(a)
(1) As used in this chapter, unless the context clearly requires otherwise, “institution of higher education” means an educational institution that:
(A) Admits as regular students only individuals having a certificate of graduation from a high school or the recognized equivalent of such a certificate;
(B) Is legally authorized in this state to provide a program of education beyond high school;
(C) Provides an educational program for which it awards a bachelor's or higher degree, provides a program which is acceptable for full credit toward such a degree, or offers a program of training to prepare students for gainful employment in a recognized occupation; and
(D) Is a public or other nonprofit institution.
(2) Notwithstanding any of the provisions of subdivision (a)(1) of this section, all colleges and universities in this state are institutions of higher education for purposes of this section.
(b) For the purposes of this chapter, an educational institution, other than an institution of higher education, is one:
(1) In which participants, trainees, or students are offered an organized course of study or training designed to transfer to them knowledge, skills, information, doctrines, attitudes, or abilities from, by, or under the guidance of an instructor or teacher;
(2) Which is approved, licensed, or issued a permit to operate as a school by the Division of Elementary and Secondary Education or other government agency that is authorized within the state to approve, license, or issue a permit for the operation of a school;
(3) Which offers a course of study or training which may be academic, technical, trade, or in preparation for gainful employment in a recognized occupation; and
(4) Which does not meet the definition of “institution of higher education” as set forth in subsection (a) of this section.