Tuition and mandatory fees may be waived for a student from a foreign country enrolled in a public institution of higher education through a formalized student exchange program between such institution and another institution of higher education, provided that the number of full-time equivalent inbound students from a foreign country for whom tuition and mandatory fees has been waived does not exceed during any three-year period the number of full-time equivalent outbound students who are enrolled through such student exchange program and who pay full tuition and mandatory fees to the institution.