Each applicant for aid shall provide on forms supplied by the University, biographical information, a financial budget and a parents' financial statement. Financial grants shall not be for any fixed amount per student and grants shall be made available to students who are 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.