A student is exempt from the payment of tuition and fees authorized by this chapter for the first academic year in which the student enrolls at an institution of higher education if the student:
(1) graduated from a public high school in this state;
(2) successfully completed the attendance requirements under § 25.085;
(3) during the student’s last year of public high school in this state, was a dependent child receiving financial assistance under Chapter 31, Human Resources Code, for not less than six months;
(4) is younger than 22 years of age on the date of enrollment;
(5) enrolls at the institution as an undergraduate student not later than the second anniversary of the date of graduation from a public high school in this state;
(6) has met the entrance examination requirements of the institution before the date of enrollment; and
(7) is classified as a resident under Subchapter B.