All awards of student assistance shall be based on the financial need of the student as measured by the parents’ ability, or the student’s ability if the student is emancipated and not receiving any financial assistance from the student’s parents or guardian, to contribute to the student’s educational expenses, as determined by guidelines established by TSAC. The maximum student assistance award shall not be greater than the total amount of tuition and mandatory fees charged by the postsecondary institution. Financial need of less than one hundred dollars ($100) shall render an applicant ineligible for an award.