Institutions of higher education shall furnish actual statistics reflecting full time equated students for each semester or term including summer school for the preceding fiscal year. Each budget request and the budget submitted to the legislature by the governor shall contain the number of on campus and off campus students on a full time equated basis, as defined by a majority of the council of college presidents in the following groups: freshmen and sophomores, juniors and seniors, graduate and professional students. Each budget shall also set forth by term or semester and summer school the total credit hours, the approximate cost and the portion of the total cost contributed by the student for each group, and all other information pertinent to determination of appropriations for the colleges and universities.