As used in this subchapter, “college or university” means a public or private college or university that:
(1) Offers either a two-year or four-year degree program;
(2) Is located in the State of Arkansas;
(3) Is accredited by an accrediting agency recognized by the United States Department of Education;
(4) Certifies to the Division of Higher Education that its students are accepted for transfer at institutions accredited by an accrediting agency recognized by the United States Department of Education; and
(5) Does not discriminate against applicants, students, or employees on the basis of race, color, religion, sex, age, disability, or national origin in compliance with state and federal law.