As used in this part:

1. (1) "Approved institution of higher education" means an institution of higher education approved by the Division of Higher Education to participate in the Arkansas Future Grant Program that is:

   1. (A) A state-supported two-year or four-year college or university;
   2. (B) A state-supported technical institute;
   3. (C) An approved state-supported school of nursing; or
   4. (D) A private, nonprofit two-year or four-year college or university;

2. (2) "Approved state-supported school of nursing" means a state-supported school of nursing with its primary headquarters located in Arkansas that:

   1. (A) Prepares students as registered nurses;
   2. (B) Grants nursing diplomas;
   3. (C) Is eligible to participate in the federal student aid programs of the Higher Education Act of 1965, 20 U.S.C. § 1070 et seq.;
   4. (D) Is approved by the Arkansas State Board of Nursing;
   5. (E) Has been approved by the Division of Higher Education as eligible to participate in the Arkansas Future Grant Program; and
   6. (F) Is not a two-year or four-year college or university;

3. (3) "Federal student financial assistance" means scholarships or grants awarded to a student as a result of:

   1. (A) An approved Free Application for Federal Student Aid, including without limitation a Pell Grant; or
   2. (B) The student's or other family member's service in the United States Armed Forces, including without limitation the Army National Guard or Air National Guard;
4. (4) "Private scholarship" means a scholarship or grant awarded by a private entity or donor;

5. (5) “Regional high-demand field” means any field of study identified as:

   1. (A) In demand by the Division of Workforce Services as published on its annual regional Projected Employment Opportunities List; or
   2. (B) In high demand by an approved institution of higher education and approved by the Division of Higher Education; and

6. (6) "State-supported student financial assistance" means a state-supported scholarship, grant, tuition waiver, or tuition reimbursement, funded with state funds or net proceeds from the state lottery, awarded by:

   1. (A) The Division of Higher Education; or

   2. (B) A scholarship or grant awarded by an approved institution of higher education in this state, funded in whole or in part by state funds, including without limitation:

      1. (i) Scholarships awarded on the basis of entrance exam scores or high school academic achievement;

      2. (ii) Tuition waivers based on:

         1. (a) (a) Age;
         2. (b) (b) Military service;
      3. (c) (c) Occupation; or
      4. (d) (d) Other factors;
      5. (iii) Performance scholarships for band, musical performing groups, arts, theater, forensics, and similar activities that are not awarded on the basis of entrance exam scores or high school academic achievement; and

      6. (iv) Any other publicly-funded program under which students are not charged or are reimbursed by the approved institution of higher education for:

         1. (a) (a) Tuition;
         2. (b) (b) Fees;
      7. (c) (c) Books; or
      8. (d) (d) Other costs of attendance.