The trustees may, on the basis of demonstrated financial need and scholastic achievement, waive entirely, or reduce below the rate, or the minimum rate, fixed by Section 89705, the tuition fee of a nonresident student, as defined in Section 68018, who is a citizen and resident of a foreign country, who is an undergraduate student of exceptional scholastic ability and prior scholastic achievement, and who is enrolled in a course of study of no less than 10 semester units.
The number of reductions and waivers granted by the trustees under this section shall at no time exceed 712 percent of the nonresident undergraduate students who are citizens and residents of a foreign country, then enrolled in the California State University.