(a) "Eligible postsecondary educational institution" for the purposes of this article, means an educational institution that:

1. (1) admits as regular students only individuals having a certificate of graduation from a high school, or the recognized equivalent of such a certificate;
2. (2) is legally authorized in this state to provide a program of education beyond high school;
3. (3) provides an educational program for which it awards a bachelor's or higher degree, or provides a program which is acceptable for full credit toward such a degree, a program of post-graduate or post-doctoral studies, or a program of training to prepare students for gainful employment in a recognized occupation; and
4. (4) is a public or other nonprofit institution.

(b) Notwithstanding subsection (a), the term includes all colleges and universities in Indiana.

Formerly: Acts 1971, P.L.355, SEC.4. As amended by P.L.2-2007, SEC.289.