(1) Provide financial aid to Delaware residents with demonstrated financial need so that within the limits of the fiscal capabilities of the State they shall not be denied an opportunity for a college education because of financial need;

(2) Provide a financial incentive for higher academic achievement for students who qualify to receive such scholarships; and

(3) Encourage qualified Delaware students to pursue courses of graduate and professional education when such courses are unavailable in state-supported institutions and when such pursuit is deemed in the best interest of the State.