the Frozen Fury Rocket Team from the University of North Dakota.