PUBLIC LAW 105-244 —OCT. 7, 1998 112 STAT. 1767 " (I) legally authorized to provide, and provides within the State, an educational program for which the institution awards a bachelors degree; or "(II) a junior or community college; "(iv) that 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 that is, according to such an agency or association, making reasonable progress toward accreditation; "(v) that meets such other requirements as the Secretary may prescribe; and "(vi) that is located in a State; and "(B) any branch of any institution of higher education described under subparagraph (A) that by itself satisHes the requirements contained in clauses (i) and (ii) of such subparagraph. For purposes of the determination of whether an institution is an eligible institution under this paragraph, the factor described under subparagraph (A)(i) shall be given twice the weight of the factor described under subparagraph (A)(ii). "(3) ENDOWMENT FUND. — The term 'endowment fund' means a fund that— "(A) is established by State law, by a Hispanic-serving institution, or by a foundation that is exempt from Federal income taxation; "(B) is maintained for the purpose of generating income for the support of the institution; and "(C) does not include real estate. "(4) FULL-TIME EQUIVALENT STUDENTS. —The term 'full-time equivalent students' means the sum of the number of students enrolled full time at an institution, plus the full-time equivalent of the number of students enrolled part time (determined on the basis of the quotient of the sum of the credit hours of all part-time students divided by 12) at such institution. "(5) HISPANIC-SERVING INSTITUTION. —The term 'Hispanicserving institution' means an institution of higher education that— "(A) is an eligible institution; "(B) at the time of application, has an enrollment of undergraduate full-time equivalent students that is at least 25 percent Hispanic students; and "(C) provides assurances that not less than 50 percent of the institution's Hispanic students are low-income individuals. "(6) JUNIOR OR COMMUNITY COLLEGE. —The term 'junior or community college' means an institution of higher education— "(A) 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; "(B) that does not provide an educational program for which the institution awards a bachelor's degree (or an equivalent degree); and TOthat—
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