As used in this subchapter, unless the context otherwise requires:
(1) “Academic ability” means the intellectual standing of a student. In determining superior academic ability, the Division of Higher Education shall examine the student's high school records, competitive examination scores, and demonstrated leadership capabilities;
(2) “Approved institution” means a public or private college or university:
(A) Which is dedicated to educational purposes, located in Arkansas, or located out of state and educating Arkansas residents in dentistry, optometry, veterinary medicine, podiatry, chiropractic, or osteopathy under agreement with the Southern Regional Education Board, accredited by an accrediting agency certified and recognized by the United States Department of Education or the Division of Agency Evaluation and Institutional Accreditation, or a school giving satisfactory assurance that it has the potential for accreditation and is making progress which, if continued, will result in its achieving accreditation;
(B) Which does not discriminate in the admission of students on the basis of race, color, religion, sex, or national origin; and
(C) Which subscribes to the principle of academic freedom;
(3) “Competitive examination” means a standardized examination measuring achievement which is administered annually on a specified date and at a specified location and which is announced publicly;
(4) [Repealed.]
(5) “Eligible student” means a resident of the State of Arkansas as defined by the Division of Higher Education who:
(A) Is eligible for admission as a full-time student;
(B) Declares an intent to matriculate in an approved institution in Arkansas; and
(C) Graduates from:
(i) A high school in this state, for Arkansas Governor's Scholars; or
(ii) A high school, for Arkansas Governor's Distinguished Scholars;
(6)
(A) “Extraordinary academic ability” means:
(i) Achievement of a score of 32 or above on the ACT or 1410 or above on the SAT; and
(ii)
(a) For students graduating from high school after December 31, 2001, achievement of a high school grade point average of 3.5 or above on a 4.0 scale; or
(b) Selection as a finalist in either the National Merit Scholarship competition, the National Hispanic Recognition Program, or the National Achievement Scholarship competition conducted by the National Merit Scholarship Corporation.
(B) For students graduating after December 31, 2001, the ACT scores and SAT scores shall be earned by December 31 prior to the application deadline in order for the scores to be considered by the Division of Higher Education for a scholarship award;
(7) “Full-time student” means a resident of Arkansas who is in attendance at an approved private or public institution and who is enrolled in at least twelve (12) credit hours the first semester and fifteen (15) hours thereafter, or other reasonable academic equivalent as defined by the Division of Higher Education;
(8) “Scholarship” means an award to an eligible student for matriculation in an approved institution in the State of Arkansas; and
(9) “Undergraduate student” means an individual who is enrolled in a postsecondary educational program which leads to or is directly creditable toward the individual's first baccalaureate degree.