Any person or entity desiring to establish an institution of higher learning shall submit to the commission its plans, which shall be evaluated by the commission. Such evaluation shall include among other things the adequacy of the buildings or proposed buildings, instructional facilities and provisions for safety and well-being of its students, the qualifications of the faculty, the character of the program of studies and the adequacy of financial resources. All fees collected by the commission under this section shall be deposited into the higher education fund established in N.H. Rev. Stat. § 21-N:8-a, III.