As used in this subchapter, unless the context otherwise requires:
(1) “Academic ability” means the intellectual standing of a student. In determining superior academic ability, the Division of Career and Technical Education shall examine the student's high school records, competitive examination scores, and demonstrated leadership capabilities;
(2) “Approved high technology program” means a course of instruction in a highly technical field offered by any postsecondary educational institution which is approved by the division;
(3) “Approved institution” means all postsecondary educational institutions offering high technology programs which are approved by the division;
(4) [Repealed.]
(5) “Full-time student” means a resident of Arkansas who is in attendance at an approved institution and who is enrolled for at least twelve (12) semester hours or such other reasonable academic equivalent as defined by the division; and
(6) “Scholarship” means an award to an eligible student for enrollment in an approved institution in the State of Arkansas.