Sec. 1. (a) This section applies to the board of trustees of the following state educational institutions:
(1) Ball State University.
(2) Indiana University.
(3) Indiana State University.
(4) Purdue University.
(5) University of Southern Indiana.
(b) The board of trustees of a state educational institution may:
(1) set the fees, tuition, and charges necessary or convenient to further the purposes of the state educational institution; and
(2) collect the fees, tuition, and charges set by the board of trustees for the state educational institution.