(a) There is established a program to provide financial aid to needy Delaware residents who are enrolled or selected as students of the Delaware Technical and Community College to the end that all students from all economic levels should have an opportunity to obtain the technical training needed and that the State should not be denied the benefit of persons who are highly trained in technical areas.
(b) The aid program shall be administered by an officer of the Delaware Technical and Community College who is designated by the president as responsible for the institution's financial aid program.
(c) Each applicant for aid shall provide, on forms supplied by the college, all biographical and financial information needed, together with a parents' financial statement. Financial grants shall not be for any fixed amount per student and grants shall be made available to students who have qualified to matriculate or to continue their courses of study solely upon the basis of economic need. All grants shall be for 1 year or for 1 semester and may be renewed if a qualified student reapplies in the same manner required for an initial request for assistance.