Sec. 8. (a) This section applies only to an eligible applicant who attends a state educational institution.
(b) The amount of the exemptions under this chapter is equal to one (1) of the following amounts:
(1) If the applicant does not receive financial assistance specifically designated for educational costs, the amount determined under sections 2 through 6 of this chapter.
(2) If the applicant receives any financial assistance, including federal assistance, specifically designated for educational costs:
(A) the amount determined under sections 2 through 6 of this chapter; minus
(B) the financial assistance specifically designated for educational costs.