(1) "Eligible institution" means a four-year institution of higher learning or an institution of higher learning that is accredited to offer, and is actively offering, at least one nonsectarian program at the baccalaureate level:

(a)(i) 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 and which is defined in Part B, Subchapter III, Chapter 28 of Title 20 of the United States Code; or

(ii) which is an historically single gender women’s institution of traditional students, as evidenced by ninety percent or more of full-time female undergraduates under twenty-five years of age for the four consecutive years immediately preceding the current year;

(b)(i) that is accredited by the Southern Association of Colleges and Schools; or

(ii) which receives Title III funding and is accredited by an accrediting organization recognized by the United States Department of Education;

(c) that is organized as a nonprofit corporation or is a public institution; and

(d) that has its main campus located in South Carolina.

(2) "Federal funding program" means:

(a) Section 507(c) of the Omnibus Parks and Land Management Act of 1996 (16 U.S.C. § 470a note), as amended; or

(b) Part B, Subchapter III, Chapter 28 of Title 20 of the United States Code.

(3) "Low-income and educationally disadvantaged student" means a student who receives a Pell Grant.