§ 1058.
(b)
Eligible institution
For the purpose of this part, the term “eligible institution” means—
(1)
an institution of higher education—
(A)
which has an enrollment of needy students as required by subsection (d);
(B)
except as provided in
section 1068a(b) of this title, the average educational and general expenditures of which are low, per full-time equivalent undergraduate student, in comparison with the average educational and general expenditures per full-time equivalent undergraduate student of institutions that offer similar instruction;
(C)
which is—
(i)
legally authorized to provide, and provides within the State, an educational program for which such institution awards a bachelor’s degree;
(ii)
a junior or community college; or
(iii)
the College of the Marshall Islands, the College of Micronesia/Federated States of Micronesia, and Palau Community College;
(D)
which is accredited by a nationally recognized accrediting agency or association determined by the Secretary to be reliable authority as to the quality of training offered or which is, according to such an agency or association, making reasonable progress toward accreditation;
(E)
which meets such other requirements as the Secretary may prescribe; and
(F)
located in a State; and
(2)
any branch of any institution of higher education described under paragraph (1) which by itself satisfies the requirements contained in subparagraphs (A) and (B) of such paragraph.
For purposes of the determination of whether an institution is an eligible institution under this paragraph,
1
So in original. Probably should be “subsection,”.
the factor described under paragraph (1)(A) shall be given twice the weight of the factor described under paragraph (1)(B).
(c)
Endowment fund
For the purpose of this part, the term “endowment fund” means a fund that—
(1)
is established by State law, by an institution of higher education, or by a foundation that is exempt from Federal income taxation;
(2)
is maintained for the purpose of generating income for the support of the institution; and
(3)
does not include real estate.
(f)
Junior or community college
For the purpose of this part, the term “junior or community college” means an institution of higher education—
(1)
that admits as regular students persons who are beyond the age of compulsory school attendance in the State in which the institution is located and who have the ability to benefit from the training offered by the institution;
(2)
that does not provide an educational program for which it awards a bachelor’s degree (or an equivalent degree); and
(3)
that—
(A)
provides an educational program of not less than 2 years that is acceptable for full credit toward such a degree, or
(B)
offers a 2-year program in engineering, mathematics, or the physical or biological sciences, designed to prepare a student to work as a technician or at the semiprofessional level in engineering, scientific, or other technological fields requiring the understanding and application of basic engineering, scientific, or mathematical principles of knowledge.
([Pub. L. 89–329, title III, § 312], as added [Pub. L. 99–498, title III, § 301(a)], Oct. 17, 1986, [100 Stat. 1292]; amended [Pub. L. 100–50, § 2(a)(2)]–(6), June 3, 1987, [101 Stat. 335]; [Pub. L. 100–369, § 10(a)], July 18, 1988, [102 Stat. 837]; [Pub. L. 102–325, title III, § 302(a)], (b), July 23, 1992, [106 Stat. 472]; [Pub. L. 103–208, § 2(a)(5)], Dec. 20, 1993, [107 Stat. 2457]; [Pub. L. 103–382, title III, § 353], Oct. 20, 1994, [108 Stat. 3966]; [Pub. L. 105–244, title III], §§ 301(c)(2), 303(b), Oct. 7, 1998, [112 Stat. 1636], 1639; [Pub. L. 110–315, title III], §§ 302, 305(b), Aug. 14, 2008, [122 Stat. 3167], 3173.)