"College or university" means a postsecondary educational institution that meets the following requirements:

1. (1) Is authorized by law to provide a program of education beyond the high school level.
2. (2) Admits as regular students only individuals having a certificate of graduation from a high school or the recognized equivalent of such a certificate.

3. (3) Provides an educational program:

   1. (A) for which the higher education institution awards a baccalaureate or an associate degree;

   2. (B) in which admission is contingent upon the prior attainment of a baccalaureate degree or the equivalent, for which the higher education institution:

      1. (i) awards a postgraduate degree; or
      2. (ii) provides not less than a two (2) year program that is acceptable for full credit toward a postgraduate degree; or
   3. (C) of a two (2) year duration in engineering, mathematics, or the physical or biological sciences, that is designed to prepare the student to work as a technician and at a semiprofessional level in an engineering, a scientific, or other technological field that requires the understanding and application of basic engineering, scientific, or mathematical principles or knowledge.

4. (4) Is accredited by a regional accrediting agency or association or by an organization recognized by the United States Department of Education, or, if not so accredited is an institution whose credits are accepted on transfer by not less than three (3) institutions that are accredited by a regional accrediting agency or association or by an organization recognized by the United States Department of Education, with the credits accepted on the same basis as if the credits were transferred from an accredited institution.

   [Pre-2007 Higher Education Recodification Citations: 20-12-63-3(10) part; 21-9-2-16.]

As added by P.L.2-2007, SEC.243.