For purposes of this chapter:

1. (1) "Eligible institution" means a four-year institution of higher learning:

   1. (a) at which sixty percent or more of the enrolled undergraduate students were low-income and educationally disadvantaged students, for the four consecutive years immediately preceding the then current year;
   2. (b) that is defined in Part B, Subchapter III, Chapter 28, Title 20 of the United States Code;
   3. (c) that is accredited by the Southern Association of Colleges and Schools;
   4. (d) that is organized as a nonprofit corporation or is a public institution; and
   5. (e) that has its main campus located in South Carolina.

2. (2) "Federal funding program" means:

   1. (a) Section 507(c) of the Omnibus Parks and Land Management Act of 1996 (16 U.S.C. 470a note), as amended; or
   2. (b) Part B, Subchapter III, Chapter 28, Title 20 of the United States Code.
3. (3) "Low-income and educationally disadvantaged student" means a student who receives a Pell Grant.