The commission shall approve a career school or college for its students to participate in the grant program established under this chapter if the school or college:
(1) has been accredited for not less than five years by an accrediting agency recognized by the United States Department of Education and maintains that accreditation;
(2) has held a certificate of approval under Chapter 132, Education Code, for at least five years; and
(3) offers one or more qualified education programs.