The Board of Regents for Higher Education and the Board of Trustees of The University of Connecticut shall establish November first or another date jointly chosen by such boards to annually be known as a “Fee-Free Day”. Such boards shall not charge an application fee to any student who (1) will graduate or has graduated from a public or nonpublic high school in the state, (2) has completed the Free Application for Federal Student Aid, and (3) submits an application for admission on such day to any of the public institutions of higher education governed by such boards.